Georgia Loves Its Retirees!

The Peach State is among the top 10 tax-friendly states for retirees, as ranked by Kiplinger in 2017. Social Security income is exempt from Georgia state taxes, as is up to $35,000 of most types of retirement income for anyone age 62 to 64. When you hit 65, the exemption rises to $65,000 per taxpayer.

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The Million Dollar Question: Are You (Really) Ready for Retirement?

People tend to underestimate how much they are going to need for retirement. Americans aged 65-74 currently spend an average of $55,000 a year. But 60% of Baby Boomers who haven’t yet retired believe they will need less than that to live on. Unfortunately, that statistic is just one of the many disconnects we have over the need for retirement savings.

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Personal Finance: The Fine Art of Estimating Tax Payments

Our tax system is a “pay-as-you-go” process, which is all pretty straightforward when you receive a regular paycheck, and money is withheld on your behalf. But when you are self-employed — or earn certain other types of income — making estimated tax payments is your responsibility. If you don’t pay in enough during the year to cover your taxes, you could be faced with an underpayment penalty.

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The Fight Against “Bracket Creep”

Each year, the IRS makes adjustments for inflation to more than 40 different tax provisions. The idea is to prevent what is known as “bracket creep.” Without these annual adjustments, you could find yourself creeping into a higher income tax bracket — or lose value from credits and deductions.

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Tax Reform — Boon or Bust?

The Tax Cuts and Jobs Act (TCJA) was announced with much fanfare at the end of 2017. The Act amended the Internal Revenue Code of 1986, including reducing tax rates for businesses and individuals. With tax season now in the rearview mirror, let’s look at what tax reform did and did not accomplish.

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Easy IRS Tax Calendar

Stay on top of your business taxes this year with a free Tax Calendar from the IRS. It’s easy to customize this handy calendar tool to keep track of important dates and deadlines. For example, you can list dates when payroll deposits are due, or filing deadlines for 1099 and W-2 forms.

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