Effect of Expiring Tax Cuts

The largest income tax increase of all time would occur should the "Bush Tax Cuts" be allowed to expire.  If no action is taken by Congress these tax cuts are scheduled to expire on January 1, 2011.

This calculator shows you the potential impact on you, as an individual taxpayer.

You don't have to be "rich" to be dramatically impacted by the expiration of these cuts.

If you are at all concerned about the expiration you can find your Senators and Representatives at:

US Senate
US House of Representatives

Let them know that you are concerned about this.

New Georgia Angel Investor's Credit

In June, Georgia’s Governor signed into law a very investor friendly tax break and one that was somewhat unexpected given the current status of the state’s budget. Investors who invest in qualifying small businesses in 2011, 2012 and 2013 will be allowed a credit (that’s a dollar for dollar reduction of tax) of 35% of the amount invested up to a total credit of $50,000 (cumulative across all investments).


There are of course some hoops to jump through for the business to qualify, but they aren’t too much of a challenge or unexpected. Basically, it needs to be a Georgia business with less than $500k in revenue for the previous year, that has raised less than $1 million in combined equity and debt financing (excluding commercial loans), and there are various industries that the business can’t be a part of. Retail, real estate, and professional services are the major excluded businesses.

This seems like a step in the right direction for a state that desperately needs to rev-up the employment engine that is small business.