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Charter Consulting and Accounting LLC

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United States
Atlanta, GA
Charter Consulting and Accounting LLC

Tax services firm helping business owners with an international footprint to save taxes and stay compliant.

If you are a small business owner, tech start-up or just need help with your personal taxes, please give us a call. Schedule an Appointment: https://calendly.com/tax-and-bookkeeping-services/15min

06/17/2024

Summer Home Upgrades and Kids' Activities May Bring Tax Benefits – Did You Know?

Some projects and activities that people typically undertake in summer may qualify for 2024 tax credits. For example, upgrades to keep your home cool and comfortable may be eligible for clean energy or energy efficiency credits. Examples of potentially qualifying improvements include Energy Star-rated windows and doors, solar-powered water heaters, and new central air conditioning units or ventilation systems. More information about these programs may be found on the IRS Home Energy Tax Credits webpage (link below).

In addition, if your children attend summer camps, day camps or childcare programs so that you can work, the Child and Dependent Care Credit may enable you to reclaim some of the cost. A tax professional can help you determine whether you qualify for these or other tax-saving programs, and if so, help you properly document expenses to preserve your eligibility.

Home Energy Credits: https://www.irs.gov/credits-deductions/home-energy-tax-credits

06/10/2024

Overseas Tax Filing & Quarterly Installment Deadlines

If you are a U.S Citizen or Green Card Holder living abroad and have not filed your taxes yet, the deadline is coming up on Monday, June 17th, 2024.

If you are making quarterly estimated tax payments to the IRS, the due date for the April 1 – May 31 quarter of the year is also June 17th.

For payments made using IRS Direct Pay, you can make payments until 11:45PM EST, and for payments using a credit or debit card, payments can be made up to midnight on the due date.

06/04/2024

Letters from the IRS - Did You Know?

If the IRS needs to contact a taxpayer, the agency will generally send a letter in the mail rather than emailing or calling. Taxpayers may receive IRS letters for many reasons, including:

- The taxpayer owes tax and did not pay it with their return or set up a payment plan.
- The IRS has a question about a tax return or needs more information to process it.
- The IRS has made an adjustment to a tax return or refund amount.
- The IRS needs to verify a taxpayer's identity.

If you receive an IRS letter in the mail, do not ignore it, but also do not panic. Some IRS notices do not require the taxpayer to take any action, while others advise the taxpayer of an issue that can be readily resolved. In many cases, you will not need to respond to the letter. For example, if an IRS notice simply informs you of a minor change made to your return or your refund amount, you can just file it with your tax records for future reference.

However, if the letter asks you to provide the IRS with additional information, you should respond as quickly as possible. Pay special attention to whether the notice includes a deadline to respond. Taxpayers who fail to reply to an IRS letter by a specified deadline may face penalties or forfeit their appeal rights.

You have the right to appeal any IRS decision about your tax return or the amount of tax you owe. If you do not understand an IRS notice or believe the IRS has made an error, a tax professional can help you figure out the situation and plan your next steps.

05/29/2024

National 529 Day - Did You Know?

If you put money in a 529 account for education, withdrawal of earnings are tax-free if used for qualified educational expenses. Qualified educational expenses include tuition, fees, housing, meals and books. Many states offer a full or partial tax deduction for 529 plan contributions. They may also offer incentives and promotions to encourage families to open and contribute to 529 accounts today on National 529 Day.

The Tax Cuts and Jobs Act (TCJA) also expanded eligibility for 529 savings plans. Up to $10,000 per year may be used for Kindergarten through Grade 12 education (public, private, or religious schools).

05/21/2024

U.S. Citizens and Residents Living Abroad - Did You Know?

Generally, U.S. citizens and resident aliens must pay federal tax on their worldwide income, including income received while living outside the country. Even those who qualify to exclude foreign earned income for tax purposes, or to claim a credit for taxes paid to other countries to offset their U.S. tax liability, generally must still file a federal tax return.

People living abroad typically qualify for an automatic two-month extension to file, meaning that they may file their 2023 federal tax returns anytime through June 17, 2024. However, this extension applies only to filing, NOT to taxes owed. The IRS will generally add interest charges to any tax amounts not paid by the standard April filing deadline.

Remember also that if you own or control financial accounts based outside the U.S., you may need to report not only the income from those accounts, but also the account balances on your tax return. You may also have to file a special Foreign Bank Accounts Report (FBAR) form. You cannot include the FBAR with your tax return, as it must be filed with a different treasury department than the IRS. A tax professional can help you file your tax return and all other required reporting forms by the appropriate deadlines electronically, to ensure rapid processing.

05/13/2024

Clean Vehicle Credit Dealer Transfer – Did You Know?

As of January 1, 2024, people who buy or lease cars or trucks that qualify for the Clean Vehicle Credit (CVC) may transfer the credit to an eligible seller (usually a dealership). The transferred credit may be used as a down payment, or exchanged for a reduction in the vehicle price. Eligible vehicles include many fully electric cars and trucks (EVs), plug-in hybrids (PHEVs) and vehicles powered by fuel cells.

