Posts Tagged ‘Adjusted Gross Income’

5 Reasons Donors Should Give Appreciated Property

Donors should give appreciated property to their favorite charity. Appreciated property is property whose Fair Market Value exceeds the cost basis.  Cost basis is generally what was paid for an item.

How to Pay Estimated Income Taxes and Avoid IRS Penalties

Taxpayers must pay their taxes "as they go."  For many taxpayers, their income taxes are withheld from their paychecks.  For taxpayers that don't have any withholding, they will need to make estimated tax payments.

The 5 Most Common Itemized Deductions

Mortgage Interest—Many taxpayers can deduct their mortgage interest on their residence.  However, there is a limitation on this.  The interest on a primary residence can only be deducted on up to $1,000,000 mortgage and $100,000 line of credit.  Points paid to secure a mortgage when purchasing a new home are fully deductible.  Points paid on a refinance must be amortized over the life of the loan.

How to Claim a Casualty Loss on Your Income Tax Return

Hurricane Irene hit the eastern coastline hard this past weekend.  In the south, Irene was originally designated as a "Category 3" hurricane.  The highest rating and most violent is a Category 5.  Irene was subsequently downgraded to a Category 1.  It’s very early, but it is estimated that the damage caused by this hurricane could be between $3 and $5 billion.  In Connecticut, we were also hit hard by Hurricane Irene.  The property damage has been estimated … Continue reading »

State of Connecticut 2011 Income Tax Increase

The State of Connecticut recently increased the state income tax rates.  Oh, and they made them retroactive to the beginning of 2011.  Don't you Connecticut income taxpayers just love this?