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Fifty Shades of Tax Deductions

Posted in Tax News on October 22, 2012

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 –…

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4 Easy Ways for Taxpayers to Take the Hippocratic Oath

Posted in Tax News on October 16, 2012

All Physicians must take the Hippocratic Oath.  This is an oath where they swear to practice ethically. Although there is some debate about the translation, the main theme is, ‘First, Do No Harm.’ All taxpayers need to take the Hippocratic…

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How to Plan Your Estate and Live Happily Ever After

Posted in Tax News on October 9, 2012

Ask many people if they have an estate plan and they just roll their eyes.  With the Federal Estate Tax Exclusion at $5.12 million most people will not be subject to estate taxes.  In Connecticut, the exclusion is $2 million…

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“Cloud Computing” – Should You Start Doing Business in the Cloud?

Posted in Tax News on October 2, 2012

Cloud computing has gained a tremendous amount of attention over the past several years. The cloud service industry is projected to reach $148.8 billion through 2014. So what does this mean to us, the professionals, as well as to our…

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4 Reasons Everyone Should Contribute to a Roth IRA

Posted in Tax News on September 25, 2012

1) Tax – Free Distributions If the Roth IRA account is open for at least 5 years and the taxpayers is over age 59 1/2, then all of the distributions from the Roth IRA are tax-free.   2) Take Your…

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