The State of Connecticut recently increased the state income tax rates.  Oh, and they made them retroactive to the beginning of 2011.  Don't you Connecticut income taxpayers just love this? more…

When was the last time you checked your beneficiary designations for your retirement accounts that were established years ago?  Beneficiaries are the individuals or entities (such as a charity) that you name to receive these assets upon your death.  You may find that your designated beneficiary is not who or what you think it should be, especially if you have divorced, remarried or had children since your retirement plan account was established. more…

Here are the five reasons everyone should contribute to an IRA.

1) Income Tax Deduction.  Many taxpayers who contribute to an IRA will get a tax deduction.  Some taxpayers with higher incomes that participate in a retirement plan at work will not be able to get a tax deductible IRA. Taxpayers are allowed to contribute $5,000 annually to an IRA if they have at least that amount of earned income and are under age 70. Taxpayers over age 50 are allowed to contribute an additional $1,000 annually. more…

The IRA (Individual Retirement Arrangement) is one of the more underutilized tools for retirement planning.  The primary benefit to an IRA is tax-deferred investing.  Income taxes are not paid until taxable distributions are made.  With limited exceptions, distributions made prior to age 59½ are subject to a 10% penalty in addition to income taxes. more…

1.  Know Your Tax Bracket
This is where every taxpayer needs to start.  What is your tax bracket?  If you don't know this number, just pull out your tax return from last year.  Look at the taxable income and look up the rate that is located in the tax tables. This will help you when looking at realizing capital gains or losses, exercising and selling stock options, or dealing with the Alternative Minimum Tax. more…