Individual Income Tax Forms
Form 500 Individual Income Tax Return
Form 500EZ Short Individual Income Tax
Form 501 Fiduciary Income Tax Return
Corporate Income Tax Forms
Form 600T Exempt Organization Unrelated Business Income Tax Return
Form 600 Corporation Tax Return
Form IT CR Non-Resident Composite Tax Return
Sales Tax Forms
Form ST3USE Consumer's Use Tax Return
Form ST-3-2012 Sales and Use Tax Return
Form ST-3 Addendum Sales 2011
Form ST-3 Addendum Use 2011
Property Tax Forms
Form PT-50R Taxpayer's Return of Real Property
Form PT-50PF Application For Freeport Exemption Inventory
Form PT-50P Business Personal Property Tax Return
Form Application for Homestead Exemption
Form Annual Filing Report for Unclaimed Property 2011
Georgia State Tax
There are a number of taxes applicable to the state of Georgia, which includes a state sales tax, income tax, and other taxes.
Georgia state sales tax – 4%, food and drugs exempt. Localities in Georgia are allowed to subject consumers to additional sales tax.
Georgia personal income tax
- Georgia uses a graduated tax system, where income of $0 - $750 is taxed at 1%, $750 – $2,250 is taxed at 2%, with the highest tax bracket paying 6% for any income over $7,000
- Tax returns are due on April 15
- Every county in Georgia requires taxes be paid for property ownership, motor vehicle ownership, real estate transfers, and document recording. The tax rates vary by each county.
Georgia property taxes
- Fund local governments but approved by state
-Property tax rates are determined by each county individually
-Average property tax is $40 per $1000 assessed property value
Georgia excise taxes
Taxes assessed on vehicles, alcohol, tobacco, gasoline and are in addition to federal excise taxes.
- Funds health programs and other related activities
-$.50 tax on cigarettes
-$1.01 tax per gallon of liquor
Georgia inheritance tax
Georgia does not have an inheritance tax, but does have an estate tax for decedents' estates with a death date prior to January 1, 2005 which is based on federal estate tax law. It is not paid by the individual inheriting the assets, but rather is paid by the estate before any of the assets are distributed to the heirs. Georgia's estate tax relies on the amount allowable as a credit for state death taxes as shown on the federal estate tax return (Form 706). The amount paid to Georgia is a direct credit against the federal estate tax.
Georgia payroll taxes
State Disability Insurance – none
State Unemployment Insurance - .03% - 7.29%
Certain exemptions for
-Military personnel and veterans
-Persons age 65 and older
-Persons suffering from certain disabilities
There are no child tax credit exemptions, other than requiring a higher income threshold for families with children.
- Stock Gains
- Royalties income
- Rental income
- Business income
- Partnership/shareholder income
- Gain from sale of property
Corporate income tax - 6%
Georgia allows counties and regions to set individual sales taxes for their area. Therefore, some areas of Georgia have low sales tax of 4% while some areas may have sales tax of as high as 10%
Military members who are legal residents are taxed using federal income tax rules. Any nonresident military members receiving nonmilitary income from a Georgia source must file in the state. For those 62 years or older, up to $15,000 of military retired pay may be excluded and permanently and totally disabled veterans receive the same.
Many county taxes are collected at the end of the calendar year in December.
Georgia income tax law is based upon that which the individual had grossed over the course of a taxable year. Those required to file Georgia income tax returns include residents who had also filed a federal return, nonresidents who had filed a federal return, and both residents and nonresidents who had amassed income within the state of Georgia that was not subject to that of federal income taxes. An exception in relation to nonresidents does exist, however.
A situation such as this occurs when compensation for their employment does not surpass the lesser amount of either 5% of all total earnings or the amount of $5,000. Individuals within these types of situations are not considered "taxable nonresidents" under Georgia income tax law. Certain individuals may also be eligible for "retirement income exclusion." This includes taxpayers who are aged 62 or older, as well as persons of any age who are permanently and completely disabled.
Classification for "retirement income" comprises that of "pensions, interest income, dividend income, net income from rental property, capital gains income, and that which was acquired from royalties." When concerning individuals in a marriage filing joint Georgia income tax returns, with each also garnering retirement income of some kind, the most they may expect to have adjusted would be up to twice the amount of an individual exclusion. Any retirement income surpassing this maximum amount will resume normal tax rates under Georgia income tax law.
Under Georgia sales tax law, an actual "sales tax unit" leads the way in terms of making sure that that tax returns are conveyed to retailers, they are processed, and that all local sales taxes are placed correctly throughout the multitudes of "tax jurisdictions" within the state's parameters. In addition, this unit also allows individuals to educate themselves as to the intricacies of Georgia sales tax laws.
Purchases of "tangible personal property" made by way of the internet, as well as by phone coming from other regions, are also subject to Georgia sales tax and also "use" tax. Despite a differing location from which products are being procured, the tax is based on that of the area in which it is eventually delivered. Some changes have also occurred in relation to the collection of local sales and use taxes.
As of 2008, the role of collector of motor fuel taxes will move from the retailers to the initial distributors and suppliers. In this way, retailers will now have the burden of paying taxes to their suppliers according to any "floor stock" they may have. These Georgia sales taxes will occur per gallon as well.
In the event that individuals or companies are unable to pay their taxes on time, they will then need to proceed with repaying "delinquent taxes." Collection agencies may be in direct contact with you as you will be expected to repay in the form of checks, for instance. Use of a credit card will only be allowed during the first year of repayment.
Despite instances where you will be made to pay debt off in full, you may also qualify for "installment payments" dependent upon the appropriate department involved.
NEXT: Hawaii State Tax