Nonprofit Blog

If your child worked part-time this year, he or she might benefit from a Roth IRA. There is no age limit on contributions as long as the child has earned income (even if you actually provide the cash in a gift equal to the same amount). 

Time may be running out on a unique estate-planning strategy for retirees. Under a special tax-law provision, an individual age 70½ or older can transfer funds directly from an IRA to a qualified charitable organization while paying zero tax on the distribution. Such a “charitable rollover” also counts as a required minimum distribution (RMD) for tax purposes.

College tuition can be a costly proposition for many parents, but armed with a little knowledge (and professional advice) you may be able to salvage some tax benefits. In particular, there are three main tax breaks for higher education expenses. The catch: You can claim only one of them for a student on your 2013 return.

The April 15 deadline looms. If you haven't already, you must think about your 2014 retirement plan contributions. Contributing the maximum you’re allowed to an employer-sponsored defined contribution plan is likely a smart move:

The Georgia Angel Investor Tax Credit is designed to incentivize investors to support start-ups located within the state of Georgia.  The credit allows a reduction of tax owed to the state of Georgia dollar-for-dollar until the entire amount has been used or there is no longer any tax owed.  Any unused credits can be carried forward and used within five years.  The credit is equal to 35 percent of the amount invested in a qualified start-up during 2014 and 2015, with a maximum credit allowable per investor per year of $50,000.  For example, an investment of $100,000 could generate a credit of $35,000, which would reduce current Georgia tax to $0 if taxable income was $583,333.

IC-DISC is the last export incentive remaining after the 2004-2006 changes to the Extraterritorial Income Exclusion. Fortunately, it became even more attractive in the wake of the Job and Growth Tax Relief Reconciliation Act of 2003.