Determine Whether Your Small Business is A Business or a Hobby for Further Legitimate Deductions

Maximize your deductions during
the next tax season and just watch
as your small business flourishes.

The Internal Revenue Service reminds taxpayers to follow appropriate guidelines when determining whether an activity is a business or a hobby, an activity not engaged in for profit.

In general, taxpayers may deduct ordinary and necessary expenses for conducting a trade or business. An ordinary expense is an expense that is common and accepted in the taxpayer’s trade or business. A necessary expense is one that is appropriate for the business.

Generally, an activity qualifies as a business if it is carried on with the reasonable expectation of earning a profit.

In order to make this determination, taxpayers should consider the following factors:

• Does the time and effort put into the activity indicate an intention to make a profit?
• Does the taxpayer depend on income from the activity?
• If there are losses, are they due to circumstances beyond the taxpayer’s control or did they occur in the start-up phase of the business?
• Has the taxpayer changed methods of operation to improve profitability?
• Does the taxpayer or his/her advisers have the knowledge needed to carry on the activity as a successful business?
• Has the taxpayer made a profit in similar activities in the past?
• Does the activity make a profit in some years?
• Can the taxpayer expect to make a profit in the future from the appreciation of assets used in the activity?

The IRS presumes that an activity is carried on for profit if it makes a profit during at least three of the last five tax years, including the current year — at least two of the last seven years for activities that consist primarily of breeding, showing, training or racing horses.

If an activity is not for profit, losses from that activity may not be used to offset other income.

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READ MORE >> www.sba.gov (U.S. Small Business Admin): Is It a Business or a Hobby?

Call GBC Income Tax Services today at 678-366-9232 for all your tax and IRS needs!
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• GBC Tax Offers Atlanta Experienced IRS Representation
• Essential Financial Services
• Tax Requirements By State
• Visit the Internal Revenue Service's Website
• GBC Audit Services

GBC Services, LLC Now Offers Expert IRS Representation in Atlanta Area

Hire an expert to defend you
in a timely fashion when facing
possible trouble with the IRS.

FOR IMMEDIATE RELEASE

GBC Tax and Audit Services have expanded to now include IRS Representation.

Don’t risk your company’s future by going into an IRS audit unprepared. Be proactive and contact GBC Tax Services of Atlanta for a free consultation today. There is no obligation and getting proper advice maybe just the thing you need to regain control of the situation and straighten out the problems.

Tax resolution is not a simple affair and one wrong move can cost a business greatly. We all have heard the horror stories of companies that were levied with hefty fines and forced to close their doors, seizure of property, freezing of accounts, and even jail time for noncompliance. The risks are too great to go with an unproven team or unproven strategies, so better to take heed in a timely manner.

GBC Tax Services provides a skilled team of professionals who work hard to keep your company afloat in your time of need, meeting with the IRS on your behalf, with eyes wide open. We will also thoroughly review and revise your accounting to maintain your books and straighten out your finances.

Once the IRS storm has quelled, GBC Tax and Audits will continue to offer consultations and advice, so contact us today and rest assured that your business is in good hands.

GBC Tax and Audit Services, Certified Public Accountants is located at:
1950 North Park Place SE, Suite 150, Atlanta, GA 30339.
Telephone: 678-366-9232

GBCTax.com
GBCAuditServices.com
For Media Inquiries: Ghassan R. Gharaizi, Quickbooks ProAdvisor and Certified Public Accountant.

GBC Now Using E-Verify to Help Atlanta Businesses; Outsource Your HRMS.

Ensure that you have
secured a legal workforce.

FOR IMMEDIATE RELEASE

GBC Tax and Payroll Services are now offering E-Verification for all your HRMS needs.

E-Verify employer agents, formerly called designated agents, use E-Verify to confirm the employment eligibility of another company's employees in regard to their immigration status. Our E-Verify employer agents may also handle payroll and other administrative tasks that include managing the Employment Eligibility Verification (Form I-9) process. It’s a typical part of a Human Resource Management and Payroll Service we offer through GBC. Companies or small businesses that are mandated, (or who choose, in some states), to participate in E-Verify have the option to have a E-Verify employer agent use E-Verify on their behalves and deal with the red tape for them. Companies big and small use E-Verify employer agents for many reasons; in the state of Georgia it is usually required by law.

