By using the Gift Tax Exclusion in your estate and income tax planning, you can give up to $12,000, per resident, per year, free of gift tax. This tax rule allows you to ensure the financial security of your family and loved ones. For more information about how to take advantage of a gift-giving program, read this C.P.A Insight.
For most high-income earners, the decision to make an IRA contribution is a personal one. One significant benefit of contributing to a Traditional IRA is the tax-deferred growth; however a significant drawback is the growth portion of future distributions is taxed as regular income. For the benefits and drawbacks of IRA contributions for high-income earners, read this Financial Strategy.
Legislation in Georgia has made credit freezes an effective and economical way to curb identity theft. Credit freezes lock your credit records so that no one other than you can establish new credit in your name. For more on credit freezes and how they differ from fraud alerts, read this Financial Strategy.
While all mutual funds generally work the same with an adviser managing underlying investments, mutual funds can have very different objectives and can vary in risk, diversification and types of underlying investments. For more information on the different types of growth mutual funds and how they compare to each other, read this Investment Strategy.
If you pay for child-care expenses so that you may work, you may be eligible for the Child and Dependent Care Credit on your federal income tax return. The credit can be up to 35 percent of your qualifying expenses, depending upon your income. For more information on this tax credit and the limitations on the credit, read this C.P.A. Insight