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March 2017 Archives

Estate planning and taxes

Careful estate planning can be used to reduce the tax burden on assets that are intended for the next generation. Georgia residents may want to know if estate planning is necessary if the federal estate tax will be repealed as promised by the current presidential administration.

Estate tax considerations for people with valuable images

Artists and celebrities in Georgia might want to consider the value of their images or likenesses when making an estate plan. The image of someone who earned a living as an entertainer or was famous might continue to be profitable after death, and estate taxes could apply to that after-death value.

Why less IRS audit rates may not be good

According to reports, the Internal Revenue service has announced that the amount of tax audits it normally conducts will be greatly reduced for the 2016 tax year due to the low number of IRS workers and budget cuts. In fact, the chances a taxpayer will be audited has dropped to less than one percent, which is less than one for every 100 taxpayers. While most Georgia taxpayers will consider this good news, some taxpayers may use the occasion to take advantage of the system. This means that the IRS must still conduct audits, so it is a good idea for every taxpayer to be prepared just in case they are among the small number of taxpayers to be audited.

Cancelled debt and taxes

Georgia residents who have had all or part of their debt canceled by a lender normally have to report the amount as taxable income. However, for mortgage debt that has been canceled, homeowners may be able to take advantage of a tax exclusion.

5 ways to reduce your business taxes

As the owner of a small business, tax season is not likely to be your favorite time of year. Not only is it a complicated process to file your individual taxes, but now you must ensure that your business taxes meet federal guidelines and that you avoid an audit whenever possible. Fortunately, there are some tax breaks available to those who own businesses. Throughout the year and when you are filing during tax season, keep these in mind.

Tax audit rate falls again in fiscal 2016

Tax audits are down for the fifth straight year according to information from the Wall Street Journal. In fiscal year 2016, just .7 percent of returns were audited, which translates to about one audit for every 143 returns. That was the lowest volume of audits since 2003. Georgia residents and others in the highest tax bracket also saw a reduction in the number of returns audited.

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