INDIVIDUAL TAX

How Can Home Sellers Exclude Capital Gains Tax?

U.S. tax laws have long offered incentives to people who own the homes they live in. Among the most generous of these incentives is the ability to reduce the taxable gain on the sale of a personal residence. Here’s what most sellers need to know to meet the requirements of the law. Are You Eligible [...]

2019-05-28T12:18:14+00:00May 28th, 2019|INDIVIDUAL TAX|

Additional Relief from IRS for Taxpayers who Underpaid on Their Income Taxes in 2018

Based on a combination of wage withholdings and quarterly tax estimates, the U.S. tax system utilizes a system that requires taxpayers to "pay-as-you-go," as opposed to waiting until the end of the year to pay income taxes. Under the current law, if you fail to pay 90% of your current year tax, the results of [...]

2019-03-29T12:56:06+00:00March 29th, 2019|INDIVIDUAL TAX|

Beware of Potential IRS Phone Call Scams

During the early months of the year, tax filing season quickly becomes tax scamming season. In the hopes of focusing public attention on this problem, the IRS has released its annual list of the Dirty Dozen tax scams—many of which lead to identity theft. It is always easy to become overconfident in your ability to detect fraud. [...]

2019-03-27T16:43:09+00:00March 27th, 2019|INDIVIDUAL TAX|

Understanding the New Kiddie Tax

The Tax for Certain Children Who Have Unearned Income, informally known as the “Kiddie Tax,” can sneak up on unsuspecting taxpayers. This section of the Tax Code was initially created to prevent taxpayers from reducing their tax bill by shifting some of their unearned income — such as interest, dividends, and capital gains — into [...]

2019-03-18T20:56:25+00:00March 18th, 2019|INDIVIDUAL TAX|

How to Properly Organize Your Tax Records

There never seems like a good time to organize your tax records, but the period of time between filings last year’s taxes and this year’s return can usually be the perfect time. While this task is never an exciting one, get it done and out of the way will only save you time and plenty [...]

2019-02-19T14:26:26+00:00February 21st, 2019|BUSINESS TAX, INDIVIDUAL TAX|

How to Protect Yourself from Tax Identity Theft

During the busy season, tax identity theft becomes a major issue as identity thieves seek out tax returns as their primary target. Considering that the IRS processes tax refunds every year that amount to billions of dollars, criminals simply have to follow the money. To file a fraudulent tax return and pocket your money, all [...]

2019-02-15T13:28:38+00:00February 15th, 2019|BUSINESS TAX, INDIVIDUAL TAX|

2018 Underpayment Tax Penalties Waived by IRS

According to the IRS, they will be waiving underpayment penalties for anyone who had federal income tax withholding and estimated tax payments come in under their actual tax liabilities in 2018.  This waiver was constructed with the understanding that the Tax Cuts and Jobs Act (TCJA) would revamp the federal income tax regime and in [...]

2019-01-28T11:02:16+00:00January 22nd, 2019|INDIVIDUAL TAX|

5 Things to Remember About Substantiating Donations

When it comes to making a charitable donation, there are countless organizations and causes available to which you can contribute. While you have the option to simply give cash, many organizations also accept noncash items such as stock, personal property, or real estate. No matter the form of your donation, you have earned a tax [...]

2019-01-31T16:09:02+00:00January 16th, 2019|INDIVIDUAL TAX|

Avoid Double Tax on Nondeductible IRA Contributions

Do you already make nondeductible contributions to a traditional IRA for yourself? If so, it’s important to understand the tax treatments of distributions in order to avoid being taxed twice on income that you are already contributing. Substantiate Your Chosen Strategy When it comes to contributing nondeductible amounts to an IRA, there are usually several [...]

2019-01-16T15:25:37+00:00January 16th, 2019|INDIVIDUAL TAX|

Tax Benefits of Student Loan Repayment

For years, news headlines have been rife with the catchphrases “student loan epidemic” and “student debt crisis.” Unfortunately, these expressions are not hyperbolic; tuition costs continue to rise each year, and federal subsidies are not keeping pace. As a result, students must pay more every year to attend college. Taxpayers are taking years and even [...]

2018-12-05T15:04:51+00:00December 4th, 2018|INDIVIDUAL TAX, TAX REFORM: INDIVIDUAL TAX|

IRS Clarifies Deductibility of Business Meals

The IRS has issued a notice 2018-76 to clarify the deductibility of business meals and entertainment in light of changes enacted last year as part of the Tax Cuts and Jobs Act (TCJA). The IRS explains that taxpayers may continue to deduct 50 percent of the cost of business meals if the taxpayer (or an [...]

