Taxes

For many American families with children, the Treasury Department started depositing money into their bank account starting in July. What is this new money? Well, the American Rescue Plan (passed earlier this year) expanded the child tax credit from $2000 per child* to either $3,600 (for kids under 6) or $3000 (for kids over age…

Looking for an easy way to reduce your taxes? Film tax credits are a great way to reduce your taxes every year. Here’s an example of how they work: ABC film company makes a movie in Georgia and spends $1M making the movie. The state of Georgia gives ABC credits up to 30% of what…

President Joe Biden said anyone earning more than $400,000 a year would see a tax increase under his forthcoming economic program, highlighting the administration’s plans to address inequality in part through levies on the wealthy. We don’t know many details at this point, but here are some areas where they may raise taxes: Rolling back…

The American Rescue Plan Act of 2021 was recently signed into law. Most pundits have focused on the $1400 per person stimulus checks. There is also a BIG increase to the child tax credit. Here’s what you need to know: The child tax credit has been increased to: $3,600 for each child under age 6…

The July 15, 2020 nationwide deadline for filing an individual income tax return for tax year 2019 is approaching. It is also the deadline for certain contributions to IRAs, Roth IRAs, and Coverdell Education Savings Accounts (CESA). A few things to remember IRA contribution limit for tax year 2019 is $6,000. Anyone over age 50…

If you are 72 or older, you are normally required to make distributions from your retirement accounts (401k, IRA, 403b, etc). The CARES act eliminated this requirement for 2020. This is good news for many retirees for 2 reasons: Avoiding the taxable distribution will reduce their taxable income in 2020 They can leave their tax…

Retiring takes a lot of hard work, saving, and discipline. However, if you chose to retire in Georgia, there are some great tax benefits that make the transition to retirement a little cheaper and easier. Here are the main benefits of retiring in GA: GA Retirement Income Exclusion: This allows GA taxpayers (age 65 and…

The SECURE Act was recently enacted by Congress. There are several new rules pertaining to retirement such as new Required Minimum Distribution (RMD) ages, inherited IRA provisions, and accessing your IRA money for certain expenses. One of the planning opportunities that arises with the new law is potentially doing more Roth IRA conversions for retirees.…

Paying taxes is similar to the picture above…you either see dead fish or an incredible meal in the works! It’s all about perspective! No one likes paying taxes, and I don’t recommend you pay a dollar more than you have to. BUT, let me offer 3 reasons we should change our perspective on them: We…

As of January 28th, the IRS started accepting returns for the 2018 tax year. Here’s a list of some of the changes you can expect as you file this year: A new 1040 form was released last year. The new version is about the size of a large postcard. But for those of you that…

20 Second Advisor: New Money from Uncle Sam (aka: child tax credit) and why it may give families a surprise tax bill next year!

20 Second Advisor: Should I buy GA film tax credits?

20 Second Advisor: Biden vows to raise taxes on anyone making over $400,000

20 Second Advisor: Big checks for having kids!

20 Second Advisor: July 15th deadline for retirement and education contributions

20 Second Advisor: CARES Act Suspends Required IRA Distributions

20 Second Advisor: Why It’s Easy to Retire in GA.

20 Second Advisor: SECURE Act Means More Roth Conversions

20 Second Advisor: Dead Fish or Incredible Meal?

20 Second Advisor: A few things to know for your 2018 tax return