You may have heard that the Social Security Administration officially announced that Social Security recipients will receive a 1.6% cost-of-living (COLA) adjustment for 2020. Those increased payments will start in January 2020. The purpose of the COLA is to help the purchasing power of Social Security benefits keep pace with inflation. Congress first enacted the COLA provision as part of the 1972 Social Security Amendments, with automatic annual COLAs began in 1975. Before that, benefits were increased only when Congress enacted special legislation.
Atlanta Financial Blog
Save $10,000 on Taxes by Helping Georgia’s Rural Hospitals
When the Tax Cuts and Jobs Act of 2017 took away Georgians’ ability to deduct their paid state income taxes on their 2018 returns, it sent filers scrambling to maximize the deductions that remain. A new deduction which debuted this year offers a maximum tax credit of $10,000 and a chance to help save Georgia’s financially struggling rural hospitals.
Qualification is easy. Married, filing jointly taxpayers who donate up to $11,111 and spend about three minutes to apply for the Rural Hospital Tax Credit online can receive an offsetting tax credit of $10,000.
Since 2010, 83 rural hospitals have closed nation-wide, causing patients in rural America to wait months to see a doctor and travel considerable distances for care. Georgia has been declared “Ground Zero” for the nation’s failing rural hospital system with six acute care facilities closing since 2013 and hundreds more at risk. Georgians’ higher incidences of obesity, diabetes and hypertension, the state’s decision not to expand Medicaid and the high percentage of residents who live at or below the poverty line created the perfect storm of conditions threatening the state’s 49 rural hospital organizations.
To apply for the Rural Hospital Tax Credit, complete the one-page form that can be found on the Georgia Heart Hospital Program website. Make a maximum donation of $11,111 to any of the state’s 49 eligible rural hospital organizations. If you have no preference as to where your donation should go, let the online wizard automatically select a healthcare organization for you.
The holidays are the perfect time to express our thanks for your business and to think about those less fortunate. Please join us for our 11th Annual Holiday Open House and Toys for Tots Collection on Thursday, December 12, 2019, 11:30 am – 1:30 pm at our office – 5901-B Peachtree Dunwoody Road, Suite 275, Atlanta, GA 30328. Lunch will be served.
All of us at Atlanta Financial want to congratulate Harrison Fant on recently passing his five year anniversary at Atlanta Financial in September. Since joining AFA in 2014, Harrison has rapidly ascended through the different positions to his current position as Wealth Manager. Harrison has a unique combination of technical financial planning skills and the ability to present those complex concepts in easily understandable ways to all of his clients.
In working with my retired or soon-to-be retired clients, perhaps the most frequent question I am asked is “What is the best way to withdraw from my investment and retirement accounts in retirement in order to provide me my desired retirement income?” I believe they ask me this question because many of them have investments in a mix of different accounts with varying tax characteristics such as taxable investment accounts, IRAs, 401k or retirement plan accounts, Roth IRAs, and possibly real estate investments such as rental property. In addition to that, they may also have retirement income coming in from multiple sources and at different times such as Social Security income, pension income, and deferred compensation. If you are interested in increasing what you can spend in retirement and reducing the impact taxes have on your retirement nest egg, it is important to have a multi-year retirement income plan that takes into account the impact taxes will have on both your retirement income sources, and the withdrawals you take from your different investment and retirement accounts.