U.S. law requires both public and private companies to employ only individuals who may legally work in the United States – either U.S. citizens, or foreign citizens who have the necessary authorization. This diverse workforce contributes greatly to the vibrancy and strength of our economy, but that same strength also can attract unauthorized employment, potentially resulting in easily-avoidable hassles for you. E-Verify is an Internet-based system run by the U.S. Department of Homeland Security (DHS), in partnership with Social Security Administration and U.S. Citizenship and Immigration Services, and it is the best way employers can ensure a legal workforce. GBC Services, LLC is fully licensed to do this task. Call on us to handle your e-verification, along with your payroll and human resources management, and eliminate any troubles that could ensue!

GBC Tax and Payroll Services, Certified Public Accountants is located at:
1950 North Park Place SE, Suite 150, Atlanta, GA 30339.
Telephone: 678-366-9232

GBCTax.com
GBCPayrollServices.com

For Media Inquiries: Ghassan R. Gharaizi, Quickbooks ProAdvisor and Certified Public Accountant.

A Quiz: How Much Do You Know About State Taxes?

Find a good accountant to
help you with your state taxes

Have some fun and learn some new things with this States of Taxation Quiz!

Test your smarts and find out how your state measures up.

See how much you know about state taxes...

TAKE QUIZ HERE >> AARP: States of Taxation Quiz

Call GBC Income Tax Services today at 678-366-9232 for all your tax and IRS needs!
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READ MORE

• GBC Tax Offers Atlanta Experienced IRS Representation
• Essential Financial Services
• Tax Requirements By State
• Visit the Internal Revenue Service's Website
• GBC Audit Services

Deducting Miles For Business, Medical, Moving & Charity

Your accountant or CPA can
help you find all your
legitimate deductions

Exactly how much can you deduct? 

For 2014, the standard mileage rates for the use of an automobile (which includes cars, vans, pickups or panel trucks) in cents per mile are:

         56 c/mi for business miles driven

         23.5 c/mi driven for medical or moving purposes

         14 c/mi driven in service of charitable organizations

The rates for business, medical and moving expenses will be different for the 2015 tax year since those rates are adjusted each year – expect to see those updated numbers reported here in December 2014. However, as the rate for charitable expenses is fixed by statute, it can only be changed by Congress so that number will likely sit tight at 14 cents just like it has since the Clinton era.

READ MORE >> FORBES.COM: "Back to School 2014: Deducting Miles For Business, Medical, Moving & Charity"

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•     About GBC Services
•     GBC Audit Services Website
•     Visit the Internal Revenue Service's Website

Choosing the Right CPA for You

Interview at least 3 CPAs to get
the right one for your business.

CPAs are more than just individuals who do your yearly taxes. They can advise you on a long list of other services, which may include advice on your accounting system, financial, retirement, estate and tax planning.

CPAs are part of a business owner's professional team along with a banker and a lawyer.

Your local Chamber of Commerce will tell you the names of CPAs who are members. When you attend any type of meeting, or meet other business owners, ask for CPA recommendations. Here are a few more points to consider:

• Use the 60% Rule
  If you're a business owner, pick a CPA who has 60% of their business coming from business owners like you! They're more apt to keep up with the laws regarding clients they deal with most often. If you're a corporation, make sure that the person specializes in corporate accounting, including financial statements, audits, etc.
• Bring Your Records to the Interview
  Bring a copy of at least one year's tax return when you interview a CPA. This way your prospective CPA can give you educated "guesstimates" as to what their services will cost you.
• How To File
  If you want to save some money, ask how they want your paper files.... If you bring your files to them in shoeboxes (hey, many folks do), you will pay to have all that deciphered! You can save money if you separate the information the way the CPA suggests.

