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January 2017 Archives

How to properly resolve federal tax matters

Most Georgia residents understand that the best way to avoid the wrath of the IRS is to file a tax return and pay taxes on time. However, those who don't follow those rules aren't necessarily going to be sent to jail. Typically, the IRS would rather work out a solution without spending a lot of time and money. Criminal investigations are generally the final step after other methods of resolving a case are not effective.

Federal government to get much of Prince's estate

The death of Prince at just 57 years of age in April 2016 left music fans in Georgia and across the country saddened. The iconic performer reinvented himself on a number of occasions during a glittering career that spanned more than four decades, but his failure to put even the most basic of estate plans into effect has benefited the federal government at the expense of his heirs. Experts say that estate taxes will claim more than half of Prince's estate, which has been valued at about $200 million, but they also point out that this could have been prevented fairly easily with some prudent estate planning.

Preparing for estate taxes

When an estate is worth more than the federal exemption, estate tax rates could be as high as 40 percent. Georgia residents may need to know about the importance of taking into account these contingencies when they are planning their estates.

What to know about filing a 2016 tax return

Georgia residents who have taken the earned income tax credit on their federal tax returns will have their refunds held until Feb. 15. The same is true of those who claim the additional child tax credit. According to the IRS, it is taking this step to provide more time to spot fraudulent returns. Refunds aren't expected to be available to taxpayers claiming these credits until Feb. 27.

Tax levies and how to avoid them

If you owe the IRS money and you aren't able to keep up or schedule a payment plan, they may start the process of garnishing your wages or other property through an IRS levy. The IRS can seize your legal property to offset the money you owe them for your taxes. If you know the IRS plans to levy your property, you only have a short amount of time to reverse the process.

Making gifts to others for their IRAs

In some cases, Georgia residents may want to give loved ones money for their IRAs. They may be concerned that doing so will be a taxable event, however. As long as the amount that is given is under the annual federal gift tax exclusion amount, people do not need to worry about that issue.

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