Page 14 - Colquitt Shopper

Page 14 – The Colquitt Shopper (Say You Saw It In The Colquitt Shopper)
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NEED $1000-$2500 or EVEN $5000? Budget Title Pawn is here to help for any need or reason. Equity based with no credit check using your free & clear title as collateral. Get a check in 30 minutes today! We Lend on automobiles, motor- cycles, RVs & manufactured homes with a title. Call or text Budget Title Pawn, 229-850- 0009 or online BudgetTitle- Pawn.com
Tuesday, June 11, 2024
TAX PLANNING TIPS Written by Dennis W. Futch, E.A. 229-985-0176
YOU NEED TAX PLANNING IF...
Life can alter your taxes with little to no warning. Here are several sit- uations where you may need to schedule a tax planning session:
Getting married or divorced. You could get hit with a Marriage Pen- alty in certain situations when the total taxes you pay as a married couple is more than what you would pay if you and your partner filed as Single taxpayers. The op- posite can also occur, when you benefit from a Marriage Bonus. This often occurs when only one spouse has a job or earns income in other ways such as a business. Another situation when tax planning be- comes critical is if you and your fu- ture spouse both own homes before getting married.
If you're going from Married to Single, make the process include tax planning. Under divorce or sep- aration agreements executed after 2018, alimony is no longer deduct- ible by the spouse making pay- ments and isn’t considered taxable income for the spouse receiving payments at the federal level. The opposite is true for divorce or sep- aration agreements executed be- fore 2019 – alimony is generally deductible by the spouse making payments and must be reported as taxable income by the spouse re- ceiving payments.
Child support is also not deduct- ible by the spouse making pay- ments, and isn't considered taxable income for the spouse re- ceiving payments. In addition, not all assets are taxed the same, so their true value will vary.
Growing a family. Your family's newest addition(s) also comes with potential tax breaks. You'll need a Social Security number for your newborn child and to understand the impact this little gem will have
on your full-year tax situation. These include breaks to help pay for child care or adoption-related expenses, the child tax credit, and the Earned Income Tax Credit.
Changing jobs or getting a raise.
Getting more money at work is a good thing. But it also means a higher tax bill. So you may need to review your tax withholding to en- sure there are no surprises at the end of the year. And when leaving an employer, expect a tax hit for severance, accrued vacation, and unemployment income payments.
Another potential tax problem if you get a raise or otherwise earn more money is that you may no longer qualify for certain tax breaks, as most tax deductions and tax credits phase out as your in- come increases. Consider sched- uling a tax planning session to discuss the phase out thresholds that may affect you in 2024.
Buying or selling a house. You can exclude up to $250,000 ($500,000 if married) of capital gains when you sell your home, but only if you meet certain qualifica- tions. A tax planning session can help determine if you meet the qualifications to take advantage of this capital gain tax break, or other home-related tax breaks such as the mortgage interest deduction or credits for installing qualified energy-efficient home improve- ments.
Saving or paying for college.
There are many tax-advantaged ways to save and pay for college, including 529 savings plans, the American Opportunity Tax Credit, and the Lifetime Learning Credit. As you plan your future, under- standing how these expenses can be managed often happens long before you begin your college journey.
At the end of the day, when in doubt please reach out. There is no reason to pay more than you need to and a simple tax planning ses- sion can make all the difference. Call us at 229-985-0176. www.thetaxshop.net
MIKE’S TOWING
& RECOVERY
CALL US 24/7! WE ARE HERE!
Mike:229-456-4265 Alt:229-456-1932 Emergency:229-454-4507 Oce:229-668-4869
http://MikesTowing229.com
email: mikestowing229@yahoo.com
“If You Break Down, We’re In Town!”
ROBERT HUTSON Imports Ask Us about Financing! FINANCING AVAILABLE ON the LOT
2102 5th Avenue SE
(Next to Wal-Mart)
229-985-1200
Call SONNY GAY
for all your
REAL ESTATE NEEDS! 229-589-0539 or 229-985-HOME www.BirchandPine.com
FOR SALE: (2) brown cloth
recliners, brand new, $200
–––––––––––––––––––––– FREE TO GOOD HOME: Female Australian Cattle dog. Call 229-529-7759.
