New Tax Information and Accounting Tips for 2025 in Georgia for Small Businesses

The new year is a great time to review your tax information and accounting practices to ensure you are compliant with the latest laws and regulations. Here are some tips for small businesses in Georgia:

1. Be aware of the new tax laws.

Several new tax laws were enacted in 2024 that will affect small businesses in Georgia. These include:

• The Tax Cuts and Jobs Act (TCJA), which made significant changes to the federal tax code.
• The Georgia Opportunity Scholarship Fund (GOSF), which provides tax credits to businesses that donate to the fund.
• The Georgia Film Tax Credit, which was expanded to include digital media production.

2. Keep accurate records.

Accurate recordkeeping is essential for all businesses, but it is especially important for small businesses. The IRS requires businesses to keep records of their income and expenses, as well as other financial information. This information is used to determine the business’s tax liability.

3. File your taxes on time.

Businesses in Georgia are required to file their taxes on a timely basis. The deadline for filing taxes is typically April 15th of the following year. However, there are some exceptions to this rule. For example, businesses that are granted an extension from the IRS can file their taxes later.

4. Use accounting software.

Accounting software can help small businesses keep track of their finances and file their taxes. There are a variety of accounting software programs available, so it is important to choose one that is right for your business.

5. Get help from a professional.

If you are not sure how to comply with the new tax laws or if you need help with your accounting, it is a good idea to get help from a professional. A tax accountant or CPA can help you understand the new laws and ensure that your business is compliant.

Additional tips

• Deduct business expenses. Be sure to deduct all of your business expenses, including the cost of goods sold, rent, utilities, and employee salaries.
• Take advantage of tax breaks. There are a number of tax breaks available to small businesses in Georgia. Be sure to take advantage of these breaks to reduce your tax liability.
• Plan for future tax changes. The tax laws are constantly changing, so it is important to plan for future tax changes. This will help you avoid any surprises down the road.

Conclusion

By following these tips, small businesses in Georgia can ensure that they are compliant with the latest tax laws and regulations. This will help them save money and avoid any penalties.

It is important to stay up-to-date on the latest tax information. You can do this by subscribing to the Georgia Department of Revenue’s email newsletter or following them on social media.

I hope this blog post has been helpful. If you have any questions, please feel free to leave a comment below.