2018 Extended deadlines are coming up!! Partnership and S Corporation tax returns for 2018 are due by 9/16/2019, and personal returns and C Corporations are due by 10/15/19! If you haven’t filed your 2018 returns yet, be sure to give your CPA at Loggins, Kern & McCombs a call today!
HAVE YOU RECEIVED YOUR GEORGIA REFUND YET?
We have had instances where client’s refunds were being held by the Georgia Department of Revenue for various reasons. Sometimes, just a quick phone call is all that is needed to get the refund released. If you should have received a refund and you haven’t yet received it, please give your CPA a ring, and we can assist in this matter.
Charitable Contributions
The IRS recently issued final regulations regarding reducing the charitable contribution under Section 170 when the taxpayer receives or expects to receive a corresponding state or local tax credit. Unfortunately, many of our Georgia clients have for years been using these techniques to redirect money to a school or to a rural hospital. This law would disallow a charitable deduction for these donations when the taxpayer would get a state tax credit. Please contact your CPA here at Loggins if you have further questions about this new regulation.
The IRS just announced that effective January 1, 2019, the standard mileage rate for business miles will be 58 cents per mile, which is an increase of 3.5 cents per mile from 2018. The mileage deduction is one that is often overlooked. Are you reporting business mileage correctly on your tax return? Give one of our CPAs a call today to discuss how to account for business use of your vehicle.
We are reaching out to you to let you know about one of the many changes in 2018 due to the new tax law. If you own a business, this deduction will more than likely apply to you.
Bottom Line: Because of the new tax law, tax planning for business owners will be especially crucial this year. We are still expecting regulations from the IRS regarding the new pass-through business deduction (hopefully by the end of the summer), but we wanted to notify you of what’s coming.
We also understand that taxes – especially business taxes – can be confusing. Please feel free to contact us at 770-478-7424 or at info@logginscpa.com to setup a consultation with a CPA.
The IRS issued a notice on Monday, January 29, 2018, to provide more guidance on the withholding rules that resulted from the recent legislation known as the Tax Cuts and Jobs Act. As part of that new legislation, the IRS issued new withholding tables with a promise of a new Form W-4. The IRS has been in the process of revising Form W-4, but now feel that the new version may not be finished until after February 15, 2018. [Read more…]
It’s that time again – Tax Filing Season!
That means you need to start gathering your important tax documents for this year’s return preparation. For Loggins Kern & McCombs employees, [Read more…]
The IRS has issued new income tax withholding tables for 2018 due to major changes in the new tax law. Everyone should take a look at your withholding to make sure you’re deducting the correct amount of taxes under the new legislation. [Read more…]
As we all sit back in our easy chair to enjoy the summer Olympics, Uncle Sam is getting ready to rake in the taxes. That’s right, each Olympian is awarded a cash payout in addition to the medal. Well, the Internal Revenue Service treats all the winnings the same way they do our paychecks, by taxing it as income. The cash is considered “earned income abroad” equal to $25,000 for gold, $15,000 for silver and $10,000 for bronze plus the value of the medal itself. [Read more…]
No one usually wants to get a surprise when filing their tax return. Summer is a good time to take a look at your withholding to make sure you don’t get blind-sided next tax season. There are many life events that can have an impact on your taxes, meaning the amount you get back or worst, the amount you owe. Loggins Kern & McCombs can assist you with making the right withholding decisions based on your specific tax situation. If you have experienced or expect to experience any of the following events before the end of the year, contact our office to avoid any surprises.
