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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Should Your Child Wear A ‘LEAF’ To School

After your child gets their driver’s license, one of the next financial considerations is whether or not you should purchase another car for your household.   Some parents will buy their children a brand new Hummer while others will find clunkers that weren’t intended to be two-tone cars even though the hood is black the rest of the car is grey.   With advancements in technology, is it possible that getting a brand new electric car is a good idea? If you’ve read Your Smart Money Moves over the past five years, you know that I’m not a humongous fan of leasing cars.   However, in the case of electric cars, it can be quite advantageous, at least within the state of Georgia.   Consider what a lease would look like on the electric vehicle Nissan Leaf. An income tax credit is available for up to 20% of the cost to purchase or lease an electric vehicle, or $5,000, whichever is less. The credit ...

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