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Review Category : Georgia Specific

One BIG 2017 Georgia 529 Plan Change For College

As the cost continues to rise for college education, the state of Georgia is stepping up for the residents of Georgia and offering a new increased tax deduction that can really help Georgia taxpayers. All Georgia single taxpayers may deduct up to $2,000 each year on behalf of any beneficiary regardless of their annual income. Beginning with returns filed in 2017, all Georgia joint taxpayers may now deduct up to $4,000 each year on behalf of any beneficiary regardless of their annual income. Please note that a transfer of funds from another state’s 529 plan is not eligible for the Georgia income tax deduction. Georgia tax forms refer to the Path2College 529 Plan as the “Georgia Higher Education Savings Plan” (GHESP); the Path2College 529 Plan is established by the GHESP. Contributions made during the tax year, or before the following year’s federal tax filing deadline are eligible for the deduction. State tax benefits offered in connection with the Path2College 529 ...

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Do The Worst Budgeters In The US Live In Georgia?

What makes someone a bad budgeter in life?  Is it the fact that they use their ATM receipt as their personal bank reconciliation?   Is it that as long as they can pay the minimum on their credit cards, they will keep charging new purchases every month?  Is it because of poor upbringing and spending no time learning about money? Wallet Hub recently ran a study and ranked the 150 metropolitan areas in the United States to gauge the overall budgeting capability of their residents.  They did so by examining 16 key metrics, ranging from the average credit score to the percentage of unbanked households.  They even ranked foreclosures.  Here is what the study revealed about budgeting. Metro Areas with the Best Budgeters Metro Areas with the Worst Budgeters 1 Fargo, ND 141 Monroe, LA 2 Sioux Falls, SD 142 Alexandria, LA 3 Rochester, MN 143 Savannah, GA 4 Minneapolis, MN 144 Augusta, GA 5 Boston, MA 145 Macon, GA 6 ...

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Three Reasons Why Software Sales Guys Go Broke in Buckhead

Just closed a big deal, didn’t you?   Now you are the big man on campus as you swiftly exit Johnny’s Hideaway and slide down to Landmark Diner for a 3 a.m. burger.  You pop a ride home with Uber so you don’t bang up the finely tuned up Porsche you just bought, and then it’s on to five days at a four star hotel in Cost Rica.  While it seems like your leading the life of Riley, your ATM statement says otherwise leaving you scratching your head on where all of your cash is going.  So why do software sales guys go broke in Buckhead?  Here are three insights from the Tech Financial Advisor. Bar bills, fancy restaurants & night clubs: We’ve all been there when someone pulls out their credit card and buys a round of drinks for the whole group.  What do you have to show when you wake up the next morning with a $300 bar tab?  ...

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What Atlanta’s #Snowmageddon 2014 Taught Us From a Financial Standpoint

Review and shop out your car insurance coverage often. Typically, you can shop your rates out on a semiannual basis to see if you’re getting the best deal possible.  If you were someone who was sliding around in the snow and ice and had Comprehensive and Collision coverage then your insurance will pay to repair or replace your car if it is stolen or damaged in an accident, regardless of who is at fault. Depending on your car, amount of a balance you have left on your car note, distance you commute, and cash flow you can look at ways to increase your deductibles, reduce your coverage, or you can check out my other article about taking a defensive driving class(http://www.ajc.com/weblogs/atlanta-bargain-hunter/2013/dec/04/perks-driving-defensively/) to find ways to reduce your premium. Travel with a full tank of gas. Unfortunately, some friends needed to sleep in their cars overnight and had over 14-24 hour commutes home; some inevitably abandoned their cars because they ran ...

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Don’t Forget the $150 Drivers Education Tax Credit

Who knew? The Driver School License Training Act actually exists.   This is why Your Smart Money Moves is a top ranked blog.  We stay on top of these things so you can improve your bottom line.   You’ll be filing taxes soon, and if you live in the State of Georgia and have a child who took drivers education you can be eligible for this nice little tax credit.   As long as you took courses from a private school, you’ll be eligible for this 2013 state tax deduction. O.C.G.A. 48-7-29.5 (2010) 48-7-29.5. Tax credit for private driver education courses of minors; required documentation; rules and regulations (a) A taxpayer shall be allowed a credit against the tax imposed by Code Section 48-7-20 with respect to the amount expended by such taxpayer for a completed course of driver education for a dependent minor child of such taxpayer at a private driver training school licensed by the Department of Driver Services under Chapter ...

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The #1 Moving Destination Is Atlanta?

As a small business owner, we face challenges every single day. It’s always nice to see great news or interesting articles about our hometown city, so I thought this one was worthy of sharing with you on Your Smart Money Moves if you hadn’t seen it or saw a caption somewhere in your LinkedIn, Facebook, or Twitter feeds. According to www.businessinsider.com, last year, truck rental giant Penske told us the No. 1 moving destination in America was Atlanta. The year before that, they told us the No. 1 moving destination in America was Atlanta. And the year before that. And now we learn that this year, everyone is … still moving to Atlanta. People complain about a lot of things in Atlanta or sometimes affectionately called Hotlanta.   They complain about the traffic.   Now, I lived in Boston and Washington, DC where the traffic was way worse than the traffic here in Atlanta.  And I think anyone who is from L.A. can attest to the fact that ...

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Score A “GOAL” With A 2014 Georgia State Tax Credit

Today people still don’t understand the different between a tax deduction (we sometimes call this an above the line deduction) and a tax credit (we sometimes call this a below the line deduction) which is impacted by the line on your tax return we call taxable income. The important distinction is that a credit is a ‘true’ dollar for dollar reduction of your total tax. Whenever these types of tax programs are available, you should pay close attention to see if you can qualify and take advantage of the program. In the state of Georgia GOAL Scholarship Program, Inc. is something you need to look at closely as we kick off the new year. In 2008, the Georgia General Assembly passed House Bill 1133 (HB 1133) and Governor Sonny Perdue signed it into law. The legislation was further amended in 2011 (HB 325) and 2013 (HB 283). The law provides for the creation of student scholarship organizations (SSOs) to which ...

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