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. more…

Taxpayers must pay their taxes "as they go."  For many taxpayers, their income taxes are withheld from their paychecks.  For taxpayers that don't have any withholding, they will need to make estimated tax payments. more…

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…

This week is Shark Week on the Discovery Channel.  Last year, we told you how every week is "Shark Week" for the self-employed in Connecticut.  Now, a year later, there is even more blood in the water. more…

Traditional IRAs were designed to provide an opportunity for people to save for retirement on a pre-tax, tax-deferred basis.  In other words, the money grows without having to pay any taxes currently on the gains.

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