1) The Roth 401(k) Plan Has a Higher Contribution Limit that a Roth IRA Taxpayers can contribute up to $5,000 per year into a Roth IRA. Taxpayers over age 50 can contribute an additional ‘catch-up’ contribution of $1,000 for…
1) The Roth 401(k) Plan Has a Higher Contribution Limit that a Roth IRA Taxpayers can contribute up to $5,000 per year into a Roth IRA. Taxpayers over age 50 can contribute an additional ‘catch-up’ contribution of $1,000 for…
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 –…
This week is Mob Week on AMC. We get to watch classic Mob movies like The Godfather, Scarface and The Untouchables. Unfortunately every week is Mob Week for Connecticut taxpayers. In 2011 the State of Connecticut passed their…
1) Maximize Your Contributions to Your 401(k) Plan Many employers will offer a 401(k) plan. Employees need to take advantage of this plan. This will likely be one of the cornerstones of your retirement plan. If your employer offers a…
This article is original content written by Thomas Scanlon, CPA, CFP® of Manchester, CT. Half of the year is almost over. Don’t wait until the end of the year to do your planning. It’s time for your Mid-Year Tax Review. …