Higgins and Smith, CPAs

Based on the current weather predictions, we will be closing our office at 2 pm, Thursday Sept 26th and re-opening at 10 am, Friday Sept 27th. Thank you for understanding.

Check out our new and improved website, www.hscpa.com

You'll find many new resources, planning guides, calculators and other content.

Newnan, GA Accounting Firm | Home Page | Higgins & Smith LLC Take a look at our Home page. Higgins & Smith LLC is a full service tax, accounting and business consulting firm located in Newnan, GA.

IRS announces delay for implementation of $600 reporting threshold for third-party payment platforms’ Forms 1099-K | Internal Revenue Service IR-2022-226, December 23, 2022 — The Internal Revenue Service today announced a delay in reporting thresholds for third-party settlement organizations set to take effect for the upcoming tax filing season.

Sending children to college is a major investment, are you ready?

SA:FinancialPlanning Can your child afford to go to college? The answer is yes, but you need to carefully plan together how to pay for it. Remember: Most full-time students at four-year colleges get financial aid to help them pay for college. The sticker price of a specific college is usually higher than what most stude...

Celebrating 15 years serving small businesses and individuals in downtown Newnan.

Are you behind filing your personal or business taxes? The IRS has just issued penalty relief for 2019 and 2020 filers who file by September 30, 2022. This is a great opportunity to get caught up.

NTA Blog: Good News: The IRS Is Automatically Providing Late Filing Penalty Relief for Both 2019 and 2020 Tax Returns. Taxpayers Do Not Need to Do Anything to Receive this Administrative Relief. - TAS Taxpayers need not do anything to receive this administrative relief. The IRS is automatically removing (abating) failure-to-file penalties for 2019 and 2020 returns.

IRS Changes Amount Teachers Can Deduct for Classroom Expenses

By Leada Gore, al.com (TNS)

The Internal Revenue Service has changed the amount teachers can deduct for out-of-pocket classroom expenses.

For tax years 2012 through 2021, the limit teachers could deduct for out-of-pocket classroom expenses for things like books, materials and other educational supplies was $250 per year. For 2022, that amount has been raised to a maximum of $300 and will increase in $50 increments in future years based on inflation.

Eligible educators will be able to deduct up to $300 on qualifying expenses. Married couples where both are eligible educators can claim up to $600 but the $300 per spouse limit remains.

Educators can claim up to $300 even if they take the standard deduction, the IRS said. Eligible educators include anyone who is a kindergarten through grade 12 teacher, instructor, counselor, principal or aide in a school for at least 900 hours during the school year. Both public and private school educators qualify.

What’s deductible?

Educators can deduct the unreimbursed costs for:

Books, supplies and other materials used in the classroom.
Equipment, including computer equipment, software and
services.
COVID-19 protective items to stop the spread of the disease in
the classroom. This includes face masks, disinfectant for use
against COVID-19, hand soap, hand sanitizer, disposable gloves,
tape, paint or chalk to guide social distancing, physical barriers,
such as clear plexiglass, air purifiers and other items
recommended by the Centers for Disease Control and
Prevention.
Professional development courses related to the curriculum they
teach or the students they teach. But the IRS cautions that, for
these expenses, it may be more beneficial to claim another
educational tax benefit, especially the lifetime learning credit.

Qualified expenses don’t include the cost of homeschooling or nonathletic supplies for courses in health or physical education. The IRS also reminds educators to keep good records, including receipts, cancelled checks and other documentation.

Looking for a full time person to manage multiple payrolls. Ability to manage multiple projects a must. Great benefits

We will be closed July 4th, hope everyone has a safe and fun Independence Day!