Jeff Higgins, CPA, PC

03/03/2023

There are still only very rare reasons to do this that do not apply to most filers (and many make this mistake only to need to amend their returns later to file jointly for better overall tax breaks).

Married, but filing separately: A growing number of Americans are choosing to submit their taxes independent of their spouse. Here’s why.

08/02/2022

Without any further legislative action, any unborn children as of 7/20/22 will qualify for the dependent exemption on GA tax returns.

Please note this does NOT apply to federal tax returns under current federal statutes.

The state Department of Revenue has issued guidance on how the law impacts tax rules.

05/19/2022

Hey IRS, it’s time to modernize your practitioner hotline so we can get through. The automatic disconnect because you have too many calls doesn’t solve client issues.

05/11/2022

For all you folks out there putting money in crypto via Coinbase

Coinbase spooked customers with an admission that their crypto holdings could be at risk if the company goes bankrupt – a warning that surfaced alongside a dismal earnings report that crushed the c…

02/19/2022

All couples should have the money talk with each other, especially as you approach marriage. You’re going to be filing tax returns together and one day retiring together. Your retirement lifestyle will depend on a long marriage of financial choices.

The pandemic recovery is expected to be a boon for weddings. For couples, this is a moment to make sure you're on the same page financially.

02/16/2022

Taxes are confusing enough, and the IRS contributes to this by having 3 different scenarios where you would e-file with 3 different numbers in your last year’s AGI field depending on what happened with your 2020 return.

Even if the IRS is still processing your 2020 taxes, make sure to file your 2021 return. To validate and e-file your return, enter $0 for last year’s Adjusted Gross Income on your 2021 tax return. See: https://go.usa.gov/xt5kF

01/15/2022

Tax season starts a week from Monday, on 1/24, which is the first day e-filed returns will be accepted.

Get your tax documents together and reach out so we can get your return prepared! Be prepared for another crazy year with delays, as it is estimated the IRS still has up to 6-8 million unprocessed returns from last year and 1 million pieces of unopened mail.

IR-2022-08, January 10, 2022 — The IRS announced that the nation's tax season will start on Monday, January 24, 2022, when the tax agency will begin accepting and processing 2021 tax year returns.

01/10/2022

2021 tax season starts January 24. Be ready for massive delays, considering the IRS still has yet to process 6 million (yes, it’s a lot….) returns filed for 2020’s taxes.

Taxpayers should be ready for delays processing 2021 tax returns, IRS officials say.

12/28/2021

Getting an “inflation raise” at work? Make sure you know how that raise could impact your tax plans, as many credits and deductions have income thresholds until the credit/deduction either phases out or is reduced to zero. Don’t get stuck with an unexpected tax bill that could wipe out that “raise” you thought you were getting.

12/18/2021

Increased mile deduction in 2022 reflects higher vehicle operating costs.

The IRS issued the annual update of the mileage rate taxpayers may use to compute their deductible automobile costs.

11/19/2021

Forgiveness amounts are excluded from gross income but included in gross receipts for purposes including determining “small business taxpayer” status under Sec. 448(c).

09/19/2021

They hear you. The IRS isn’t offering solutions, but they are admitting to the problem.

September 17, 2021 — IRS Statement about the September Advance Child Tax Credit Payments.