Posts Tagged ‘Mortgage Interest’


7 Ways The 2017 Tax Bill Affects Connecticut Taxpayers

 

 

1) Decrease in Income Tax Rates

 

The 2018 income tax rates are as follows:

Single                                        Married Filing Joint 10%  up to $9,525                      Up to $19,050 12% $9,526 to $38,700               $19,051 to $77,400 22% $38,701 … Continue reading »


6 Proven Reasons to Make a Charitable Donation from Your IRA to Save Money

The American Taxpayer Relief Act of 2012 has temporarily extended the ability of certain taxpayers to make charitable donations from their IRA.

The Basics

Charitably inclined taxpayers over age 70 1/2 can donate up to $100,000 per year from their IRA to a qualified charity.  This is known as a Qualified Charitable Distribution. The donation must be made directly from the IRA to the qualified charity.


How to Declare a Casualty Loss From Hurricane Sandy

 

Hurricane Sandy has left her mark.  This included power outages, significant property damage and, sadly loss of life.


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.


2012 Tax Benefits Increase Due to Inflation Adjustments

Every year the IRS must adjust the dollar amounts of a variety of provisions which affect every taxpayer, to keep pace with inflation. New dollar amounts affecting 2012 returns, filed by most taxpayers in early 2013 include the following:


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