Posts Tagged ‘Married Filing Separately’


When to File Separate Tax Returns to Save Money

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Married couples have a choice when they file their income tax returns.  They can file as married filing jointly or as married filing separately.

 

Married Filing Jointly

Most married couples will file a joint income tax return.  There may be little or no tax savings so they choose to file jointly.

 


7 Things Connecticut Taxpayers Should Do Before Filing Their Income Tax Return

1) Don’t panic. The returns are due on April 17th this year. This is due to April 15th falling on the weekend and April 16th being a holiday in Washington DC. If you can’t get your return completed and filed on time, file an extension. The federal form is 4868 and the Connecticut form is CT-1040-EXT. This will allow you until October 15th to file. The extension however only extends the time to file, it does not extend the … Continue reading »


The 5 Most Common Itemized Deductions

Mortgage Interest—Many taxpayers can deduct their mortgage interest on their residence.  However, there is a limitation on this.  The interest on a primary residence can only be deducted on up to $1,000,000 mortgage and $100,000 line of credit.  Points paid to secure a mortgage when purchasing a new home are fully deductible.  Points paid on a refinance must be amortized over the life of the loan.


Important Connecticut Witholding Tax Information for Employers

Recently enacted legislation makes significant changes to Section 12-700(a) of the General Statutes retroactive to January 1, 2011. Employers and taxpayers need to perform catch-up withholding for the current tax year.  The following is a brief overview of the changes which may affect your employees:


3 Reasons a Married Couple Should Consider Filing Separate Income Tax Returns

Most married couples file their income tax returns jointly.  However, married couples have an option—they can file married filing jointly or married filing separately.  Married couples can change their filing status from year to year.  The only requirement is that they be married, which is determined on the last day of the year.


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