READ MORE >> entrepreneurs.about.com: Choose the Right CPA for Your Business

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READ MORE GBC Tax Services Website
For All Your Accounting Needs Call GBC 678-366-9232


    

Choosing a Good CPA: Ability, Attitude, Altitude

Choosing the right CPA
for your small business
can make all the difference

Hiring a professional CPA is not something we do every day, and striving to find a CPA whose ambition matches your own is not an easy task.

Find the right one and you will find a home for your business and someone who cares about your business as much as you do.


Before you select a tax adviser, accountant, or personal financial adviser, make sure you consider the three A's of choosing a CPA:

1. ABILITY: What is your CPA’s Technical Ability, Track Record & Performance?
   
2. ATTITUDE: Can You Relate to Your CPA? How is Their Customer Service?
3. ALTITUDE: How Far Can Your CPA Take You?
   

READ MORE >> CHRISTIANPOST.COM: "Three A's of Choosing a CPA: Ability, Attitude, Altitude"
 
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READ MORE GBC Tax Services Website
For All Your Accounting Needs Call GBC 678-366-9232

Calculate Your 2015 Refund

Estimate your refund amount
or balance due

Make sure you get every dollar you’re entitled to. This 2015 Tax Refund Calculator should help you prepare your taxes for next year. We all work hard and look forward to our refund each year, and would like to find out if in fact we are going to owe tax so we can plan accordingly.

READ MORE >>
REFUNDSCHEDULE.COM: 2015 Tax Refund Calculator

• The Tax Estimator calculates your refund or how much you’ll owe in taxes.

• The W-4 Calculator helps you understand your refund amount or balance due from your current W-4.

• Estimate how the Affordable Care Act may affect you with our Health Care calculator.

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•     About GBC Services
•     GBC Audit Services Website
•     Visit the Internal Revenue Service's Website

Time to Hire a Professional Accountant for Your Small Business?

It's hard to find the time to look
for an accountant who is suitable.
Here's how to get the right CPA
for your growing company.

It's hard to find a good accountant—so hard, in fact, that it has become something of a running joke in the small business world.

Q: What's the definition of an accountant?
A: Someone who solves a problem you didn't know you had in a way you don't understand.

Okay, so maybe that's not entirely fair! But as with most humor there's a grain of truth to the joke. Most small businesses choose an accountant -- either hiring a "numbers person" on staff or hiring accounting services on a contract basis -- when a business' financial challenges have become too great to handle without expert help. Maybe you want to better the financial function of your business. Or perhaps your accounting software isn't providing the type of data you need to grow your business. Having trouble switching from cash to accrual accounting? Are your financial statements inaccurate or incomplete? These are all good reasons to look for a Certified Public Accountant (CPA).

When is it time? It all depends on the size of the company. If you're a small business owner and find yourself sitting in front of QuickBooks wondering where to begin, that's a good indication that it's time to find someone knowledgeable.

Inside or Outside Accountant? Before you can find the right accountant, you need to determine if you need an accounting firm or an inside accountant.

• Hiring an outside accountant or accounting firm on a consulting basis is usually a good first step for a growing business. The outside firm can often cost less than the salary and benefits of a full-time employee and, at the same time, you may be getting a higher level of advice from a CPA or a tax accountant, the latter of whom usually is a licensed CPA and a lawyer specializing in tax law.
• When the business grows in revenue and the transactions become more complicated, it is time to consider hiring a full- or part-time inside accountant. Since the outside accountant's fee grows with the size of the business, the owner may see some cost savings by bringing some of the work in-house.

READ MORE >> Inc.com: How to Choose an Accountant for Your Business 

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READ MORE GBC Tax Services Website
For All Your Accounting Needs Call GBC 678-366-9232
 

Free Income Tax Calculator

Be prepared this tax season with
good planning and a good accountant

Estimate your income tax return free of charge. These free online income tax calculators help you to estimate your federal tax liability ahead of time.

Take measures to ensure there is no unexpected surprise when it comes time to file your tax return and pay your taxes. 

