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The Federal Government avoided the Fiscal Cliff...Well, for now any way.
At the very last minute they passed the American Taxpayer Relief Act of 2012. Here are some of the highlights:
A Roth Conversion is when funds are taken out of an IRA and converted into a Roth IRA. This conversion results in taxable income. Here are 4 Reasons to do a Roth Conversion:
This week is Shark Week on the Discovery Channel. Last year, we told you how every week is "Shark Week" for the self-employed in Connecticut. Now, a year later, there is even more blood in the water.
1. Know Your Tax Bracket This is where every taxpayer needs to start. What is your tax bracket? If you don't know this number, just pull out your tax return from last year. Look at the taxable income and look up the rate that is located in the tax tables. This will help you when looking at realizing capital gains or losses, exercising and selling stock options, or dealing with the Alternative Minimum Tax.