Tax Blog

In order to build a successful financial model one must seek out trusted advisors with a variety of experience and skills. Spend your time and effort up front learning tax cutting strategies and workable solutions for your particular situation. We have dedicated a portion of our website to bring you helpful tax tips each month. A new tax tip will be released the 1st of every month.

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Serotta Maddocks Evans, CPAs

NOW SERVING TWO LOCATIONS!!

701 Greene Street, Suite 200
Augusta, Georgia 30901
Phone: (706) 722-5337
Fax: (706) 724-3299

1231 Augusta West Parkway
Augusta, Georgia 30909
Phone: (706) 863-3637
Fax: (706) 863-6566

Email: info@smecpa.com

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NEW GA SALES AND USE TAX CHANGE EFFECTIVE AUGUST 3, 2014

  

 NEW TANGIBLE PROPERTY REGULATIONS EFFECTIVE JANUARY 1, 2014

 

Weekly Tax Bites

Have you had your annual estate plan checkup?

An annual estate plan checkup is critical to the health of your estate plan. Because various exclusion, exemption and deduction amounts are adjusted for inflation, they can change from year to year, impacting your plan:

Lifetime gift and estate tax exemption

  • 2014: $5.34 million
  • 2015: $5.43 million

Generation-skipping transfer tax exemption

  • 2014: $5.34 million
  • 2015: $5.43 million

Annual gift tax exclusion

  • 2014: $14,000
  • 2015: $14,000

Marital deduction for gifts to noncitizen spouse

  • 2014: $145,000
  • 2015: $147,000

You may need to update your estate plan based on these changes. But the beginning of the year isn’t the only time for an estate plan checkup. Whenever there are significant changes in your family — such as births, deaths, marriages or divorces — it’s a good idea to revisit your estate plan. Your plan also merits a look any time your financial situation changes significantly.

If you haven’t yet had your annual estate plan checkup, please contact us. Or, if you don’t yet have an estate plan, we can help you create one.