8th Annual Fall Food Drive

 

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Food Drop of Dates: October 1– October 31, 2013

 

Borgida & Company, P.C., CPA’s is holding its 8th annual food drive and is now accepting donations of:

 

What:    

Any non-perishable food item.

Items include tuna fish, stews, canned fruits and vegetables, instant potatoes, dried pasta, dried milk, soups, peanut butter, rice, and “sugar free,” “low sodium,” or “no … Continue reading »

When to File Separate Tax Returns to Save Money

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Married couples have a choice when they file their income tax returns.  They can file as married filing jointly or as married filing separately.

 

Married Filing Jointly

Most married couples will file a joint income tax return.  There may be little or no tax savings so they choose to file jointly.

 

5 Easy Steps to Take When Being Audited By the IRS

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You open your mail and you get the notice.  You are being audited by the IRS.  Now what do you do?  First, relax.  Then follow these 5 Easy Steps.

 

1) Read the Notice

I know this sounds basic but you would be surprised at how many people ignore letters from the IRS … Continue reading »

How Many Trusts Do I Need?

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Estate Planning can get tricky. One tool that is frequently used is a trust. Many trusts are set up as revocable (“rev”) trusts.  This means the person that formed the trust can amend or change it at time during their lifetime. When someone with a revocable trust passes away, the trust then becomes irrevocable, which means … Continue reading »

The Difference Between an Inherited Asset and a Gift Received

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Whether you receive an asset from inheritance or from a gift can have significant tax impact when this asset is sold.

Inherited Asset

For an inherited asset you generally take this asset over at the Fair Market Value at the Date of Death. This value would be listed on the probate inventory.  Additionally for a Connecticut decedent it would be listed on … Continue reading »

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