Income

• All receipt from the sale of all goods and service of your company.
• Including bartering for property or services. Also, Virtual Currency will need to be included.
• Interest and Dividends.
• Sometimes cancellation of debt.
• Gains or Losses of a sale of an asset.
• All 1099 series forms received.

 
Deductions
Generally, you are self-employed if you carry on a trade or business as a sole proprietor or an independent contractor, or you are otherwise in business for yourself (including part-time business),
A business expense must be both ordinary and necessary, in other words any expenses that is necessary to conduct your business or grow your business.
Here is a short list of deductions:

• Cost of goods is the Cost of product or raw materials, including freight
• Closing inventory at year end 
• Storage 
• Direct labor for workers who produce the product
• Capital Expenses
• Business Startup costs
• Business assets i.e.:  vehicle, machinery, Improvement (just to name a few)
• Employee Pay
• Rent Expense:  Space and Machinery etc.…
• Business Interest
• Taxes: payroll, sales tax, ad valorem on business assets, real estate, state, and local tax
• Insurance Premiums used for business purposes.  Liability, malpractice, workers’ compensation, insurance employees - Health, Insurance on assets and equipment.
• Repair and maintenance on business property
• Legal cost, cost to organizing the company, professional services, including accounting.
• Research and development​
• Vehicle expenses either by the milage rate, or actual expenses, fuel, repairs and maintenance, insurance, parking, or rent on a rental vehicle, used for business purposes.  Regardless how you chose to deduct these expenses a detailed milage log must be kept., also work with your account to determine which method is best for.  Once the method is chosen for the vehicle it must be use each year on the vehicle.
• Meals, normally 50% of deductible meals however for 2021 its 100% (unless you’re in transportation industry normally it goes up to 80%) this includes travel meal and business meetings and conventions, and a qualified reimbursement plan.
• Out of Town Travel for Business
• Advertising
• Charitable Contributions related back to the business
• Credit Card collection fees and Bank fees
• Education Expenses related to the business
• Internet related expenses
• Software and computer items
• Licenses
• Moving Machinery
• Telephone 
• Cost of maintaining an office or shop, this can include home office deduction, if the space is used exclusively for the business.
• Small Tools
• Paid out Commissions and Fees
• Office Supply Exp.
• Other office expenses
• Office Utilities
• Marketing and Promotions
• Uniforms
• Postage

 
 
If you have question about whether something is could be categorized as income or expense, please contact us at 706-677-2700.  We are here to help!
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Personal Extension deadline is rapidly approaching!
   The deadline for personal extensions is October 15, 2021. If you haven't submitted your info yet, please do so by October 6, 2021,  to insure completed preparation by the deadline. After this date we will not be able to guarantee to have it completed on time.

   We have several options that make it easy. You can call the office for an appointment, drop off, Email, and regular mail. We also have a drop off box at the front door for after hours drop offs.  If you have any questions, please call the office at (706)  677-2700.

​PUA (Pandemic Unemployment Assistance)
This includes individuals who are self-employed, gig workers, 1099 independent contractors, or those with limited work history who will not qualify for state unemployment benefits.
The GDOL is modifying its current online unemployment application adding new questions to better identify those individuals who may be eligible for PUA.  This modified application is expected to be available on Monday, April 13, 2020. Once the application is received, it will take several weeks to process.
If you have already filed a claim with the GDOL and will be eligible to potentially receive benefits under this program, you do NOT have to refile your claim.  These individuals will be identified and sent an email with a link to provide additional information for the Pandemic Unemployment Assistance (PUA) Program

​Economic impact payments: What you need to know
 
WASHINGTON — The Treasury Department and the Internal Revenue Service today announced that distribution of economic impact payments will begin in the next three weeks and will be distributed automatically, with no action required for most people. However, some taxpayers who typically do not file returns will need to submit a simple tax return to receive the economic impact payment.
Who is eligible for the economic impact payment?
Tax filers with adjusted gross income up to $75,000 for individuals and up to $150,000 for married couples filing joint returns will receive the full payment. For filers with income above those amounts, the payment amount is reduced by $5 for each $100 above the $75,000/$150,000 thresholds. Single filers with income exceeding $99,000 and $198,000 for joint filers with no children are not eligible. Social Security recipients and railroad retirees who are otherwise not required to file a tax return are also eligible and will not be required to file a return. 
Eligible taxpayers who filed tax returns for either 2019 or 2018 will automatically receive an economic impact payment of up to $1,200 for individuals or $2,400 for married couples and up to $500 for each qualifying child.
How will the IRS know where to send my payment?
The vast majority of people do not need to take any action. The IRS will calculate and automatically send the economic impact payment to those eligible.
For people who have already filed their 2019 tax returns, the IRS will use this information to calculate the payment amount. For those who have not yet filed their return for 2019, the IRS will use information from their 2018 tax filing to calculate the payment. The economic impact payment will be deposited directly into the same banking account reflected on the return filed.
The IRS does not have my direct deposit information. What can I do?
In the coming weeks, Treasury plans to develop a web-based portal for individuals to provide their banking information to the IRS online, so that individuals can receive payments immediately as opposed to checks in the mail.
I am not typically required to file a tax return. Can I still receive my payment?
Yes. The IRS will use the information on the Form SSA-1099 or Form RRB-1099 to generate Economic Impact Payments to recipients of benefits reflected in the Form SSA-1099 or Form RRB-1099 who are not required to file a tax return and did not file a return for 2018 or 2019. This includes senior citizens, Social Security recipients and railroad retirees who are not otherwise required to file a tax return.
Since the IRS would not have information regarding any dependents for these people, each person would receive $1,200 per person, without the additional amount for any dependents at this time.
I have a tax filing obligation but have not filed my tax return for 2018 or 2019. Can I still receive an economic impact payment?
Yes. The IRS urges anyone with a tax filing obligation who has not yet filed a tax return for 2018 or 2019 to file as soon as they can to receive an economic impact payment. Taxpayers should include direct deposit banking information on the return.
I need to file a tax return. How long are the economic impact payments available?
For those concerned about visiting a tax professional or local community organization in person to get help with a tax return, these economic impact payments will be available throughout the rest of 2020.
 

​Beware of Stimulus Payment Scams 
Tax Professionals — here’s what taxpayers need to know about stimulus payment processing in order to protect themselves from scammers:

1. Be alert for phone scams. 
   The Internal Revenue Service (IRS), Treasury Department, or any other government agency will not contact you by phone to collect information for stimulus payment processing. Period.
2. Be alert for phishing scams. 
   Government agencies will not email or text you to collect information for stimulus payment processing. Watch for suspicious emails or texts with links or attachments requesting information for processing stimulus deposits or checks. If you receive one, do not click the link or open the attachment. It’s a scam. Delete it.
3. Be alert for state-related scams.
   State agencies will also not call, email or text you to collect information or a fee to process a stimulus payment. To date, no state has introduced their own version of a stimulus payment.

As of now, we are only aware of one communication a taxpayer will receive from the IRS. No later than 15 days after distributing a stimulus payment, the IRS is required to mail a notice to the taxpayer indicating the payment amount, whether the payment was mailed or deposited, and a phone number to call if the taxpayer did not receive the payment. 

Victims or targets of stimulus payment scams should report it immediately to the Federal Trade Commission, www.ftc.gov/complaint.

We will provide more information about the IRS’s plans to process stimulus payments as it becomes available.