Donors should give appreciated property to their favorite charity. Appreciated property is property whose Fair Market Value exceeds the cost basis. Cost basis is generally what was paid for an item. more…
Category: Tax News
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Tags: Adjusted Gross Income, AGI, Appreciated Property, Asset, Avoid Capital Gains Tax, Capital Gains, Captial Gains Tax, Cash Donation, Cash Donations, Charitable Donation, Charities, Charity, Connecticut, Connecticut Estate Tax, Cost Basis, CT, CT Estate Tax, Donation, Donors, economy, Estate, Estate Planning, estate tax, Fair Market Value, Federal Estate Tax, Federal Income Tax, Income Tax, Itemized Deductions, Property, Restricted Gift, Schedule A, Standard Deduction, Stock, Unrestricted Gift |
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All Connecticut business owners that own personal property must file a Personal Property Tax Declaration by November 1, 2011.
Failure to file this declaration or filing late will result in a penalty equal to 25% of the assessed value of the property. more…
Category: Tax News
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Tags: Audit, Connecticut, Connecticut Business Owner, Cost Basis, CT, Depreciation, Depreciation Schedule, Fixed Assets, Machinery, Penalty, Personal Property Tax Declaration, real estate, Real Property, Tax Elections, Tax Revenue, Town Assessor, Vehicle |
One Comment
Deciding whether to open an IRA or a Roth IRA is a major decision with potentially large financial consequences. Both forms of the IRA are great ways to save for retirement, although each offers different advantages and rules. more…
Category: Tax News
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Tags: Adjusted Gross Income, AGI, Capital Gains, Company Sponsored Retirement Plan, Cost Basis, Dividends, Earned Income, Income Tax, ira, IRA Contribution, Married Filing Jointly, Nondeductible IRA, Ordinary Income, Phase Out, Qualified Retirement Plan, Required Minimum Distribution, Retirement, retirement plan, RMD, roth ira, Single, Tax-Deferred, Tax-Free, Traditional IRA |
5 Comments
Frequently, parents will be encouraged to give their home to their children so the government won’t take it to pay any nursing home bills. This is usually very bad advice. Why is this not an appropriate strategy? more…
Category: Estate Planning, Tax News
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Tags: Capital Gain, Capital Gains Tax, Cost Basis, Estate, Estate Plan, Estate Planning, Fair Market Value, Gift, Gift Tax Return, Home, House, Life Use, Nursing Home, real estate, Residence |
3 Comments
With year-end near, many people are considering making their annual donations to their favorite charity. A tax smart way to do this is to gift appreciated assets. more…
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