2012 Tax Benefits Increase Due to Inflation Adjustments

Posted in Tax News on February 22, 2012

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:

Tagged with: 401(k) Plan, 457(6) plan, Charitable Contribution, child tax credit, CPA, Dependents, Donations, Employee, estate tax, Exemption, Gift Tax, Income Tax, Inflation, Internal Revenue Service, IRS, Itemized Deductions, Mortgage Interest, Personal Exemption, Social Security, Social Security Administration, Standard Deduction, Taxpayer, thrift saving plan, wage base

How to Maximize Your Annual Gifts and Minimize Your Estate Taxes

Posted in Tax News on February 15, 2012

Annual Exclusion Taxpayers are allowed to gift up to $13,000 per year to an unlimited number of people without having to file a gift tax return or pay a gift tax. If the amount goes over $13,000 to any one…

Tagged with: Annual Exclusion, Annual Gift Tax Exclusion, Books, College Tuition, Congress, Connecticut, CT, Donors, education expense, estate tax, Federal Estate Tax, Form 4868, Form 709, form ct-706/709, Gift, Gift Tax, Gift Tax Annual Exclusion, Gift Tax Return, Internal Revenue Service, IRS, Medical Expense, Room and Board, state, State of Connecticut, Tuition

3 Reasons To File IRS Form 8938, Statement of Specified Foreign Assets

Posted in Tax News on February 8, 2012

1) You have a “Specified Foreign Financial Asset” which exceeds the filing requirements Financial Assets that are subject to this form are: A Financial Account maintained by a foreign institution and the following assets not held in an account with…

Tagged with: extension, FBAR, Financial Asset, foregin institution, foreign account, foreign asset, Form 1040, Form 4868, form 8938, Form TD F 90-22.1, Income Tax, income tax extension, Income Tax Penalty, Internal Revenue Service, IRS, irs penalties, Married Couple, Married Filing Jointly, October 15th, Offshore Accounts, Penalty, Stock, Tax Penalty, Taxpayer, Treasury Department

Where’s My Refund?

Posted in Tax News on February 1, 2012

In an annual reminder to taxpayers, the Internal Revenue Service announced today that it is looking to return $153.3 million in undelivered tax refund checks. In all, 99,123 taxpayers are due refund checks this year that could not be delivered…

Tagged with: Bank Accout, Direct Deposit, E-File, Electronic Tax File, Electronically File, Income Tax Refund, Income Tax Returns, Internal Revenue Service, IRS, Refund, Saving Bond, Tax Refund, Tax Return, Taxpayers

When is Cancelled or Forgiven Debt Taxable?

Posted in Tax News on January 25, 2012

If you owe a debt to someone else and they cancel or forgive that debt, the canceled amount may be taxable. This type of debt includes mortgages, credit cards, car loans and student loans. Lenders are required to send Form…

Tagged with: Bankruptcy, CPA, Forclosure, Form 1099-C, Form 982, Insolvency, mortgage, Principal Residence, Residence, Second Home, Student Loan

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How to Maximize Your Annual Gifts and Minimize Your Estate Taxes

3 Reasons To File IRS Form 8938, Statement of Specified Foreign Assets

Where’s My Refund?

When is Cancelled or Forgiven Debt Taxable?

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Glastonbury, CT 860.646.2465 Niantic, CT 860.739.5459 Storrs, CT 860.429.7885

2012 Tax Benefits Increase Due to Inflation Adjustments

How to Maximize Your Annual Gifts and Minimize Your Estate Taxes

3 Reasons To File IRS Form 8938, Statement of Specified Foreign Assets

Where’s My Refund?

When is Cancelled or Forgiven Debt Taxable?

Search

Links

Latest News

Categories

Get Free Tax Tips

Glastonbury, CT 860.646.2465
Niantic, CT 860.739.5459
Storrs, CT 860.429.7885