Estimating your tax liability ahead of time can dramatically reduce your anxiety and stress during the tax season. It allows you to quit worrying about what your tax bill will be and focus on meeting your financial obligation. You can then prepare your tax return without that stress hanging over your head.

READ MORE >> INCOME.TAX.CALCULATOR.COM: Income Tax Calculator 2014 - 2015

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READ MORE GBC Tax Services Website
For All Your Accounting Needs Call GBC 678-366-9232

Common Misconceptions About State Income Taxes

Understand your state income tax
with the help of an accountant

State income taxes are complicated, especially when each state has their own way of doing things, and this complicated web of differing tax rules can lead to a lot of misconceptions.

Don't fall for these seven common myths about state income taxes this year:

• Myth 1: I only have to pay income taxes to the state I live in.
• Myth 2: State income tax rules are the same as federal tax rules.
• Myth 3: State income taxes are unconstitutional.
• Myth 4: I have to pay income taxes to the state where my employer is located.
• Myth 5: I don't have to file a return in a reciprocal state.
• Myth 6: I got audited, and everything was fine. Therefore, I did everything right on my return.
• Myth 7: I don't owe taxes because I live or work in a state without an income tax.

READ MORE >> TAXES.ABOUT.COM: Seven State Income Tax Myths

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•     About GBC Services
•     GBC Audit Services Website
•     Visit the Internal Revenue Service's Website

The IRS Offers Options for Getting Right with Uncle Sam

A good CPA can help you find
solutions to your tax problems.

Do you owe the IRS right now? The first thing to do is open all mail from the agency so you're on top of the matter. Next, stay calm. Well, it's understandable if you panic a little, because the IRS wields power that can make your life miserable. Depending on your situation, the agency can take your paycheck and your bank and retirement accounts, and more. They'll seize land, business assets, cars — anything they can auction and turn into cash quickly.

But all is not lost if you act now.  

Consider the following strategies to get back in good graces with Uncle Sam:

1. Ask for more time. Depending on your circumstances, you may be granted a short extension period to pay your tax in full. You can request this by filling out an application for an online payment agreement or by calling 800-829-1040.

2. Try for an installment plan. If you owe $50,000 or less in combined taxes, penalties and interest, you can fill out the application for an online payment agreement. Fees for setting up payment plans can range from $43 to $105.

3. Make an offer. That is, file for what's known formally as an "offer in compromise." You basically tell the IRS that you're prepared to pay a certain amount to settle your debt. Getting agreement will depend on whether the agency believes that this is the maximum you can manage. You must meet certain standards to be considered. If you're going through a bankruptcy, for example, you're not eligible. And if you haven't filed all of your tax returns, don't apply.

READ MORE >> AARP: Can't Pay Your Taxes?

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•     About GBC Services
•     GBC Audit Services Website
•     Visit the Internal Revenue Service's Website

The Basics of Hiring an Accountant

It is essential to procure services
from a quality preparer to ensure a
successful tax plan for your future.

Finding an accountant to prepare your taxes is a relatively straightforward process.

The task is of average difficulty and should require one to two hours of your time. Creating a tax plan for your future is important; consider seeking out the advice of a licensed tax professional, such as a Certified Public Accountant or an Enrolled Agent.

Here are some basic tips for hiring an accountant:

1. A CPA is a professional accountant licensed by the state. Best for corporate accounting, tax audits, and business consulting.
2. An Enrolled Agent is a tax professional licensed by the IRS. Best for complex tax issues, tax audits, and responding to tax collectors.
3. A Tax Preparer may be registered by the state. Best for straightforward tax returns.
4. The national Tax Franchises are H&R Block, Jackson Hewitt, and Liberty Tax. Offices nationwide. Often fast, courteous, and convenient.
5. Expect to pay from $150 to $450, depending on how complicated your tax return is.

READ MORE >> TAXES.ABOUT.COM: How to Find an Accountant
 
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READ MORE GBC Tax Services Website
For All Your Accounting Needs Call GBC 678-366-9232

Paying Tax Later Usually Better Than Paying Now

Your accountant or CPA
can help you with your tax planning.

Deciding whether you are better off with 2013 v. 2014 income can itself be imprecise.

