Tax season is upon us, and for Georgia residents, it’s important to stay informed about the latest developments and key changes that can impact your return. At FSL Tax and Accounting Services, we’re committed to helping you navigate the complexities of tax filing and maximize your refund. Here are 5 things GA taxpayers need to know this season.
5 Things Taxpayers Need To Know
1. Standard Deduction vs. Itemizing: For most Georgians, the increased standard deduction offers the easiest and most beneficial route. The 2023 figures are:
- $13,850 for single filers and married filing separately
- $27,700 for married couples filing jointly and surviving spouses
- $20,800 for head of household
However, itemizing might be more advantageous if you have significant itemized deductions exceeding these amounts (think mortgage interest, charitable contributions, and medical expenses). Consider consulting a tax professional to compare and optimize your deduction strategy.
2. Child Tax Credit Update: The Child Tax Credit helps families with qualifying children get a tax break. The standard Child Tax Credit of $2,000 per qualifying child still applies.
3. Georgia’s Unique Deductions and Credits: Take advantage of state-specific opportunities! Consider the Hope Scholarship Credit for qualified education expenses, the Military Retirement Income Exclusion, and the Senior School Supply Expense Deduction.
4. Filing Deadline: Mark your calendars! Both federal and individual Georgia income tax returns are due April 15th, 2024. Consider filing electronically for faster processing and potential e-filing discounts.
5. Seek Professional Help: Tax laws can be complex, and navigating them alone can be stressful. A qualified CPA can help you maximize your deductions, avoid errors, and ensure your return is filed accurately and on time. They can also advise on specific situations like self-employment income or investments.
Expertise You Can Trust
Individual or Business tax preparation can be complicated with today’s complex tax code and may leave you with more questions than answers. Even if you are filing a simple return, the rules may change yearly, and it is easy to overlook these changes and submit an incorrect return. By doing your taxes yourself, you may also overlook deductions and credits.
Remember, the information provided here is general and may not apply to every situation. Therefore, for personalized advice and to ensure you’re taking advantage of all available deductions and credits, consult with a qualified CPA at FSL Tax and Accounting today! Call 678-702-7218 for a free consultation, or complete the online form. Stay informed, stay relaxed, and let us help you make this tax season a breeze!
Disclaimer: This blog post is for informational purposes only and should not be tax advice. Please consult with a qualified tax professional for personalized guidance.
