Laura R Padgett, LLC Certified Public Accountant

06/27/2024

Attention White County, Georgia residents!

- You can apply for an exemption through the
Assessor’s Office. It lists potential homestead exemptions and provides the link to apply. The website for this:

https://www.whitecountyga.gov/tax-assessor/page/tax-exemptions-and-special-assessment-programs

*If you qualify to apply for an exemption, you can apply at any time during the year. However, the deadline for it to be applicable for that current year is April 1st.
- You can apply after April 1st, but you will not get the exemption until the following year.
- The rules for 2025 may change slightly, so this is information will be helpful for next year. I will be posting those as soon as they come out!

* Common White County exemption rules that may be helpful:
- Beginning at 62 years of age, there’s potential exemptions for you. You do not have to wait until you turn 70 years of age.
- If you live in a mobile home, own the land, and do not claim an exemption on any other property, you can potentially get an exemption.
- Unremmarried surviving spouse of a firefighter or peace officer killed in the line of duty get an exemption.
- Unremmarried surviving spouses of a US service member killed in action get an exemption.
- 100% disabled veteran or the unremarried spouse of a 100% disabled veteran get an exemption.

- If you live in another county, please be sure to read their exemptions as every county has different rules.

Homestead Exemptions

05/10/2023

Georgia DOR has released a tool to check the amount and eligibility for the surplus refunds. If you qualify and filed by the April 18th deadline, it will take 6 to 8 weeks to receive. If you are on extension, your refund will not be disbursed with this initial round. See attached as well as the FAQ link for more details.

State Revenue Commissioner Frank O’Connell today announced a tool for Georgians to view their eligibility for surplus tax refunds.

12/27/2022

The IRS has delayed the new 1099k reporting for business transactions above $600 for year 2022.

IR-2022-226, December 23, 2022 — The Internal Revenue Service today announced a delay in reporting thresholds for third-party settlement organizations set to take effect for the upcoming tax filing season.

08/25/2022

Recently, the IRA Act was passed. Attached is the major provisions and the effective year for them.

07/21/2022

Attention clients! The IRS has increased the mileage rate for the last 6 months of 2022 due to increased fuel costs.

IR-2022-124, June 9, 2022 — The Internal Revenue Service today announced an increase in the optional standard mileage rate for the final 6 months of 2022. Taxpayers may use the optional standard mileage rates to calculate the deductible costs of operating an automobile for business and certain oth...

06/14/2022

Check for Unclaimed Property

Recently the Georgia Department of Revenue released a reminder for individuals to check for any unclaimed property which can include refunds (i.e. utility deposits), wages, savings accounts, etc.

They offer a free database to search to see if you have any unclaimed property. You can go to https://gaclaims.unclaimedproperty.com to search.

They offer a FAQ page for any questions that you might have: https://dor.georgia.gov/unclaimed-property-faqs

Each state has this search option so if you have lived in another state you can do a google search for unclaimed property. For example, Florida's website to search is: https://www.myfloridacfo.com/Division/UnclaimedProperty/

I hope that this information is helpful!

03/19/2022

Well I guess too many had issues with this..

IR-2022-27, February 7, 2022 — The IRS announced it will transition away from using a third-party service for facial recognition to help authenticate people creating new online accounts.

01/31/2022

Facial recognition requirements are coming down the line with the IRS for online services.

That verification requirement will soon be required for all taxpayers to view other personal tax documents on the IRS website. Although ID.me is widely-used, including by other government entities, and is generally considered secure, the thought of ...

01/31/2022

Facial recognition requirements are coming down the line with the IRS.

That verification requirement will soon be required for all taxpayers to view other personal tax documents on the IRS website. Although ID.me is widely-used, including by other government entities, and is generally considered secure, the thought of ...

01/24/2022

Dear Clients,
The annual tax organizers have been sent out late last week. Along with this includes some pretty cool tax information that we recommend you read so you can make the most of doing your favorite thing..gathering your info so we can perform magic for you :)

Thank you for your trust in us!

03/20/2021

As most of you are aware, the American Rescue plan signed March 11, 2021 included an adjustment up to $10,200 of unemployment benefits to be non-taxable if your income is under a certain threshold.

We are waiting for more information from the IRS on how to address those that already received refunds. If they decide to correct this internally that would be great. The state could be a different situation depending if the benefits are taxable or not.

What the news does not always consider is state taxes. For those of you that live in Georgia it is before the House to decide if these benefits will be non-taxable or taxable. We do not know at this point. The Georgia Department of Revenue has told me it will take 2 to 3 weeks when inquiring yesterday. So, we are preparing as much as we can but cannot finalize your tax returns until we know how to treat this for Georgia.

Thanks!

https://www.irs.gov/faqs/irs-procedures/forms-publications/new-exclusion-of-up-to-10200-of-unemployment-compensation #:~:text=If%20your%20modified%20adjusted%20gross,compensation%20of%20up%20to%20%2410%2C200.