Atlanta Financial is Proud to Now be a Part of Mercer Advisors!
Tax-season is finally over and hopefully the results of your 2020 return landed in your favor. But, what should you do now? Sure, you’ve gotten last year out of the way, but what about your future? What about the long-term? Now that you know your numbers, is it time to hire a financial advisor?
One year into the pandemic, Americans are continuing to strike a balance between staying safe and handling their day-to-day responsibilities. One major challenge we all face this time of year (pandemic or no pandemic) is filing our taxes on time. On March 17, less than one month until Tax Day, the IRS announced an extension for the 2021 tax filing season. Here’s what you need to know about filing your 2020 taxes.
As a physician, you’ve worked hard for your degree and the ability to earn the income that comes along with it. But as we all know, one of the challenges of being a high-income earner is devising a tax-planning strategy that keeps more money in your pocket and less out of the Uncle Sam’s.
Tony Hsieh, former CEO of Zappos, died at 46 due to smoke inhalation from a house fire over the Thanksgiving holiday. Several months prior, Hsieh retired from his position as CEO of Zappos with an estimated net worth of $840 million.1 Since his death, his family has determined he died intestate, meaning he had no will. In response, his family has filed for access to the former CEO’s accounts and assets.2
Most of us have either filed or are wrapping up our 2019 tax filing by this point. A common question we receive is what will happen to taxes after the election? Government spending has increased (especially in response to COVID-19 packages) and an increase in revenues will be needed. Of course, finding consensus on where to increase taxes will not be likely. At Atlanta Financial Associates, we pay much attention to proposed changes and right now that is all they are, possibilities. Often, leaders float ideas to see what gains traction. A couple of the proposals being ‘floated’ right now include…
Looking for ways to reduce your taxable income while contributing to a cause that hits close to home? State tax credit programs that benefit rural hospitals could be just the outlet you need. These state-run programs allow taxpayers to direct a certain amount of their tax dollars to rural hospitals in need. Since we reside in Atlanta, we are most familiar with the Georgia HEART program outlined below, but others states offer similar programs. Check with your state revenue department to learn if such options are available to you.
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