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MIDNIGHT OIL EDITION 288 RESOURCES & TIPS Tax credits, deductions, and updated guidance for 2025 While the filing deadline for tax year 2024 isn’t until April 15, 2025, taking proactive steps now to organize financial statements and explore potential tax savings is essential. Here’s a brief overview of what small business owners…
Read MoreSTATE OF GEORGIA OFFICE OF THE GOVERNOR ATLANTA 30334-0900 Brian P. Kemp GOVERNOR The Georgia State Senate The Honorable Burt Jones, Lieutenant Governor The Georgia House of Representatives The Honorable Jon Burns, Speaker The Citizens and Families of Georgia Dear Lieutenant Governor, Mr. Speaker, Members of the General Assembly, and Fellow Georgians: FY 2022…
Read MoreThank you to Georgia Department of Community Affairs for the content on “Georgia Mortgage Assistance is now accepting applications from Homeowners who suffered a financial hardship caused by the pandemic”. Do you owe for 3 or more mortgage payments due to a financial hardship caused by the pandemic? Do you have a permanent loss of…
Read MoreThank you to 11Alive News Atlanta for the content on New Georgia laws taking effect in 2023. Author: 11Alive Staff Published: 12:49 PM EST December 19, 2022 Updated: 12:23 PM EST December 20, 2022 ATLANTA — With the start of the new year, Georgians will have a handful of new laws in place, signed by Gov. Brian Kemp…
Read MoreThank you to IRS- Internal Revenue Service for providing content on Tip income is taxable and must be reported. FS-2022-37, October 2022 People who work in restaurants, salons, hotels and similar industries often receive tips for the customer service they provide. Tips can be taxable income, but it’s important for people working in these areas…
Read MoreThank you to IRS- Internal Revenue Service for providing content on Know the difference between a hobby and a business. FS-2022-38, October 2022 Most people take up hobbies for personal enjoyment, not to make a profit. Sometimes, however, the line between hobbies and businesses isn’t clear cut. There are several different factors people should consider…
Read MoreThank you to IRS- Internal Revenue Service for providing content on IRS updates tax gap estimates; new data points the way toward enhancing taxpayer service, compliance efforts. IR-2022-192, October 28, 2022 WASHINGTON — The Internal Revenue Service today released a new set of tax gap estimates on tax years 2014 through 2016 showing the estimated…
Read MoreThank you to IRS- Internal Revenue Service for providing content on IRS seeks comments on upcoming energy guidance. IR-2022-193, November 3, 2022 WASHINGTON — The Internal Revenue Service today issued three notices asking for comments on different aspects of extensions and enhancements of energy tax benefits in the Inflation Reduction Act. The IRS anticipates that…
Read MoreThank you to IRS- Internal Revenue Service for providing content on IRS-CI releases FY2022 annual report highlighting more than 2,550 investigations, 90% conviction rate; enforcement actions focused on tax fraud, money laundering, cybercrimes. IR-2022-194, November 3, 2022 WASHINGTON — In fiscal year 2022, IRS Criminal Investigation initiated more than 2,550 criminal investigations, identified over $31…
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