New for the 2023/2024 Tax Year

       This year, in addition to the usual adjustments to the tax code, taxpayers with a business interest that is registered with the Secretary of State are required to file the new Beneficial Ownership Information Report with the U.S. Treasury. Georgia law prohibits us from completing these returns. Find more information here or reach out to your attorney if you need assistance. We are also happy to recommend the Beck Law Firm LLC, located next door. 

       As always, you can send us COPIES of your information, via US Mail (we strongly recommend Priority Mail), FedEx, UPS, or E-mail. Please do not send ANY original documents through the mail. If you have the ability to scan your documents, call or email us first and we will coordinate with you to use our secure portal. 

       For those who are unable to come to our office and require someone to pick up your tax documents, this can be done by calling the office and requesting the pickup. You are free to drop off your information. There is a mail slot in the door for after-hours drop off.

       We are in a two-story office building, 2/10 mile west of the Grayson Highway/Highway 20 intersection, and 4 miles east of Lawrenceville Highway.

                                                        Tax Time Income Tax Services, Inc.

                                                        2090 Sugarloaf Parkway, Suite 145

                                                        Lawrenceville, GA 30045

   The changes to the tax code for 2023 include: 

• Standard mileage rates for 2023:
  • Business: $.655
  • Medical & Moving: $.22
  • Charitable: $.14
• Maximum wages subject to Social Security tax are $160,200 for 2023. That figure will increase to $168,600 for the 2024 tax year.
• Annual Gift Tax exclusion for 2023 is $17,000 per person. This increases to $18,000 for the 2024 tax year.
• Business meal deduction is now 50% deductible, after being 100% deductible for 2021 and 2022. Be sure to keep your receipts!
• If you purchased a "clean vehicle" (electric/EV) or made energy improvements to your home, you could qualify for tax breaks.

       Tax Time Income Tax Services, Inc. can help you arrange a direct debit for any taxes owed to eliminate the need to send a check to the IRS.

       It is very important that you assemble all necessary documentation for your tax return. The Deduction Checklist on the Forms page can help you identify everything we'll need to complete your return. 

       In general, please bring any document that you receive marked "Tax Information" however, if you're not sure about any document, it's better to bring it with you than to have to make another trip!