In order to claim substantial reductions in current income tax liabilities and possibly increase cash flow, an investor must first begin by properly classifying investments in a building between real and personal property. Cost segregation allows a taxpayer to separately depreciate components of a building over a shortened depreciation period. For more information on cost segregation and to determine if a study will benefit you, read this C.P.A. Insight.
Dan DiLuzio, C.P.A., an Accounting Manager with Henssler Financial, discusses some of the credits and deductions available to residents of Georgia. The Georgia Driver Education Tax Credit, contributions to Georgia’s Path2College 529 plan, and the Georgia Student Scholarship Organization Tax Credit are all opportunities for taxpayers to lower their tax liability.
The portability of a deceased spouse’s unused estate tax exemption can greatly affect a surviving spouse’s estate taxes. Read all about it in this Tax Tip.
Your employers may be providing a number of tax-advantaged benefits that you should take advantage of. Learn what they are in this Tax Tip.