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Georgia Rural Hospital Expense Tax Credit

Tax Tips

You may be able to support your local, rural hospital and obtain a tax CREDIT for the donation. Under the Georgia Rural Hospital Expense Tax Credit program for tax years 2017-2019, Georgia taxpayers can receive a state tax credit for 90% of the amount they contribute to qualified rural hospitals. The credit must be applied for and pre-approved by the Georgia Department of Revenue. Contributions through this program also qualify as charitable deductions on your Federal tax return.

The credits are limited as follows:

Simplified Option for Home Office Deduction

Tax Tips

Beginning with tax year 2013, a new alternative is available providing taxpayers a simpler options for calculating home office deduction and maintaining appropriate records.  Taxpayers can now multiply the square footage of the home office by a prescribed rate, which is $5 per square foot in 2013.  The maximum deduction allowed is $1,500.  Additional information regarding this alternative can be found at IRS.gov.

Additional .9% Medicare tax on earned income...

Tax Tips

The IRS has provided these questions and answers regarding the Additional Medicare Tax which goes into effect in 2013. The Additional Medicare Tax applies to individuals’ wages, other compensation, and self-employment income over certain thresholds.

3.8% Medicare Surtax on Net Investment Income

Tax Tips

 For questions and answers regarding the 3.8% Medicare Surtax, click here.

Georgia Retirement Income Exclusion

Tax Tips

Georgia allows a maximum retirement income exclusion amount of $65,000 for taxpayers age 65 and over.  The exclusion amount is $35,000 for taxpayers ages 62 through 64.

IRS Tax Tip - Are you moving?

Tax Tips

IRS Summertime Tax Tip 2012-15

Moving This Summer? Here are 10 Helpful Tax Tips School’s out for the summer and summer is a popular time for people to move - especially families with children. If you are moving to start a new job or even the same job at a new job location, the IRS offers 10 tax tips on expenses you may be able to deduct on your tax return.

False Rumors about Real Estate Transaction Tax

Other Blogs

There has been much misinformation and confusion generated regarding the 3.8% Medicare tax on unearned income (effective in 2013) as it relates to the sale of homes. For clarification of the facts, you might be interested in this recent article in the Journal of Accountancy.

Renting Your Home

Tax Tips

Income that you receive for the rental of your vacation home must generally be reported on your federal income tax return. However, if you rent the property for only a short time each year, you may not be required to report the rental income. The IRS offers these tips on reporting rental income from a vacation home such as a house, apartment, condominium, mobile home or boat:



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