Income Taxes

An increase in the estate tax exemption for 2016 that takes individual estates valued at $5.45 million or less out of danger of being subject to federal estate taxes has now shifted taxpayer concern in Georgia and throughout the country from estate tax liabilities to...

Georgia entertainment fans may be interested to learn that Abby Lee Miller, who stars on the TV show "Dance Moms," has been charged with bankruptcy fraud and other offenses. The federal grand jury indictment, which was issued in Pennsylvania, claims Miller concealed...

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...

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...

Georgia residents who sell their primary residence will generally not be required to pay capital gains tax on the first $250,000 of profit generated by the sale. Spouses filing a joint return may exclude the first $500,000 gained from the sale of their home. The...

Georgia residents may be interested to learn that the U.S. Supreme Court has ruled a Maryland tax unconstitutional because it essentially results in the double taxation of income that its residents earn in other states. The 5-4 decision, which came down on May 18,...

In many cases, individuals are required to pay taxes on any income from wages, investments or prize winnings. However, there are times when income is not considered to be taxable. For instance, if an individual wins an award, he or she may not need to pay taxes on any...

Small business owners in Georgia may be pleased with an announcement by the IRS on Feb. 13 about regulatory tax changes the agency states will apply to 2014 and to subsequent years. The changes are designed to make it easier for small businesses to use repair...

Partnerships are unincorporated companies, so the IRS does not tax these businesses directly. Rather, the owners are required to report the profits they earn through the partnership on their personal income taxes because they are considered self-employed. New...

For individuals living in Georgia and anywhere else in the United States, it is very important to know when the income tax year begins. For most people, the tax year is 12 consecutive months and runs from Jan. 1 to Dec. 31, and tax returns are due by April 15 of the...