Wednesday, May 30, 2012
Georgia Entertainment Tax Credit
Qualified production costs (movies, TV, commercials) in Georgia are eligible for up to a 30% tax credit. The production company can take the credit against their GA taxes or they can sell the credit to other GA taxpayers at a discount to their fair market value. You can buy tax credits for the last 3 years and apply them retroactively to offset your underpaid taxes, interest and penalties. The current market rate is 83-89 cents per dollar of credit. There is a risk of recapture from GA if the production company has not followed all of the rules so you have to be careful when dealing with small independent production companies. The risk should be lower with a major motion picture studio.
Monday, May 21, 2012
Georgia Tax Credit Scholarship Program
This program allows a couple to donate $2,500 to the participating private school of their choice and take a dollar for dollar tax credit on their Georgia return so it really costs nothing. The private school uses the money to offer scholarships to public school students. You also can take a tax deduction for the contribution on your Federal return so you end up better off than you were before the contribution.
Monday, May 14, 2012
What Medicare Doesn't Pay For
Some of the items and services medicare doesn't cover include: dental care, hearing aids, eye exams, eyeglasses, assisted living care, long term care, chiropractic services, orthopedic shoes, routine foot care, and yearly physical exams.
Monday, May 7, 2012
How Long Should I Keep My Tax Return Records?
The answer is forever for the actual returns. However, you only need to keep the supporting records for the current and 3 previous years.
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