Posts Tagged ‘Miscellaneous Itemized Deductions’


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

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

 


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.


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

In December, 2010 President Obama signed into law the tax bill which extends many of the Bush-Era federal income tax cuts and the Pension Protection Act of 2006. This law has extended the provision that allows some people to make qualified charitable distributions from their IRAs.


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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