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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
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
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.
