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Business Tax, a Secret IRS Gift to Business Owners
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Tax News & Insights from Tax Centers of Georgia
Why You Should Love Your Stinkers
Why You Should Love Your Stinkers We have had quite a few emails and calls about the 9 Ways to Reduce Your Taxes attachment in the November newsletter. Most of the questions were about the “wash sale” rule typically used in selling stocks so let’s spend some more time...
Deadlines that people forget that cost them!
The Oct 15th extended personal tax return deadline is looming, so if you haven’t filed yet you need to cancel this weekend’s plans and get to it!! Many people in Florida will learn an unfortunate lesson after being punched in the head by Hurricane Matthew as they are...
How to Title Property Correctly
Married Couples and Property Mary was a surviving spouse. She and her first spouse, Ryan owned a lovely home and placed it into joint tenancy with right of survivorship. After Ryan passed away, Mary met Logan and they were married. Because she had the house in joint...
Tax Free Sale of Property
Howard and Lynn were age 55 when they purchased some land outside of town. They thought it would be a good investment that they could later sell for a higher price. Over the years, development from town has moved toward the property and their land is now next to a...
“Fall” into Tax Savings for next year!
With fall in the air, it’s time to start thinking about things that need to be done to prepare for winter. The garden harvests are rolling in, fresh vegetables are everywhere and it’s really, really great. Time to fill up your oil tanks before the price change, and...
Tax Doctor
- Tax Planning Gem: Use a CRAT or CRUT to “Put Back” Your Stretch IRA Options for Non-spouse BeneficiariesMany estate plans were built around the old “stretch IRA” rules that allowed beneficiaries to take withdrawals over their lifetimes. However, under the SECURE Act, most non-spouse beneficiaries must now withdraw the entire balance of an inherited IRA within 10 years of the original owner’s death. While the 10% early withdrawal penalty does not apply […]
- People Complain About Taxes, but Most Avoid Planning Better Outcomes!It’s human nature, of course. We complain about our weight while in the line at the ice-cream stand. We complain about being tired, then stay up late playing the latest game on our smart devices. Humans are funny and contradictory animals. Have you ever noticed that when you’re in a conversation, people are quick to […]
- Tax Planning Light Bulb MomentHave you ever had a “light bulb” moment? I have been driving for many years. I’ve driven at least a million miles and I own a few cars (I collect certain types), and when driving my spouse’s car or one from the collection that I haven’t driven in a while, inevitably it’s time to gas up. I […]