Due to increase collections of income tax, Georgia Governor Nathan Deal announced that revenue for the state increased by 11 percent.
For the first 10 months of fiscal year 2012, the state collected a total of $13.3 billion in taxes and fees, representing a 5.4 increase over the same time last year.
The Governor’s office said that individual income tax revenue grew by 13.2 percent, up $711 million from April of 2011. While individual income tax revenue rose, corporate income tax revenues decreased $2.25 million with the state handing out $1.25 million in refunds.
Savvy corporations generally have tax attorneys working for them trying to reduce their year tax bills, through various tax incentives and credits. With the complexities of state and federal tax codes, tax professionals, who are proficient with the many loopholes and incentives, can save individuals and corporations a great deal of money.
For many, income taxes can become a burden and they often fail to pay their tax bills. This may not affect a person immediately, but when tax collectors catch up, these people face aggressive collection activities.
Wage garnishments, bank levies, and property liens are among the many tactics they will use to make a person pay. A tax lawyer can stop these actions and give the delinquent taxpayer relief from their debts.
Tax attorneys can work with the IRS to negotiate a repayment plan and also be by their client’s side if they face an audit. No matter what your IRS problems are, you will need to have sound legal advice.