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So if I Catch a "Baseball", I May Owe Taxes to the IRS?

Posted in Tax News on July 21, 2011

Recently in baseball, a Yankee fan caught Derek Jeter’s 3,000th hit ball and now he may have to pay the Internal Revenue Service (“IRS”) tax money on the few gifts the Yankees gave him.  These items included tickets, signed bats,…

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Why Every Sole Proprieter Should Convert to a LLC

Posted in Tax News on July 14, 2011

We live in litigious society.  Businesses that are organized as sole proprietorships are taking on unnecessary risks.

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Thomas Scanlon,CPA,CFP® Quoted in Patch.com

Posted in Tax News on July 8, 2011

  On July 5, 2011, Thomas Scanlon,CPA,CFP ® was quoted on “Moody’s Outlook Negative on State’s Long-Term Debt”. To read the article, please click here: Moody’s Outlook

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Smart Financial Steps for Unmarried Couples

Posted in Tax News on July 8, 2011

On July 6, 2011, Tom Scanlon,CPA  was interviewed by Logan Byrnes on Fox CT Morning News.  On the Money Matters segment, Tom talked about joint tenancy, the importance of having a will and beneficary designations. To see Tom’s interview, please click here:  Fox…

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How to Double Your Estate Tax Exclusion by Using a Credit Shelter Trust

Posted in Tax News on July 8, 2011

For 2011 and 2012, the federal estate tax exclusion is $5 million.  For taxable estates in excess of $5 million, the highest federal tax rate is 35%.  If there are no changes to the law, the federal estate tax exclusion…

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