Georgia residents may be familiar with the idea of a marriage penalty on federal tax returns. The concept relates to tax scenarios that provide greater advantages to unmarried partners than to those who tie the knot. While many ignore these issues as they wed, some...
Month: August 2016
How can I avoid capital gains tax from selling a home?
Making the leap from renter to homeowner is often an important milestone for many people, giving them a sense of "grown-up" satisfaction, or maybe signifying that they have finally staked out their piece of the American Dream. But how do you avoid unnecessary taxation...
Victorious team USA athletes will return from Rio with tax bills
Many Georgia residents look forward to the Olympic Games, but it is not just the nation's sports fans who are cheering on Team USA in Rio de Janeiro. Athletes who earn medals also receive handsome cash prizes, and returning American athletes will arrive home to find...
Using tax software may reduce the likelihood of an audit
Few pieces of mail elicit more anxiety among Georgia residents than an audit notice from the Internal Revenue Service. Financial experts often provide advice about how to best avoid an audit, but data provided by the oft-maligned agency indicates that using...
Closely-held business owners may have to pay higher taxes
When Georgia business owners prepare their estate plans, they must decide how to transfer shares of their companies to beneficiaries. Transferring non-liquid assets like business interests could be more difficult and expensive now that new regulations have been...
Can tax debt be discharged in bankruptcy?
Is bankruptcy the solution to eliminating tax debt? Unfortunately, it's not that simple or straightforward. Although bankruptcy law does allow tax debt to be discharged under certain circumstances, a debtor is often still liable for their tax debt after bankruptcy. In...