FAQ

  • How can I reduce my tax liability legally?

    In Georgia, you can reduce your tax liability by maximizing deductions (e.g., mortgage interest, student loan interest, and medical expenses), contributing to a 401(k) or IRA, and taking advantage of tax credits like the Georgia Qualified Education Expense Credit. Business owners can also claim business expenses like equipment, travel, and home office use.

  • What documents do I need to prepare for my yearly taxes?

    For personal taxes: W-2s, 1099s, receipts for deductions, mortgage statements, and bank statements.

    For business taxes: Profit & loss statements, expense receipts, payroll records, and tax ID documentation.

  • How long should I keep my financial records and receipts?

    The IRS recommends keeping tax records for at least 3 years, but in Georgia, if you file a claim for a loss, keep records for 7 years. Business owners should keep payroll records for at least 4 years.

  • What’s the best accounting software for my business?

    Popular options include QuickBooks, Xero, and FreshBooks. For small businesses in Georgia, QuickBooks is commonly used due to easy integration with Georgia tax reporting.

  • Do I need to separate my personal and business finances?

    Yes! Georgia law requires LLCs and corporations to keep separate accounts to maintain liability protection. Having a dedicated business account also makes tax filing easier.

  • How can I improve my cash flow management?

    Track all income and expenses, send invoices on time, and use accounting software to monitor cash flow. In Georgia, some businesses qualify for state grants and small business funding, which can help maintain liquidity.

  • What tax deadlines should I be aware of?

    April 15 – Federal & Georgia state tax filing deadline (unless extended).

    March 15 – S corporations & partnerships tax filing deadline.

    Quarterly tax payments (for self-employed individuals) are due April 15, June 15, Sept 15, and Jan 15.

  • What deductions and credits am I eligible for?

    Common deductions include home office expenses, vehicle mileage (if used for business), student loan interest, and medical expenses. Georgia also offers state-specific credits, like the Georgia Film Tax Credit for media professionals and the Job Tax Credit for businesses creating jobs in certain areas.

  • How often should I meet with my accountant?

    At least once per quarter to review financial health, and before tax season to maximize deductions. Businesses should schedule monthly check-ins for bookkeeping and cash flow