Getting capital gains on real estate If you hold land that has gone up in value quite a bit, you might be thinking about selling it to a developer at the right time. But you might also entertain the idea of developing it yourself, perhaps in a joint venture with a developer. Read Full Story
Read Full Story A few bills have been introduced into the Georgia legislature addressing the illegal immigrant situation. Read Full Story Groundbreaking legislation was signed into law by Governor Perdue on May 5, 2006, which gives Georgians more asset protection benefits than they had in the past. Read Full Story “You can even file for a change in accounting method - the result might be a big tax refund!!” Commercial buildings typically have a depreciable life of 39 years. So for a $390,000 building, you can deduct about $10,000 per year of depreciation. Most taxpayers never even get to fully depreciate their buildings for tax purposes. Inside Corner: Focus on L&G StaffMany members of our L&G family have taken the plunge into marital bliss over the past several months. Most recently, Arthur Benz, who is a partner in our sister firm Keystone Financial Group, married Laura Wahoske on July 22, 2006 in Atlanta, Georgia. Read Full Story A1: There is no independent subcontractor exception. However, Code Section 78-7-21.1(e) of the new law says that if the individual is not being "directly compensated or employed" by your company, then the loss of the tax deduction would not apply to you. This would conceivably cover a situation where you contract with a corporation or limited liability company that provides the worker labor.
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A tax savings technique approved by the IRS for business and investment property owners is a "like-kind exchange." You may have also heard this arrangement referred to as a "tax-free exchange," a "1031 exchange," or a "Starker exchange." The tax savings from participating in a like-kind exchange can be huge.
Q1: Are there any loopholes in the illegal immigrant worker law that would allow me to claim a state income tax deduction in Georgia for work performed by an illegal immigrant?
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