The 2012 tax season is in full swing. My guests this week include Enrolled AgentAn Agent is an individual who acts on behalf of a consumer. A real estate agent represents a buyer or a seller in the purchase or sale of a home. Licensed by the state, a real estate agent must work for a broker or a brokerage firm. An insurance agent helps a consumer purchase an insurance policy. Insurance agents are also licensed by the state. and owner of Brookwood Tax Service, LLC, Chet Burgess, Merry Brodie, an Enrolled Agent and owner of several Jackson Hewitt Franchises in the Atlanta area, and Bill Nemeth, an Enrolled Agent who is president of the Georgia Association of Enrolled Agents. And as usual, providing personal finance advice, real estateReal Estate is land and anything permanently attached to it, such as buildings and improvements. advice and consumer advice on the Ilyce Glink Show March 25, 2012 on WSB Radio.
It’s tax time! Business returns were due just a few days ago on March 15th, clearing the way for us to focus on personal returns. This year, you have until April 17th to figure out your tax deductions and complete the filing of your individual taxes.
Back in January, I hosted a show with guests Merry Brodie and Bill Nemeth. The three of us ran down the list of important Federal tax law changes for 2012. This week, I welcome back Merry and Bill and am joined by Chet Burgess as well. We review the important differences in the national tax code and also take a closer look at regulations affecting Georgia tax payers specifically.
For instance, Georgians, are you aware of the retirement exclusion in effect for the 2012 state filing season? If you are 62 years or older, you qualify for the following exclusions at the state level:
- $4,000 in earned income
- $35,000 in total income
- None of your Federally taxed Social SecuritySocial Security provides retirement benefits, disability income, and MedicareMedicare is a program of Hospital Insurance (Part A) and Supplementary Medical Insurance (Part B) protection provided under the Social Security Act. for working individuals and their spouses. Under the Social Security Act of 1935, the government established social security and created the Social Security Administration to administer the program. income is taxable in Georgia
- Through 2016, $65,000 in unearned income is eligible for tax deduction
Looks like Georgia would like to become the country’s preferred retirement destination.
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