To transfer the credit, you must present a government-issued photo ID, and provide the seller with information including your current address and valid taxpayer ID number. You will also need to sign a certification of eligibility for the CVC, along with pledges to file a 2024 tax return and to use the vehicle primarily for personal (not business) purposes within the U.S.

In turn, the dealer must certify that the vehicle meets IRS standards for the CVC, and provide you with documentation of the date of sale, selling price and other vehicle information. Store these documents securely, as you will need to refer to them when filing your federal tax return for 2024. A tax professional can help you determine whether transferring a CVC to the vehicle seller would make sense for you.

05/06/2024

Unclaimed 2020 IRS Refunds Deadline – Did You Know?

The IRS has issued a reminder that time is running out to claim your 2020 tax refund if you did not file a 2020 federal return. The deadline to file a 2020 IRS return and claim your refund is May 17, 2024. Filing a missed 2020 return may also qualify for the Earned Income Tax Credit (EITC), Recovery Rebate Credit or other credits if you meet the requirements.

Unclaimed IRS refunds refer to money that is owed to taxpayers by the IRS but has not been claimed. This can happen for a variety of reasons, such as incorrect mailing addresses, changes in phone numbers, or simply overlooking the refund.

By law, there is a limited three year window to claim a refund. After that date, unclaimed 2020 federal tax refunds will become the property of the U.S. Treasury.

04/29/2024

Amended Tax Returns – Did You Know?

After filing their tax returns, people may sometimes realize that they made a mistake like missing a deduction, adding incorrectly or choosing the wrong filing status. In some cases, fixing the mistake may require filing an amended return that shows both the originally reported figures and the corrected ones. However, for some errors, filing an amended return is not necessary.

For example, if you made a minor math mistake on your return, IRS personnel will generally just fix the error and send you a notice explaining any resulting change to your refund or tax due. Similarly, if you neglected to include a required form with your return, the IRS will typically just send you a letter requesting that form. In these cases, filing an amended return would actually only cause confusion and further delay the processing of your refund.

For other mistakes, you can use the IRS "Should I File an Amended Return?" tool (link below) to determine whether filing an amended return is required. If you just want to check the status of your return and/or refund, you can use the "Where's My Refund?" tool.

Should I File An Amended Return? https://www.irs.gov/help/ita/should-i-file-an-amended-return

Where's My Refund? https://www.irs.gov/wheres-my-refund

04/23/2024

Tax Refund Myths and Realities – Did You Know? (1/2)

Taxpayers who are owed a 2023 tax refund naturally want to know how quickly that refund will come. Unfortunately, a lot of myths and half-truths about IRS refunds circulate online, giving people false expectations or leading them to waste time on unnecessary steps. Here are two key facts you need to know to avoid falling for the rumors.

- Calling the IRS will generally not yield more information about your refund. You can get the most up-to-date information about your refund status nearly around the clock by using the online Where's My Refund tool (link below) or by calling the automated refund hotline at 800-829-1954.

- The Where's My Refund Tool cannot always give a refund date. Some taxpayers may believe something is wrong if this tool does not display a mailing or deposit date for their refunds. Although the IRS issues many refunds within 21 days, some returns take longer to process. You will get a refund date once the IRS finishes reviewing your return.

IRS Where's My Refund tool: https://www.irs.gov/refunds

04/15/2024

Filing Extensions and Minimizing Penalties – Did You Know?

Taxpayers who request an extension to file their 2023 federal income tax returns have until October 15th, 2024. However, an IRS extension is only an extension to file tax returns, NOT an extension to pay any tax owed. Taxes not paid by the April 15th payment deadline may be subject to late penalties and interest charges.

Electronic payments may be made using the IRS online payment portal (link below). The IRS urges those who cannot pay what they owe at this time to pay whatever amount they can, and then apply for an installment plan to pay off the remaining balance.

If you are required to file, you should still file your taxes, even if you can't pay, as the failure-to-file penalty may be 10 times more than the failure-to-pay penalty.

IRS Online Payment Portal: https://www.irs.gov/payments

04/11/2024

Tax Filing Misinformation and Scams – Did You Know?

Every filing season, the IRS sees a surge in tax-related scams, including widespread circulation of false statements about tax laws and refunds across the internet. Several currently trending myths encourage people to file IRS forms with bogus information, setting up unsuspecting readers to face IRS, civil or even criminal penalties.

For example, scammers recommend using software to fill out extra W-2 (Wage and Tax Statement) forms, with false income and withholding figures attributed to made-up employers. Other scams involve inventing fictitious household employees, then claiming that those employees were paid substantial medical leave benefits. The promoters of these fraudulent practices claim people can use the schemes to "legally" obtain large IRS refunds.

In reality, IRS personnel carefully check W-2s and other tax forms against information reported by employers and other entities and individuals. Submitting false documents to the IRS can trigger very serious consequences, even if the person who filed the forms believed they were following legitimate advice. To avoid getting lured in by scammers, seek tax guidance only from a trusted tax professional.

Address

Atlanta, GA
30328

Opening Hours

Monday	9am - 5pm
Tuesday	9am - 5pm
Wednesday	9am - 5pm
Thursday	9am - 5pm
Friday	9am - 5pm

Website

http://chartercca.com/

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