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Showing posts with label income tax. Show all posts
Showing posts with label income tax. Show all posts

Wednesday, January 28, 2015

Beware of Scams by Phony IRS Agents

Crooks use the 1040 season
to access your personal and financial
The official method of correspondence by the IRS and local or state tax offices is U.S. Postal Service-delivered letter. If you initiate contact by phone call or email, you may get a response that way. But the IRS rarely makes unexpected phone calls or sends unsolicited emails, faxes or text messages.

If the message arrives by email or text, you may be asked to click on a link for more details. Don't. That can install "malware" programs in your computer to give the crooks remote access to your files and passwords or even let them take control of the device. This year, new ploys include:
  • Bogus claims that you can get $80 for completing a customer survey for the IRS. The message asks for personal and financial information that can be used to steal your identity.
  • Fictitious promises of refunds or rebates based on excess or withheld Social Security benefits or for the expired Economic Recovery Credit Program or recovery rebate credit. Each of these scams requests your SSN and other personal info.
  • False claims that you can use Treasury Form 1080 to transfer funds from the Social Security Administration to the IRS, enabling a payout to you from the IRS.
  • Offers of "free money" from the IRS or other government agencies. These lies circulate in flyers posted at churches and other gathering spots, and also in online advertisements. They often imply that tax credits or refunds are available without proof of eligibility.
READ MORE >> AARP.ORG: Don’t Get Scammed by Phony IRS Agents

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

Wednesday, January 29, 2014

The Importance of Hiring An Accounting Firm for Small Businesses

A high-quality accounting
firm will address the payroll
concerns of your company.
For any Georgia business to survive in the ever turbulent corporate arena, it has to build on a firm and sensible foundation. One fundamental building block is locating the right accounting solutions in Atlanta, Georgia.

Many small companies make the mistake of assuming that taking on payroll and accounting roles themselves will save money. What most small business owners do not know is that high quality Atlanta accounting services are surprisingly affordable for small to medium size companies.

Once your company makes the decision to hire an accounting firm in Atlanta, Georgia, you could soon discover that the investments.....

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

Wednesday, August 31, 2011

What Small Business Needs Should Accounting Services Meet?

A high-quality accounting firm
will address the concerns of
your company.
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

Thursday, June 30, 2011

The Joys of Parental Tax Benefits

OK. Tax credits for parents don't scratch the surface of how much it costs to raise a child, but every penny helps. Besides, the joy of watching a child grow into a fulfilled and wholesome person is priceless. So parents, while you have a moment to yourself, consider the following tax benefits as a government supplement to various costs at various stages of your child's life:

1. Dependents

In most cases, a child can be claimed as a dependent in the year they were born.

2. Child Tax Credit

You may be able to take this credit on your tax return for each of your children under age 17. If you do not benefit from the full amount of the Child Tax Credit, you may be eligible for the Additional Child Tax Credit.

3. Child and Dependent Care Credit

You may be able to claim the credit if you pay someone to care for your child under age 13 so that you can work or look for work.

4. Earned Income Tax Credit

The EITC is a benefit for certain people who work and have earned income from wages, self-employment or farming. EITC reduces the amount of tax you owe and may also give you a refund.

5. Adoption Credit

You may be able to take a tax credit for qualifying expenses paid to adopt an eligible child. Taxpayers claiming the adoption credit must file a paper tax return because adoption-related documentation must be included.

6. Children with Earned Income

If your child has income earned from working they may be required to file a tax return.

7. Children with Investment Income

Under certain circumstances a child’s investment income may be taxed at the parent’s tax rate.

8. Higher Education Credits

Education tax credits can help offset the costs of education. The American Opportunity and the Lifetime Learning Credit are education credits that reduce your federal income tax dollar-for-dollar, unlike a deduction, which reduces your taxable income.

9. Student Loan Interest

You may be able to deduct interest you pay on a qualified student loan. The deduction is claimed as an adjustment to income so you do not need to itemize your deductions.

10. Self-employed Health Insurance Deduction

If you were self-employed and paid for health insurance, you may be able to deduct any premiums you paid for coverage after March 29, 2010, for any child of yours who was under age 27 at the end of 2010, even if the child was not your dependent.

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