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5 Reasons Taxpayers over Age 70 1/2 Should Make a Charitable Donation From Their IRA NOW

Posted in Tax News on November 27, 2023

The Tax Cuts and Jobs Act (“TCJA”) almost doubled the Standard Deduction. For 2023, Single filers can claim $13,850, Head of Household $20,800 and Married Filing Jointly $27,700. Additionally, the maximum amount that can be deducted for state and local…

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4 Year-End Tax Planning Steps for Connecticut Taxpayers to Save Money

Posted in Tax News on November 24, 2013

      The year-end will be here soon.  Here are 4 year-end tax planning steps for Connecticut taxpayers:  

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When to File Separate Tax Returns to Save Money

Posted in Tax News on September 8, 2013

  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…

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The 5 Most Common Itemized Deductions

Posted in Tax News on September 8, 2011

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…

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8 Ways to Withdraw From Your IRA Before Age 59½ Without Penalty

Posted in Tax News on June 9, 2011

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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