Georgia Rural Hospital Credit

In 2016, the Georgia General Assembly passed legislation that awards Georgia income tax credits to taxpayers who make contributions to qualified rural hospital organizations (“RHOs”) located in Georgia. This program became effective January 1, 2017 and extends through 2021 and includes 58 approved rural hospitals. The program allows taxpayers to make donations to RHO’s in [...]

2018-06-15T07:49:36-04:00June 15th, 2018|Categories: Individual Taxes, News, Tax Credits|

Backdoor Roth IRA Contributions

Taxpayers are allowed to contribute up to $5500 to regular or Roth IRAs for 2017, the same contribution limits as for 2016. For taxpayers age 50 or older, an additional “catchup” contribution amount of up to $1000 can be made. Roth IRAs can be a great retirement savings vehicle and can outperform regular IRAs in [...]

2017-06-13T10:38:28-04:00February 26th, 2017|Categories: Individual Taxes, News|Tags: |

IRS Announces 2017 Income Caps and Contribution Limits for Retirement Plans

Eligible taxpayers can benefit from contributions to IRAs, Roth accounts and certain other retirement plans. Benefits can include tax deductions, tax-free compounded growth and tax deferral. Contribution limits are phased out when income reaches an indexed range. Beginning January 1, 2017, the phase-out ranges have been increased to allow more people to contribute. For more [...]

2017-06-13T10:13:14-04:00January 8th, 2017|Categories: Individual Taxes, News|Tags: , , |