Georgia Tax Law Changes for Georgia Business Taxpayers & Entrepreneurs

Georgia Tax Law Changes for Georgia Business Taxpayers & Entrepreneurs

Georgia Governor Nathan Deal signed House Bill 918 reflecting changes in Georgia law to reflect IRS Tax law updates. Some of the more significant changes affecting Georgia Business Owners & Entrepreneurs are:

Effective January 1, 2019 Georgia reduced the personal and corporate tax rates to 5.75%.

Georgia did not adopt the 20% qualified business income deduction that was included in the Tax Cuts and Jobs Act/TCJA giving business owners and entrepreneurs a 20% deduction of their K-1 business income on their federal return. This was passed by the IRS for business owners to bridge the gap between reduced corporate tax rates and those for individuals.

Georgia also doubled the standard deduction for all individual taxpayers to $6,000 for married tax payers filing jointly/$3,000 for married taxpayers filing separately and to $4,600 for single tax payers.

Stay abreast for more tax news as it affects each and every one of our pockets!