ITC Tax Solutions

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'Tis the Season to Prepare for Tax Time – Start Assembling Important Documents NowWith a New Year fast approaching, tax ...
12/23/2024

'Tis the Season to Prepare for Tax Time – Start Assembling Important Documents Now

With a New Year fast approaching, tax filing season cannot be far behind. Taking a few simple steps to prepare over the next several weeks can significantly reduce stress when you complete your return. First, make sure you have important records readily at hand, like last year's return and receipts for deductible expenses or donations. Second, keep your eyes out for year-end income statements in January and early February. These documents may include:

- W-2 forms from employers
- Forms 1099-NEC and/or 1099-MISC showing your income from sources like rents, self-employment activities (such as gig work) and royalties
- Forms 1099-INT and 1099-DIV showing interest, dividends and other investment income

If you accept payments for goods or services through a payment app or online payment platform, you might also receive Form 1099-K showing that income. The filing threshold for these forms was lowered for 2024, so you may receive one even if you never have in the past.

Other important forms you might receive include Forms 1095-A (Health Insurance Marketplace Statement) and 1098-T (Tuition Statement). Also remember that you must answer questions about your involvement with digital assets like crypto on your tax return, and report any resulting income. Make sure you have complete records of all your 2024 digital asset transactions, so you can meet these reporting requirements. A tax professional can help you organize your records, and help you file your return electronically to get your refund as quickly as possible.

Retirement Plan Distributions Deadline - Did You Know?The IRS recently issued a reminder that many seniors must take man...
12/16/2024

Retirement Plan Distributions Deadline - Did You Know?

The IRS recently issued a reminder that many seniors must take mandatory withdrawals, known as required minimum distributions (RMDs), from their retirement accounts by December 31. In general, people of age 73 or older must take annual RMDs from their traditional IRAs or IRA-based workplace plans, such as SIMPLE IRAs, even if they are still working. Similar RMD rules apply for many other workplace retirement plans like 401(k) and 403(b) accounts. However, people who have not yet retired can defer RMDs for some of these accounts, as long as they do not own more than 5% of the company. Designated Roth accounts within workplace retirement plans are generally not subject to RMD rules.

Your retirement account administrator should inform you of your RMD amount, which is based on your account balance and current age. In general, RMDs count as taxable income. Failure to take an RMD by the deadline may trigger a tax penalty of up to 25% of the required withdrawal amount.

The standard deadline to take RMDs is December 31, but if you turned 73 in 2024, you will typically have until April 1, 2025 to take your first RMD. Just keep in mind that you will then need to take your second RMD by December 31, 2025. A tax professional can help you determine how the various RMD rules apply to your accounts, and plan for any tax impacts of the withdrawals.

Healthcare Open Enrollment Deadline on December 15This week is the last week to register for the HealthCare.gov open enr...
12/10/2024

Healthcare Open Enrollment Deadline on December 15

This week is the last week to register for the HealthCare.gov open enrollment period with the deadline being Sunday, December 15th, 2024. Once the Open Enrollment period is over, you will only be able to enroll if there's a qualifying life event for the Special Enrollment Period.

Enrollment can be done at https://healthcare.gov, and a simple checklist of documents you'll need can be found here: https://marketplace.cms.gov/outreach-and-education/marketplace-application-checklist.pdf.

Giving Tuesday and Charitable Donations - Did You Know?Giving Tuesday is an annual event that highlights charitable givi...
12/03/2024

Giving Tuesday and Charitable Donations - Did You Know?

Giving Tuesday is an annual event that highlights charitable giving after Thanksgiving.

If you are considering charitable donations, you may be able to donate to a Donor-Advised Fund (DAF) every two or three years instead of every year. This may qualify you to receive tax benefits now, allow the amount to grow tax-free, and the decision on which qualified charity to fund can be made later.

If you are 70.5 years or older, you may also be able to make a qualified charitable distribution (QCD) directly from your IRA this year. QCDs may allow the donation to be deducted from your income. A tax advisor can help you structure your charitable giving.

The IRS has released a tool to make it easier to get information about qualified charitable organizations. The Exempt Organizations Select Check tool can be found at: https://www.irs.gov/charities-non-profits/tax-exempt-organization-search.

