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IRA…All the Way…to Retirement!

Posted in Tax News on January 28, 2011

The IRA (Individual Retirement Arrangement) is one of the more underutilized tools for retirement planning.  The primary benefit to an IRA is tax-deferred investing.  Income taxes are not paid until taxable distributions are made.  With limited exceptions, distributions made prior…

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Seven Things Every Taxpayer Should Know

Posted in Tax News on January 14, 2011

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…

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Overview of the Tax Provisions in the 2010 Small Business Jobs Act

Posted in Tax News on December 8, 2010

The recently enacted 2010 Small Business Jobs Act includes a wide-ranging assortment of tax breaks and incentives for small business paid for with various revenue raisers. Here’s a brief overview of the tax changes in the new law.

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Why Every Week is "Shark Week" for the Self-Employed in Connecticut

Posted in Tax News on July 30, 2010

This is “Shark Week” on the Discovery Channel.  We are (not so gently) reminded not to swim with the sharks. For the self-employed in Connecticut, every week is “Shark Week”.  A self-employed person is someone who runs their business as…

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Do I have to File IRS Form 5500?

Posted in Tax News on July 2, 2010

Employers that maintain a qualified retirement plan must file IRS Form 5500–Annual Return/ Report of Employee Benefit Plan.  Qualified retirement plans include defined benefit, profit-sharing, money purchase, and 401(k) plans.  SIMPLE and SEP plans do not have to file this…

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