- About Us
- Small Business Taxes
- Tax & Accounting Services
- Contact Us
Tax Freedom Day for the country was on April 18, 2013. This is the day when, on average, taxpayers have paid all of their taxes for the year and now begin to keep what they earn. Tax Freedom Day in 2013 was 5 days later than last year. This is partially due to the American Taxpayer Relief Act passed in late December 2012.
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.
According to the Tax Foundation, Tax Freedom Day this year is April 12, 2011. This is the day you stop working for the government and start working for yourself. This includes federal, state and local taxes. Unfortunately this is three days more than it was last year.
According to the Tax Foundation, "Americans will pay more in taxes in 2011 than they will spend on groceries, clothing and shelter." That's amazing.
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.
Business owners in Connecticut must file their 2010 personal property tax declaration by November 1, 2010. This declaration is due at the town assessor’s office in each town where personal property is located. The penalty for late filing is 25% of the assessed value.