Atlanta Tax Planning

In 2017, Georgia business and individual taxpayers seeking to reduce their state income tax liability while contributing to a worthy cause should consider participation in the Georgia Heart Hospital Program. The program provides the opportunity for individuals and business owners to make a donation to a qualifying rural hospital in the state in exchange for a state tax credit. The program provides a way for finance-strapped hospitals in rural areas to get desperately needed funding while giving taxpayers an incentive to participate. In 2017, the state provided $60M in credits that taxpayers could apply for and claim on their state tax return.

Taxpayers are continually looking for new opportunities to reduce the amount of federal and state income tax they are required to pay each year. The sweeping changes to the tax code resulting from the Tax Cuts and Jobs Act of 2017 (tax reform) have changed the tax planning landscape significantly. While most can expect to pay less in income taxes over prior years, many of the familiar tax incentives (including credits and deductions) have been eliminated or changed to reduce their benefit. These changes have left some wondering if there are additional tax planning opportunities available.