How can you figure what to buy, receive, pay, settle or deduct before the end of the year?

Conventional wisdom says you should accelerate tax deductions and defer income. Thus, paying tax later is usually better than paying now. That means you should delay income into January when you can, but get ready to crunch some numbers. Even if the tax system were static, the changes between 2013 and 2014 rates and rules—let alone the economy—make it tough. Add to that the many expiring tax provisions and you’ll find that calculators or software are all but essential.

READ MORE >> FORBES.COM: Compare 2014 v. 2013 IRS Tax Rates Before It's Too Late

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•     About GBC Services
•     GBC Audit Services Website
•     Visit the Internal Revenue Service's Website

How to Choose a Small Business Accountant

Choose the right professional
small business accountant.

What type of tax accounting services do you need?

Perhaps your needs are simple. For example, if you are a one-person start-up that has no immediate plans to expand, the services of a bookkeeper may be sufficient - and this approach will also keep expenses low.  

Bookkeepers handle day-to-day cash flow management by recording transactions such as purchases, payments, sales and receipts using bookkeeping software.

If keeping track of this information is not your idea of a good time - but you do not need any further financial services - a bookkeeper would fit the bill. After all, you can always hire an accountant for specific tasks such as end-of-the-year tax planning and preparation.

For example, many small business owners are finding that an accountant can help them navigate the increasingly intricate payroll accounting and reporting system, with may be organized using business finances software.

If your original list of required services includes tasks such as budget analysis, financial planning or consulting, a certified public accountant (CPA) may be the right choice. Unlike an EA, a CPA has passed additional state examinations and fulfilled continuing education requirements. They are proficient with business finances software and can handle a wider variety of services. For example, audits and loan application necessitate the services of a CPA. In addition, these professionals can benefit a small firm by acting in an advisory role. Depending on a company's priorities, this level of expertise may be viewed as indispensable or as an expensive indulgence.

READ MORE >> SMALL BUSINESS.INTUIT.COM: Choosing A Small Business Accountant

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READ MORE GBC Tax Services Website
For All Your Accounting Needs Call GBC 678-366-9232

GBC Services Is Your Professional Go To Comprehensive Accounting Services

Professional accounting services
helps small businesses succeed!

There are many consulting firms that promise comprehensive Atlanta accounting services, but not all are the same. Indeed, if you are in the market for someone to take care of the tax and payroll aspects of your business, it pays to investigate the company you decide to work with.

Think about it. Anyone handling your company's finances is handling the life-blood of your business. Would you hand that responsibility over to just anyone?

Selecting the right accounting solutions in Atlanta, Georgia, may seem a bit challenging at first...

READ MORE GBC Tax Services Website
For All Your Accounting Needs Call GBC 678-366-9232

Income Tax Preperation Done Right - GBC Tax Services

Bad Tax Preparer:
Not Asking for Documentation

If your Atlanta Georgia income tax preparer is not asking for:

• Thorough financial records
• Without looking at all your info
• They avoid lots of documentation
• Asks to e-file your return with your last pay stub before you receive your Form W-2.

No Questions Asked =
Bad Taxes

Some things that LEGITIMATE tax preparers will ask for:

• W2
• Annual reports dealing with your investments and assets
• The pay stubs from your job, along with a few additional employment info
• Children's Social Security numbers (if applicable)
• Child custody proof in order to claim dependents

This could be some big red flags for a scam.  Run the other way fast...

Run to GBC Tax Service.

Call GBC Income Tax Services today at 678-366-9232 for all your tax and IRS needs!

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READ MORE

• Contact GBC Income Tax Services Today! 
• Atlanta Income Tax Preparation Services
• Visit the Internal Revenue Service's Website

Certified Public Accountant Ghassan R. Ghraizi, Atlanta's Income Tax Preparer

Ghassan R. Ghraizi, CPA
A University of West Florida College of Business graduate, Ghassan R. Ghraizi offers Metro Atlanta  the very best in payroll and tax assistance to date.