2018-12-11T15:19:40+00:00October 4th, 2018|BUSINESS TAX, INDIVIDUAL TAX|

Are Taxpayers Mailing in Their Postcard 1040 This Year?

One of the many goals of the 2017 Tax Reform was to simplify individual income taxes. Itemized deductions have always been viewed as adding complexity to a tax return. However, the latest Tax Reform has increased the standard deduction, resulting in fewer people needing to take time to itemize their deductions. Likewise, a higher Alternative [...]

2018-12-11T15:19:16+00:00August 23rd, 2018|INDIVIDUAL TAX|

Cryptocurrency and Taxes: What You Need to Know

Preparing for Your Cryptocurrency Tax Obligations As the saying goes, it is best to “be prepared” for any situation that arises. When it comes to cryptocurrencies, this statement could not ring truer. Waiting until next April to think about the tax implications of virtual currency transactions will make the tax preparation process difficult and burdensome, [...]

2018-11-12T15:42:38+00:00June 25th, 2018|CRYPTOCURRENCY, INDIVIDUAL TAX|

How the TCJA Can Help You Choose Your Debt Payoff Strategy

Randomly picking which debt to pay off first is not the ideal strategy—especially considering the magnitude of the average American’s debt, as well as rising interest rates. In 2017, the average American household had more than $130,000 of debt, made up of home mortgages, credit card debt, student loans, and auto loans. It’s no wonder [...]

2018-11-12T15:42:40+00:00June 20th, 2018|INDIVIDUAL TAX, STATE & LOCAL TAX|

Natural Disasters: 3 Tips for Safeguarding Tax Records

Don’t let a natural disaster become a tax disaster too. Be sure to protect your tax records and other valuable information. This time of year it is especially important to utilize the tips below in preparation for hurricane season. 1. Electronic Backup Taxpayers should always keep a set of backup records of all important documents [...]

Recent Georgia Income Tax Law Changes

Federal tax reform changes aren’t the only changes to tax laws in 2018 –- there are also changes here at the local level in Georgia to consider as well! Governor Nathan Deal recently signed two major revisions affecting nearly all Georgia taxpayers. These changes are in response to the massive federal tax reform signed into law [...]

2018-11-12T15:42:50+00:00March 19th, 2018|BUSINESS TAX, INDIVIDUAL TAX|

You Can Run, but You Can’t Hide: IRS Search for Unreported Cryptocurrency Upheld in Federal Court

No matter how untraceable digital transactions may seem, there is no hiding cryptocurrency under the mattress. Virtual currencies like Bitcoin, Litecoin, and XRP are digital assets that cannot be hidden or concealed. Even though virtual currency is often anonymously held and transacted, it is traceable, and the IRS will go to great lengths to find [...]

2018-11-12T15:43:02+00:00February 20th, 2018|INDIVIDUAL TAX, March 2018|

Estate and Gift Tax Changes from Tax Reform – Sweet as Honey

Tax Reform has made a significant impact on estate planning—and the changes are as sweet as honey. The most buzz-worthy, amongst the swarm of differences, is the increase in the lifetime exemption amount, which doubled under Tax Reform. Something to Hum About Under previous law, the lifetime exemption was $5 million adjusted for inflation, meaning [...]

2018-11-12T15:43:06+00:00February 13th, 2018|INDIVIDUAL TAX, March 2018, TAX REFORM: INDIVIDUAL TAX|

When Paying Vesting Agreement Taxes Now Can Equal Big Savings Later: 3 Winning Scenarios

Filing a Section 83(b) Election could equal significant tax savings for you in the following 3 scenarios: founder of a new company without value, low valuation high expectations company stock, or company with potential liquidating event, as Kellie Shipley shares. Contact CRI for help making your move.

2018-11-12T15:43:15+00:00January 17th, 2018|INDIVIDUAL TAX, VIDEO|

How Can Tax Credits Benefit You?

Do you know the difference between tax credits and tax deductions? And are you taking advantage of tax credits for actions you're already taking? Similar to deductions, tax credits incentivize individuals and businesses to reduce their overall tax liabilities. However, tax credits differ in that they provide a “dollar for dollar” reduction in [...]

2018-11-12T15:43:21+00:00January 17th, 2018|BUSINESS TAX, INDIVIDUAL TAX, VIDEO|