Reverse Mortgages

This is a way to get tax free money out of the equity you have in your home if you need the cash. Also it does not increase your medicare payments like taxable payments out of your retirement accounts might. One disadvantage is that it reduces your children's inheritance since when a reverse mortgage comes due when the homeowner dies or sells the home the lender gets his loan back plus interest. The homeowner can receive benefits this way as a lump sum, monthly payments over his lifetime, monthly payments for a specified period, or as a line of credit. It is very flexible. You usually can't get 100% of your equity but some smaller percentage like 50%.  You still have to pay property taxes and homeowners insurance.

Georgia Refunds for the 2015 Tax Return

Georgia is taking longer to pay out refunds this year in order to try to prevent the bad guys from getting fraudulent refunds. It may take up to 90 business days from the filing date to get your refund. You can call to check the status of your refund at 1-877-423-6711.

$500,000 Tax Free Income and it is Legal

You can sell your personal residence and exclude up to $500,000 in gain on the sale of the residence if you are married and file a joint return. You can even get this exclusion every two years if you want to move that much and have a good eye for appreciable property. You do not have to reinvest the proceeds into a new home which was the rule about twenty years ago. What a good deal.

Political Contributions

Individuals and businesses cannot deduct contributions to political groups, candidates for public office, or groups who lobby for changes in the law.