Income taxes are the cornerstone of Georgia's revenue system, accounting for half of state funds. Sales taxes are the second largest revenue source, slightly less than a quarter of annual collections.
Georgia's modern economy has traditionally revolved around Black Sea tourism, cultivation of citrus fruits, tea and grapes; mining of manganese and copper; and the output of a large industrial sector producing wine, metals, machinery, chemicals, and textiles.
How to Dissolve a Georgia LLC Hold a meeting with other LLC members to approve dissolution ing to the LLC's operating agreement. File a Certificate of Termination with the Georgia Secretary of State, either online or by mail. Settle any outstanding debts and obligations, and distribute remaining assets to members.
Some examples of Georgia source income are: Wages. Georgia Lottery Winnings. Income from flow through entities (S-Corporations, Partnerships, LLCs, Trust, and estates.
Innocent spouse relief can relieve you from paying additional taxes if your spouse understated taxes due on your joint tax return and you didn't know about the errors. Innocent spouse relief is only for taxes due on your spouse's income from employment or self-employment.
Three of the main types of income are earned, passive and portfolio. Earned income includes wages, salary, tips and commissions. Passive or unearned income could come from rental properties, royalties and limited partnerships. Portfolio or investment income includes interest, dividends and capital gains on investments.