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This week is Mob Week on AMC. We get to watch classic Mob movies like The Godfather, Scarface and The Untouchables.
In 2011 the State of Connecticut passed their largest tax increase ever. The highest state income tax rate was increased from 5% to 6.7%.
The Biggest Loser is a TV show where contestants attempt to lose the most weight for cash prizes. Full Disclosure: I don't watch the show and I have only seen short clips of it. I don't proclaim to fully understand the show. It appears to me however the biggest loser has nothing to do with losing weight. It's the self-employed in Connecticut. They … Continue reading »
1) Harvest Capital Losses
Capital gains property includes stocks, bonds and mutual funds. Currently, the stated rate on long term capital gains is 15%. If you have a net loss after netting all of your gains and losses, the tax deduction is limited to $3,000. Any excess capital losses can be carried into the future.
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?