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Posts Tagged ‘Adjusted Gross Income’
5 Reasons Taxpayers over Age 70 1/2 Should Make a Charitable Donation From Their IRA
The Tax Cuts and Jobs Act (“TCJA”) almost doubled the Standard Deduction. Beginning in 2018, Single filers can claim $12,000, Head of Household $18,000 and Married Filing Jointly $24,000. Additionally, the maximum amount that can be deducted for state and local income tax is $10,000. Before this change, it was estimated that about 30% of taxpayers itemized their deductions. After this change it is estimated that about only 10% of taxpayers will itemize their deductions.
Individuals over age 70 ½ … Continue reading »
4 Year-End Tax Planning Steps for Connecticut Taxpayers to Save Money
The year-end will be here soon. Here are 4 year-end tax planning steps for Connecticut taxpayers:
How to Pay Your Estimated Taxes
Many taxpayers are employees and have their income taxes withheld from their paycheck. Every April 15th they need to settle up with Uncle Sam and their state tax department.
Other taxpayers may not be employees or have taxes withheld from their earnings. These folks would need to file quarterly estimated taxes. This could include the self-employed, partners in partnerships … Continue reading »
When to File Separate Tax Returns to Save Money
Married couples have a choice when they file their income tax returns. They can file as married filing jointly or as married filing separately.
Married Filing Jointly
Most married couples will file a joint income tax return. There may be little or no tax savings so they choose to file jointly.
How (Almost) Everyone Can Have a Roth IRA
What’s the Benefit of a Roth IRA?
The benefit of having a Roth IRA is that if the account is open for at least 5 years and the account owner is at least 59 1/2, then all of the distributions from the Roth IRA are tax-free. Additionally, unlike IRA’s, Roth IRA’s are not subject to the Required Minimum Distribution Rules (“RMD”) for either the taxpayer or the surviving spouse. This allows for the account to grow … Continue reading »
