Some contributions eligible for state tax credit and federal deduction
Many states offer various tax credits for donating to certain qualified charitable organizations, but it has been unclear how to treat those donations for federal tax purposes. The IRS in August issued final regulations that try to make sure people are not double dipping, that is, getting a tax credit and a tax deduction for […]
Changes to QIP May Prompt Adjustments to Some Georgia Tax Returns
Georgia business owners may need to adjust depreciation taken on qualified improvement property in 2019 now that the state has adopted 15-year recovery periods and does not allow 100% bonus depreciation. The QIP recovery period first became an issue with the adoption of the Tax Cuts and Jobs Act in 2017, when through a technical […]