Reading Time: 0 minutes, 46 seconds
Prepared by Jonathan Kim, CPA – Staff Accountant
The Qualified Education Expense Credit is a popular GA tax credit that lets taxpayers donate to a Student Scholarship Organization (SSO) of their choice, all the while getting a charitable deduction on their Federal return (subject to usual limitations) and a dollar for dollar tax credit on their GA return. In 2018, the credit cap was reached on January 2, 2018, the very day people could begin submitting applications. However, as of May 7, 2018, GA House Bill 217 was signed into law which contains a provision to increase the credit cap to $100 million (previously $58 million) for the next 10 years beginning with the 2019 tax year (reverts back to the old cap in 2029). You may begin submitting applications for the 2019 tax year on January 2, 2019, so be sure to plan ahead to take advantage of this tax saving opportunity.
If you would like to know more, visit dor.georgia.gov or contact your tax professional.
Prepared by Susan Clifford, CPA – Principal Are you taking required minimum distributions? Does the fluctuating market have you worried about having to sell in a down market to satisfy the RMD requirements? Here are a few suggestions to consider. Instead of selling a stock that has declined in value, have the shares transferred into a taxable […]
You may have noticed some additional cash in your pocket this year, perhaps a little too much. Some taxpayers have potentially paid too little through income...
The Tax Cuts and Jobs Act brought reform to the way taxpayers can deduct interest related to two types of loans secured by a home: Mortgage...
Prepared by Susan Clifford, CPA – Principal Below is a list of common types of income and expenses along with the document or other information you would typically...
Please disregard if you do not conduct business in Hillsborough County. On January 1, 2019, Hillsborough County changed the sales tax and commercial rental tax rates. Hillsborough...
Remain informed and connected. Follow us and join our mailing list.
An independent member of the BDO Alliance | Hancock Askew & CO, LLP ©2018.
All Rights Reserved.
Hancock Askew & Co, LLP is committed to complying with the Americans with Disabilities Act (ADA) and Web Content Accessibility Guidelines (WCAG 2.0 AA). For more information or if you need assistance, please contact firstname.lastname@example.org.