Posts Tagged ‘AGI’


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

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The year-end will be here soon.  Here are 4 year-end tax planning steps for Connecticut taxpayers:

 


When to File Separate Tax Returns to Save Money

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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 »


How to Declare a Casualty Loss From Hurricane Sandy

 

Hurricane Sandy has left her mark.  This included power outages, significant property damage and, sadly loss of life.