Georgia businesses get tax break
Recently, the White House has issued nationwide tax breaks for corporations to stimulate the economy. 
While this move was unpopular with the majority of working Americans as they feel that the tax break is more beneficial to the rich, corporations have found this a favorable solution for their business operations. The decision to cut taxes for corporations, sent the stock markets to all time highs. These tax breaks have slowly but surely trickled their way down to the state levels giving corporations tax breaks at the federal and state levels. In the state of Georgia, the best way to navigate the complex seas of tax breaks is to hire the services of an Georgia based tax attorney.
Georgia tax breaks
The new decade has a lot of favorable things in store for corporations. Recently, it was announced by the Georgia Labor Commissioner, Mark Butler that over 200,000 Georgia businesses will get a tax break in 2020. Because of the booming economy in the state of Georgia, it is estimated that $45 million dollars will be cut in unemployment insurance taxes. Many feel that this is the right thing to do for smaller corporations. Others feel that this is a tax cut for the rich. Unemployment insurance tax cuts for corporations have been reduced as a result of lower claims and unemployment rates.
The booming economy
The recent tax cuts continue to have a residual effect on the overall economy. As mentioned earlier, the stock markets are reaching an all-time historic high and business owners are realizing higher profits as a result of tax breaks. When companies pay smaller amounts in taxes, this creates a situation for them to hire more employees.
In theory, when companies have higher revenue and are able to hire more individuals for the workforce, this creates a favorable job situation as unemployment decreases. During a recession, it is normal for the government to issue tax cuts. Even though we are currently not in recession, tax cuts have been provided to corporations to further stimulate the economy. Overall, we are in a strong economy with higher jobs and lower unemployment.
Hiring a professional
In dealing with tax matters, it is always important to hire a professional to help you manage all of the laws and regulations pertaining to corporate taxes. Of course, you have the option of visiting the website for the Georgia Department of Revenue to get information on how tax cuts can be beneficial to your corporation.
This option is not as favorable as hiring a professional to assist you. An Georgia tax attorney is trained to help corporations with these tax cuts to avoid mistakes on their tax returns.
To avoid any IRS problems, it is a good idea to hire a professional for your taxes. Even though tax cuts are offered to corporations in Georgia, you want to make sure that you are applying any tax credits correctly within the guidelines of Georgia regulations. The tax cuts companies receive are contingent upon the number of employees and the number of unemployment claims filed. All of these factors present a strong case to hire a professional.
