Georgia Tax Law
The Georgia Department of Revenue is the regulating authority for tax laws in the state. The Department of Revenue is responsible for ensuring the compliance of laws by individuals and businesses in the state. Many laws exist to ensure state residents file and pay all applicable taxes timely and appropriately. Also, laws determine how tax professionals should conduct the business of helping consumers with their state and federal tax needs.
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Taxes for Individuals
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Georgia residents who have a federal adjusted gross income in most cases have to file and pay income taxes. Income tax is paid by individuals, estates and trusts. Certain non-Georgia residents are required to pay income taxes if they perform services in Georgia and wages earned meets certain amounts. Georgia residents who do not have income subject to federal tax may still be subject to Georgia state income tax. Retirement Income taxes may be excluded or adjusted for taxpayers who are retired or disabled.
Taxes for Businesses
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Businesses are accountable for many different types of taxes. Georgia businesses are subject to sales tax, withholding tax, corporate income tax and franchise tax, to name a few. For businesses that serve alcoholic beverages, a "by the drink" tax is imposed on the business. Corporate income taxes are calculated "based on the corporation's federal taxable net income." Some corporations are also required to pay taxes on their net worth. According to the Georgia Department of Revenue, "a franchise tax is a tax on the right or privilege to do business" in Georgia.
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Tax Professionals
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Georgia tax professionals are responsible for making sound judgments and ensuring the services they provide are in compliance with Georgia tax laws. Tax professionals have the option to file a customer's tax return electronically or through traditional paper filing. Electronic filing options require Georgia Department of Revenue approval. Paper filing options must meet certain filing requirements as well.
Property Taxes
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According to the Georgia Department of Revenue, property in Georgia is required to be assessed at 40 percent of fair market value. Counties within Georgia are responsible for assessing property taxes. Tax bills include both fair market and assessed values. Historic properties can sometimes be granted special assessments if they qualify for Georgia's Register of Historic Places.
Sales Taxes
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Consumers are required to pay a sales taxes on transactions within the state. Georgia locales have varying percentages of sales taxes. In Atlanta, for example, there is a 1 percent municipal tax collected when consumers purchase items within city limits. There are more than 400 taxing jurisdictions within Georgia. Regulations exist to ensure that sales taxes are allocated appropriately to the different jurisdictions.
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References
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