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Understanding the New 20% Pass-Through Income Tax Deduction

Posted in Small Business, Tax News on June 5, 2018

In December, 2017 President Trump signed the new tax bill.  This is known as the Tax Cuts and Jobs Act (TCJA).  What received a lot of attention in the media was the tax cuts for individuals. For Connecticut taxpayers, check…

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How to Save $267,892 of Income Tax, Penalties and Interest

Posted in Tax News on April 14, 2013

A new client came to us late last summer. She dropped off a notice from the Internal Revenue Service (“IRS”). It indicated her and her husband owed $267,892 of back taxes, penalties and interest. I don’t know about you, but…

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So if I Catch a "Baseball", I May Owe Taxes to the IRS?

Posted in Tax News on July 21, 2011

Recently in baseball, a Yankee fan caught Derek Jeter’s 3,000th hit ball and now he may have to pay the Internal Revenue Service (“IRS”) tax money on the few gifts the Yankees gave him.  These items included tickets, signed bats,…

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Why Parents Should Not Give Their House to Their Children

Posted in Estate Planning, Tax News on November 12, 2010

Frequently, parents will be encouraged to give their home to their children so the government won’t take it to pay any nursing home bills.  This is usually very bad advice.  Why is this not an appropriate strategy?

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The Difference Between Capital Gains and Ordinary Income

Posted in Tax News on October 15, 2010

Most long-term capital gains are taxed at 15% for 2010.  This rate is scheduled to increase to 20% in 2011.  Unfortunately, we need to say “most” because there are some exceptions as follows: Taxpayers in the 10% and 15% ordinary…

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