Posts Tagged ‘income tax planning’


Tom’s Interview on the Stan Simpson Show at Fox 61 News

stan n tom

 

Hello everyone,

 

Please click on the link below to see Tom’s interview on Fox61 regarding Mid-Year Tax Planning on the Stan Simpson Show.

 

http://foxct.com/2013/07/13/stan-simpson-mid-year-tax-planning/

 

Hope you are enjoying your summer!

Regards,

Lauren


Happy Tax Freedom Day 2013 to Connecticut Taxpayers

 

Tax Freedom Day for the country was on April 18, 2013. This is the day when, on average, taxpayers have paid all of their taxes for the year and now begin to keep what they earn.  Tax Freedom Day in 2013 was 5 days later than last year. This is partially due to the American Taxpayer Relief Act passed in late December 2012.

Tax Freedom Day

The Tax Foundation calculates Tax Freedom Day. The … Continue reading »


6 Reasons Small Business Owners Should Meet With Their CPA Before Year-End

There are a host of reasons small business owners should meet with their CPA.  Here are 6 of them:

 

1) Method of Accounting

Smaller business can usually file their tax returns on the cash basis of accounting.  The taxable income is based on the revenue received less the deductible expenses. Larger companies must prepare their tax return using the accrual basis of accounting.  The accrual basis matches the … Continue reading »


Fifty Shades of Tax Deductions

No Fifty Shades of Grey here.  Here are Fifty Black and White Tax Deductions and Credits.

1) Standard Deduction – Taxpayers can take the higher of the Standard Deduction or their Itemized Deductions.

2) Medical Expenses

3) Medical Miles – The deduction for medical miles is currently 23 cents per mile.


4 Easy Ways for Taxpayers to Take the Hippocratic Oath

All Physicians must take the Hippocratic Oath.  This is an oath where they swear to practice ethically. Although there is some debate about the translation, the main theme is, ‘First, Do No Harm.’

All taxpayers need to take the Hippocratic Oath so they do no harm with their tax plan.


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