JOHN 7:30
Whoever believes in me, as
Scripture has said, rivers of
living water will flow from
within them.
–––––––––––––––––––––– JOHN FRIEDMAN Home Improvement & Repair Let Us Help You Beautify
& Update Your Home, Big Or Small We Do It All!
• Painting • Decks • Kitchens • Bathrooms • Flooring
• Windows • Roofing Over 30 Years Experience With References Need A Repair or Complete Renovation? Call Us For A Free Estimate Today!
We Are As Solid As The Wood We Work With! Call John 229-589-2446
32
–––––––––––––––––––––– FOR SALE: Craftsman elec- tric pole saw, just like brand new, $99. Call 229-890- 8888.
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ea. Call 229-589-0539.
LOOKING FOR A CASH
PAYING JOB: 48 year old
male Veteran looking for
work. Has experience in
auto mechanic, carpentry,
lawncare, painting, pres-
sure washing, roof clean
off, etc. Call 229-456-0295. ––––––––––––––––––––––
FOR SALE: Pair of side
mounted toolboxes, $900.
–––––––––––––––––––––– FOR SALE: Brown recliner, $25; Treadmill, $50. Text 229-921-7752.
SECURITY ALERT SERVICES, INC.
FIRE & BURGLAR ALARMS (229) 985-3321 BILL SMITH
110 - 5th Ave. NE Moultrie, GA 31768
State Low Voltage Licensed
RobertHutsonImports.com
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FOR SALE: 1962 Ford trac-
tor with all the equipment,
runs good, $4000. Call 229-
200-3320.
GUIDE TO SALES & SERVICE
LAWN CARE
Jose Landscaping Service
FOR SALE: Picturesque 1000 pc. puzzles, assem- bled, glued & mounted in 20x28 frame. Colorful and
THE COMPASSIONATE FRIENDS, a self-help group for bereaved parents, meets the second Tuesday of each month in the civic room of the Tifton Chamber of Commerce Building, 100 S. Central Ave. at 6 pm. All bereaved parents are welcome. For more infor- mation call Mary Jones at 229- 382-1586.
REALTOR
Just Call Sonny Gay!
229-589-0539 or
229-985-HOME sonny@birchandpine.com
TREE SERVICE
MC’s
Tree Service, Inc.
Owner: Clint Herrington 229-873-7010
• Root Ball Removal
• Excavator
Mulching
• Light Excavating Work
Free Estimates!
• Mowing • Edging
• Trimming • Raking
• Weed Eating • Blowing
• Spraying
229-456-6311 or 229-319-8357
TENTS/PORT. TOILETS
PRICO
TENTS &
PORTABLE TOILETS
We Rent Tents, Chairs,
Tables & Port-a-Johns
ALL OCCASIONS
Serving Moultrie & South Georgia Since 1981
229-873-2543 229-985-7268
and get a digital copy delivered straight to your email every Monday Morning!
Call 229-798-2281.
–––––––––––––––––––––– JOIN OUR EMAIL LIST @ www.ColquittShopper.net
rustic. Call 229-454-6457.
COOLANT SYSTEM
inspection
Let us inspect your coolant system today!
Come to us for all of your auto service needs.
we service all makes & models
SERVICE
Ford 229-985-3796 Chrysler 229-985-5937
Service Department Hours: Monday - Friday 8:00 - 5:30 www.roberthutson.com
SERVICE DEPARTMENT
PARTS
Ford 229-985-3795 Chrysler 229-985-3298
• Round-up Feed & Weed
Free Estimates
• Cut Small Trees
• Pine Straw & much more OWNER: 229-429-9706,
Grade A Top Soil
229-891-1166
FOR SALE: 2014 Ford Escape S, runs great & new tires. Ideal for around town or back & forth to work, local
one owner, always serviced at Robert Hutson’s, can text pictures, $7000 OBO. Make a reasonable cash offer. Call
local 256-239-3580.
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