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August 2016 Archives

Marriage penalties and deduction issues for federal taxes

Georgia residents may be familiar with the idea of a marriage penalty on federal tax returns. The concept relates to tax scenarios that provide greater advantages to unmarried partners than to those who tie the knot. While many ignore these issues as they wed, some may allow these financial matters to influence their consideration of getting married.

How can I avoid capital gains tax from selling a home?

Making the leap from renter to homeowner is often an important milestone for many people, giving them a sense of "grown-up" satisfaction, or maybe signifying that they have finally staked out their piece of the American Dream. But how do you avoid unnecessary taxation when you are ready to sell your first home?

Victorious team USA athletes will return from Rio with tax bills

Many Georgia residents look forward to the Olympic Games, but it is not just the nation's sports fans who are cheering on Team USA in Rio de Janeiro. Athletes who earn medals also receive handsome cash prizes, and returning American athletes will arrive home to find Internal Revenue Service standing in line to receive its share. However, few Team USA members will have an Olympic tax bill as high as record-breaking swimmer Michael Phelps who will owe the IRS about $55,000 after winning five gold medals.

Using tax software may reduce the likelihood of an audit

Few pieces of mail elicit more anxiety among Georgia residents than an audit notice from the Internal Revenue Service. Financial experts often provide advice about how to best avoid an audit, but data provided by the oft-maligned agency indicates that using professional tax software to prepare an income tax return may lower the chances of being selected and earning more than $1 million could increase them.

Closely-held business owners may have to pay higher taxes

When Georgia business owners prepare their estate plans, they must decide how to transfer shares of their companies to beneficiaries. Transferring non-liquid assets like business interests could be more difficult and expensive now that new regulations have been proposed. On Aug. 2, it was announced that the Internal Revenue Service and the Treasury Department would be placing limits on an estate planning technique that is commonly used by wealthy business owners.


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