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December 2015 Archives

Estate tax rules to know in Georgia

In 2016, an estate worth less than $10,000 will be taxed at a marginal tax rate of 18 percent. At the top of the estate tax tables, an estate worth more than a $1 million will pay $345,800 plus 40 percent of the amount in excess of $1 million. While this may seem like a lot of money, the reality is that most estates do not have to pay any tax at all.

Charities applaud potential new tax laws

Georgia residents may be interested to learn that House Republicans recently passed legislation that would greatly benefit charitable organizations. House Republican leaders have already been told by both Senate Democrats and the White House that they will help to pass the new laws.

How the IRS looks at errors

It is not uncommon for Georgia residents to make mistakes when filing a tax return due to how complicated the process can be. If they have multiple bank accounts and investments, they may have a number of sources of income, and it might not always be clear how to report it.

Working around the $3,000 deduction cap on trading losses

Many Georgia residents actively trade stocks and other securities in order to increase the value of their personal investment portfolios. In some cases, people's efforts are hampered by the $3,000 deduction cap for capital losses that the IRS places on such activities.

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