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November 2014 Archives

Voters decide to freeze income tax rate for top earners

During the recent November election, Georgia voters decided to freeze the income tax rate for the highest earners in the state. The decision to make the constitutional amendment will mean that the top income tax rate will remain at its current level of 6 percent, and the state legislature will be unable to raise it any further. Voters who said yes to the tax freeze for top earners accounted for 74.16 percent of the total statewide vote.

Income taxes in Georgia

Taxpayers in Georgia may benefit from learning more about how to ensure that income taxes are properly filed and accounted for. In accordance with federal regulations, some taxpayers in Georgia may be required to file their returns electronically. Georgia residents who are required to file electronically have two options available. People typically choose to file online from home, but some enlist a tax professional who provides an electronic filing service. Individuals who choose to do it online from home may only use tax software that's been approved by the IRS.

Michael Jackson's estate valuations

Georgia fans of Michael Jackson's music may be interested to learn that on Oct. 20, the Internal Revenue Service admitted to making an error in its valuation of the late musicians estate. The report stated that the mistake actually increased the estate tax by approximately $29 million.The mistake was made over several master recordings that the IRS originally believed were partially owned by Jackson when he died in 2009. However, it was later determined that he was the sole owner of these recordings, which dramatically increased the value of his interests in those assets from $11 million to $91 million.

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