Currently leading financial operations at GBC SERVICES, LLC., Ghraizi's experience  is varied and extensive. This fact is perhaps what lends to his talent in providing superior service in the realms of business oriented finance  and human resources  database management. 

Ghassan R. Ghraizi's skill set as a Certified Public Accountant is as comprehensive as his years of experience.  To date, Ghraizi's CPA services include:

•    QuickBooks cultivation alongside traditional  ledger keeping
•    Payroll preparation, accounting and management
•    Income tax preparation, analysis  and timely  filing
•    The  establishment of  Human Resource Management systems
•    Time sheet development and workers compensation reporting

But the list does not end there..... As a team leader at GBC SERVICES, LLC., Ghraizi can also offers clients a large variety of relatively new financial services online.

Benefits offered by GBC  to small and larger sized businesses are as follows:

•    Online payroll services and human resource database management
•    Tracking employee scheduling and payment processing
•    Web based client bookkeeping systems and tools
•    Varied structured CFO services like forecasts and business plan analysis 

These are among the many options provided by Ghraizi at GBC SERVICES, LLC.

KNOWLEDGABLE AND DEDICATED

When seeking the assistance of a Certified Public Accountant, experience is key. Ghraizi has the education  and proven commitment  to  providing superior customer service and cutting edge accounting technologies.
To learn more about  this highly qualified Atlanta based CPA, contact Ghassan R.Ghraizi  today.

Online Payroll Processing and Human Resource Management System Specialists
Whether you are a workforce of one or of thousands,your business can greatly benefit from the numerous services GBC Services in Atlanta has to offer.
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Atlanta Georgia Income Tax Preparation,
With GBC Services income tax preparation services, you can rest assured that your taxes will be done right and on time every time.
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READ MORE about his experience and skill set:

Part 2 of 3 – 9 Ways To Maximize Your Business’ Revenue By Outsourcing Payroll

A Payroll Professional
is Your Best Solution

Plus, a professional payroll service will be far better acquainted with tax laws governing the payment of employees. You don't have to worry about an employee missing something and it coming back on your business. There won't any surprise tax issues or penalties. Yes, outsourced payroll means:

• Less risk for your business
• Greater efficiency
• Headache free legal compliance

Next month we will cover the last 3 benefits to hiring a professional payroll services company to handle all your payroll needs.

Additional Sources:
The Top 6 Advantages to Outsourcing Your Payroll
10 Benefits of Outsourcing Your Business Payroll

Call GBC Income Tax Services today at 678-366-9232 for all your tax and IRS needs!
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• GBC Tax Offer Atlanta Experienced IRS Representation
• Helpful Payroll Related Articles
• GBC Management Team

Part 1 of 3 – 9 Ways To Maximize Your Business’ Revenue By Outsourcing Payroll

We are Your BEST
Business Solution

If you are running a business, you can basically divide all of your responsibilities into two categories: those that are directly connected to bringing in revenue, and those that are not. If you have a staff, you need to take care of payroll, but clearly this is not directly making you a profit. Therefore, it is nice to have someone else thinking about that responsibility. But does that mean you should outsource it? It may be a great way to free up your staff for money making projects.

So what are the benefits of outsourcing your payroll to a professional service? Consider these:

• More time to focus on other activities
• You don't need to hire an in-house professional
• A dedicated payroll company may save you money

Just think – if you have in-house accountant, they won't just be running payroll. Having multiple responsibilities can lead to more frequent errors. A dedicated payroll service, however, is just focused on getting your checks out on schedule and accurately. The amount the service costs may actually be less than the price of in-house manpower combined with supplies and software for printing and mailing checks.

Next month we will cover more benefits of outsourcing to a professional payroll services company.

Additional Sources:
The Top 6 Advantages to Outsourcing Your Payroll
10 Benefits of Outsourcing Your Business Payroll

Call GBC Income Tax Services today at 678-366-9232 for all your tax and IRS needs!
--------------------------------------------------

READ MORE

• GBC Tax Offer Atlanta Experienced IRS Representation
• Helpful Payroll Related Articles
• GBC Management Team