Posts Tagged ‘Connecticut Estate Tax’


How to Declare Your State of Residence for Tax Purposes

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Some taxpayers will have more than one home.  For them it’s important to declare their state of residence. There are no specific rules to follow to declare your residence. Establishing residence is actually what your intentions are.


6 Proven Reasons to Make a Charitable Donation from Your IRA to Save Money

The American Taxpayer Relief Act of 2012 has temporarily extended the ability of certain taxpayers to make charitable donations from their IRA.

The Basics

Charitably inclined taxpayers over age 70 1/2 can donate up to $100,000 per year from their IRA to a qualified charity.  This is known as a Qualified Charitable Distribution. The donation must be made directly from the IRA to the qualified charity.


Happy New (Tax) Year…Unlucky ’13?

 

The New Year’s celebrations are over.

It’s on to 2013.

Will this be unlucky 2013 for taxpayers?

We wrote earlier how there are 8 Reasons You Will Pay More Taxes in 2013…Guaranteed.

We also pointed out Why the Fiscal Cliff is Fiscally Irresponsible.

The reality is there will be tax increases.  How much they will be and who will pay them … Continue reading »


The Last (Really BIG) Tax-Free Gift

Under current federal estate tax law there is an exclusion up to $5.12 million in 2012. Taxable estates above this amount are taxed at 35%. This exclusion is scheduled to decrease to $1 million beginning in 2013. The tax rate will also increase to 55%. This exclusion can be used either at death or during life.  In other words, the federal estate tax and the federal gift tax are unified.

There is speculation that Congress won’t allow this exclusion to … Continue reading »


Why Every Week is ‘Mob Week’ for Connecticut Taxpayers

 

This week is Mob Week on AMC. We get to watch classic Mob movies like The Godfather, Scarface and The Untouchables.

 

Unfortunately every week is Mob Week for Connecticut taxpayers.

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%.


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