Many Georgia homeowners understand the burden of steep property taxes. However, there may be ways to get those taxes lowered without attending the local town hall meetings and protesting the tax rate. One approach that could result in a property tax reduction is to...
Year: 2015
Minimizing estate taxes for beneficiaries
People in Georgia planning to leave a substantial inheritance to their heirs may want to learn more about strategies used for reducing estate taxes. The highest federal estate tax rate is currently 40 percent. However, the federal estate tax for 2015 only applies to...
Planning around the estate and gift tax exemption limit
People in Atlanta with sizable estates should be aware of the estate and gift tax exemption limit. Since it was initially raised to $5 million in 2011 and indexed for inflation, it has risen slightly higher each year. For 2015, the estate and gift tax exemption limit...
FATCA transitional rules extended
The Foreign Account Tax Compliance Act may affect people in Georgia who have deposits in foreign financial institutions. Part of the HIRE Act of 2010, FATCA imposes penalties on FFIs if they fail to report information to the IRS about assets they are holding for U.S....
More than a third of Americans pay no federal income taxes
Georgia residents may be surprised to learn that no payments were required from the filers of more than a third of all 2012 federal income tax returns. The number of Americans who do not earn enough to pay any federal income tax peaked at over 40 percent in 2009 as...
Avoiding estate tax and other estate planning concerns
Georgia residents might wonder how life insurance policies can be used in estate planning. Life insurance policies can do more than pay funeral expenses or provide for dependents after an individual's death. They can also provide a tax-free lump sum for taking care of...
Income tax identity theft rampant in 2015
According to the U.S. Government Accountability Office, income tax identity theft is a major problem in Georgia and across the United States. The crime costs taxpayers around $6 billion each year. Tax identity theft occurs when a criminal uses a stolen name and Social...
How the Cadillac Tax will affect Georgia residents
With the need to collect the so-called "Cadillac Tax" looming, the IRS is trying to determine the best way to do so. As a part of the Patient Protection and Affordable Care Act, the most generous employer provided health care plans are subject to a 40 percent excise...
Assessing property taxes across the U.S.
There may be homeowners or investors living in Georgia who can benefit from understanding more about which states have the highest property taxes. The Tax Foundation recently analyzed property taxes rates across the country, and helped provide some perspective on the...
Man pays property tax bill with coins dollar bills
Many Georgia resident might find it difficult to deal with their taxes. In an apparent attempt to protest the required payments, two Pennsylvania residents took steps to demonstrate their displeasure with the system. The most recent case involved a Montgomery County...