Tax Credit for Businesses That Provide Childcare for Employees – Did You Know?Businesses that offer childcare services t...
11/27/2024

Tax Credit for Businesses That Provide Childcare for Employees – Did You Know?

Businesses that offer childcare services to employees may qualify for the Employer-Provided Childcare Tax Credit for some of the expenses involved. Eligible costs may include acquisition or construction of a childcare facility, ongoing expenses to run an in-house daycare center, and/or referral costs like contracting with an outside childcare facility or service.

This nonrefundable credit may cover up to 25% of qualifying workplace childcare facility costs, or 10% of costs for an outside service, up to a maximum of $150,000. Eligible businesses may claim the credit as part of the General Business Credit, meaning that any excess credit amount may be carried back one year or forward up to 20 years. A business tax professional can help you determine whether your enterprise qualifies for the Employer-Provided Childcare Tax Credit, and if so, help you get the maximum benefit from the credit.

Use Savings Bonds to Pay for College and Get a Tax Advantage – Did You Know?Ordinarily, interest earned on U.S. savings ...
11/22/2024

Use Savings Bonds to Pay for College and Get a Tax Advantage – Did You Know?

Ordinarily, interest earned on U.S. savings bonds is taxable income. However, if you pay higher education costs, then you may qualify to cash in federal series EE or I bonds tax-free. The IRS Education Savings Bond program allows eligible people to exclude some or all of their U.S. bond interest from their gross income, provided that they use the bonds to pay tuition and certain required fees at a qualifying higher education institution.

To be eligible for this program, you must pay the education expenses for yourself, your spouse or a dependent. The program is subject to income limits, which the IRS adjusts annually for inflation. Other eligibility restrictions may apply, such as limitations on the expenses you may pay using the bonds if the student also receives tax-free scholarship funds. A tax professional can help you determine whether you qualify for the Education Savings Bond program, and if so, how much of the interest on your bonds could be exempt from tax.

Recognizing Scams: The IRS Does NOT Contact Taxpayers in These WaysScammers often claim to represent the IRS in order to...
11/22/2024

Recognizing Scams: The IRS Does NOT Contact Taxpayers in These Ways

Scammers often claim to represent the IRS in order to steal Americans' identities or money. You can better protect yourself by learning how to distinguish legitimate IRS communications from fraudulent messages or calls. As a starting point, it is important to know that there are some types of messages that the IRS never sends.

With the exception of verification codes for secure online account login, the IRS does not contact people or businesses about tax issues via text or SMS messages. The IRS also does not send messages to taxpayers through social media platforms or chat services.

While the IRS may communicate with a taxpayer via email, the messages will not ask the taxpayer to provide personal or financial information by replying or clicking on a link. All official IRS emails will originate from an address ending in irs.gov. If you are not 100% certain that an email claiming to be from the IRS is legitimate, do not reply and do not click any links in the message. Instead, delete the message and call the IRS directly for more information.

Hobby or Business - Did You Know?Recent years have seen a rise in the number of people pursuing “side hustles,” such as ...
11/22/2024

Hobby or Business - Did You Know?

Recent years have seen a rise in the number of people pursuing “side hustles,” such as delivery driving, dog walking and online craft selling. Many of these activities could be classified as either hobbies or business ventures, depending on how you pursue them. Since different tax rules apply for businesses and hobbies, it is important to know how the IRS will likely classify your side gig. The IRS considers a variety of questions, including:

- Do you depend on the activity for your livelihood?
- Do you pursue the activity in a professional, businesslike manner, and keep detailed records?
- Is the activity currently profitable for you, and if not, is there good reason to believe it will become consistently profitable in future years?
- Do you have the knowledge and skills needed to pursue the activity as a business?
- Do you approach the activity in a way that shows the intent to make a profit, such as changing methods to boost revenues?

In many cases, business income is subject to both income and self-employment tax, whereas hobbies may be subject to income tax. However, pursuing an activity as a business may enable you to reduce your taxable income by deducting business expenses, such as supplies, business vehicle use, and home office costs. A tax professional can help you determine how your side gigs should be classified, and how to account for that classification in your tax planning.

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5181 West Mountain Street
Stone Mountain, GA
30086

Opening Hours

Monday 10am - 5pm
Tuesday 10am - 5pm
Wednesday 10am - 5pm
Thursday 10am - 5pm
Friday 10am - 5pm
Saturday 10am - 5pm

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+17707104226

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