THE WORLD HAS CHANGED, WE LOST JOBS, WE LOST BUSINESSES, WE GOT LAID OFF.
WHAT IN THE WORLD DO WE DO NOW?
Here are some basic, basic hints on what to do next. I made these very, very general guidelines. As always, with tax law, and especially THESE new laws which seem to be modified and interpreted differently each day, take this as a guide, not intended to be used in your particular case without consulting specifically with your own tax advisor.
IF YOU ARE A W2 EMPLOYEE:
If you have been laid off, AND your employer HAS NOT already filed a “PARTIAL UNEMPLOYMENT CLAIM” on your behalf (you would have received a letter from GA DEPT OF LABOR if he has), then you can file your own unemployment online at GA DEPT OF LABOR.
WHAT KIND OF STUFF DO YOU NEED TO BRING ME?
Important things to track down and bring to me to assist in your 2019 taxes:
---LAST year’s return but ONLY if I did not prepare it for you
--- ALL copies of your W-2 from your employer
---Copies of Social Security cards for children born in 2019
--- Form 1095-A ( ONLY if you had medical insurance from the
OBAMACARE Marketplace website last year)
--- Forms 1099 for any extra income you might have earned during the year
TO:ALL SURVIVORS OF THE U.S. GOVERNMENT
THE GA BULLDOGS
LOSING, THE FALCONS LOSING,
LOSING, AND GOOD OL’ GA SNOW BLIZZARDS
Daniel McNeely, CPA (770) 594-8796
NEW IN THE TAX BILL?
This is a very generalized summary of the new tax
bill. Every person’s
circumstance, income, family size, etc. will
determine the savings (and hopefully
not additional tax!) of the changes in the tax laws!
LOWER TAX RATE BRACKETS-
This should make your take home paycheck slightly higher, since less taxes will
be taken out. The brackets will drop on average 2 to 3 % each, along with
changes in how much income is taxed at
brackets. The higher your income, the more you should save.
IMPORTANT UPDATE ABOUT SCARY NOTICES FROM IRS
noticed a large increase in the number of notices from IRS and
Ga Dept of Revenue that clients are receiving, telling you that you owe
money, or a penalty, or something is missing. Most of these are incorrect
due to IRS misposting or other incorrect processing by their
or documents you never received from banks or brokerages.
receive a notice, we try to handle as many as possible by
our responses to the IRS, rather than by calling.
TELLING YOU THAT THE IRS IS AFTER YOU, OR YOU OWE MONEY, OR THAT YOU WILL GET
ARRESTED IF YOU DON’T PAY
A lot of folks have received phone
calls from numbers that
sometimes show “ UNKNOWN” ,
“PRIVATE”, “WASHINGTON, DC”
unfamiliar phone numbers. Sometimes a recording states that you owe a sum of
money and that you need to call to make arrangements or you will be ARRESTED.
Please know this is a total SCAM. Our
IRS is difficult at times, but
they do not operate that way with
their collections and this is a