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November 2016 Archives

Estate tax law in 2016 and beyond

Georgia residents who are planning to file their 2016 federal income tax return may also be giving some thought to estate planning. At the end of the year, a person may choose to make annual gifts to loved ones as a way to reduce the size of their estate and avoid estate taxes. The Annual Exclusion Amount for 2016 is $14,000 per recipient, and the exclusion will remain at the same level in 2017.

Trump's tax reform could eliminate estate taxes

As 2016 draws to a close, many people in Georgia are thinking about end-of-the-year tax planning. Some people also think about estate planning at the year's end and whether to make annual gifts as a way to reduce the size of their estate. Currently, a single person can pass up to $5.45 million to their beneficiaries without incurring any federal estate tax.

Is your non-profit eligible for tax exemption?

Whenever a consumer buys a product or brings in revenue, they are required to pay taxes set by the federal and state government. As non-profit organizations don't make a profit, they can gain a tax exempt status that allows them to avoid paying certain taxes on certain things. While some non-profits are eligible for tax exempt status, others are not, and it can be difficult to know the difference.

Some IRS audits take longer than others

Every year, a number of Georgia residents and companies receive letters from the Internal Revenue Service informing them that their tax returns are being audited. Though the prospect of an audit can be stressful, many people can resolve an audit easily by providing the IRS with the documentation that they need. If a taxpayer owns multiple businesses or lacks appropriate documentation to prove income and deductions, an IRS audit could be prolonged.

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