Below are answers to questions that we frequently receive. This is a work in process - we will update periodically.

How do I start working with your firm?

1. Schedule an appointment. Either call at 706-216-4806 or use the Contact Us page.

2. We will meet with you to determine your needs. We will ask questions and request the information from you that is needed to complete the work.

3. We will provide you with estimates of when we expect to complete the work and the cost.

4. We will call or email you If questions arise.

5. When the work is completed, we will provide you with a copy (paper or digital) and see if you have questions.

Where’s my refund? My tax return was filed a few weeks ago, but I haven’t received it yet.

Refunds that are direct-deposited to bank accounts tend to be received a few weeks sooner than refunds mailed with a check. The status of refunds from the IRS and most states can be checked online. We have links to check the status of federal and Georgia refunds on our Client Center page. You will want to have a copy of your tax return ready when you inquire, as you will need to answer a few questions from the tax return to receive the status.

Can I pay my tax balance due electronically? If so, how?

Yes (almost always). Tax balances and estimated payments to the IRS and most states are able to be made online. We have links to the payment websites for federal and Georgia payments on our Client Center page. You will need to have your bank routing information ready, and be sure to enter the correct tax period to which you want the payment applied.

What are the advantages and disadvantages of filing an extension for my tax returns?

Filing an extension for your tax returns can be beneficial, but it also has some drawbacks. Here are the key advantages and disadvantages:

Advantages:

• Additional Time: An extension gives you extra time (typically six months) to gather and organize your financial documents, ensuring that your return is complete and accurate – reducing the risk of errors or omissions that might occur if you rush to meet the standard deadline.

• Avoid Late Filing Penalties: By filing an extension, you avoid the penalties that would be incurred if you simply filed your tax return after the standard deadline.

Disadvantages:

• Interest and Penalties on Taxes Owed: While an extension grants you more time to file, it does not extend the time to pay any taxes owed. Interest and potential penalties will accrue on any unpaid balance from the original due date. It may be wise to make an estimated tax payment with the extension to prevent or minimize this.

• Delay in Refund: If you are expecting a refund, filing an extension will delay when you receive it, as your return will be processed later.

• Procrastination Risk: Extending your deadline might lead to further procrastination, potentially causing stress as the new deadline approaches.

Summary:

Filing an extension can offer valuable additional time to ensure your tax return is accurate and complete, avoiding late filing penalties. However, it does not extend the time to pay any taxes owed, and it may delay any potential refund. Consider your specific circumstances and consult with us to determine whether filing an extension is the right choice for you.

Why should I use your firm to prepare my tax returns?

We are experienced tax professionals, and offer several key advantages over preparing your own tax returns:

• Expertise: We have extensive knowledge of the tax code and can identify deductions and credits you may not be aware of, potentially saving you money.

• Accuracy: We are skilled at avoiding common errors that could trigger audits or result in penalties.

• Time-Saving: Preparing tax returns can be time-consuming and stressful. We can handle the process efficiently, freeing up your time for other important tasks.

• Peace of Mind: Knowing that an expert is managing your taxes provides peace of mind, ensuring that your return is compliant and optimized.

What is the Passthrough Entity Election (PTE) for S-corporation shareholders?

In 2022, GA became one of the states that allow S-corporation shareholders to elect to pay the tax on their S-corporation income at the corporate level, as opposed to the individual level.  This election is called the PassThrough Entity election (PTE election). 

Making the PTE election is relatively simple, but doing so will cause you to need to pay an estimated GA corporate tax payment by December 15 of the tax year.

In most cases, the GA corporate tax rate and your GA individual marginal tax rates are the same, so the total amount of GA tax paid won’t change.  Paying the GA tax on the S-corporation income at the corporate level will reduce the amount of income reported on your federal individual income tax return.

On the other hand, if the activity for the S-corporation results in a loss – you would not benefit from making the PTE election, as it would be better to have the loss flow through to your individual income tax return. 

Please let us know if you are interested in making the PTE election and having us calculate the GA estimated tax payment due December 15.  We will also calculate an estimate of the tax savings on your federal individual income tax return.