Blog Archives

When (and How) to Declare the Sale of Your Primary Residence

Posted in Tax News on August 21, 2012

Recently a new client came to us. The Internal Revenue Service (“IRS”) was looking for $262,532 in back taxes. This was from the sale of their home two years ago. Form 1099-S Reporting Requirements Attorneys that handle real estate closings…

Tagged with: Attorney, Business Property, Capital Gains, Cost Basis, Form 1099-S, Income Tax, Internal Revenue Service, IRS, primary residence, Real Estate, Real Estate Closing, Real Estate Sale, Rental Property, Residence, Schedule D

7 Easy Ways to Decrease Your Income Tax and Keep More Money

Posted in Tax News on July 24, 2012

1) Maximize Your Contributions to Your 401(k) Plan Many employers will offer a 401(k) plan. Employees need to take advantage of this plan. This will likely be one of the cornerstones of your retirement plan. If your employer offers a…

Tagged with: 401(k) Plan, 529 Plan, Appreciated Property, Bonds, Capital Gains, Charitable Contribution, College Savings 529 Plan, Congress, Connecticut Income Tax, Connecticut Labor Department, Connecticut municipal bonds, Donation, Income Tax, ira, Long Term Capital Gains, Municipal Bonds, Mutual Funds, Ordinary Income, Required Minimum Distribution, retirement plan, RMD, roth conversion, roth ira, Short Term Capital Gains, Stocks, Tax Deduction, Wealth Transfer

3 Reasons You Likely Won’t Pay Income Taxes When You Sell Your Home

Posted in Tax News on July 10, 2012

1) You Don’t Have a Capital Gain Due to the housing market, many homeowners no longer have a gain in their home. A gain is the sales price minus the cost basis. The cost basis is generally the purchase…

Tagged with: Books & Records, Capital Gains, Cost Basis, Home, home improvements, housing market, Income Tax, Medicare Tax, Obama Care, Passive Income, primary residence, Residence, Second Home, unearned income, vacation home

3 Reasons to Recognize Capital Gains in 2012

Posted in Tax News on July 3, 2012

1) The Long-Term Capital Gains Rate is Going Up Long-term capital gains are for capital assets held longer than a year. Capital assets include stocks, bonds and mutual funds. Collectibles and certain Real Estate are subject to special rules. The…

Tagged with: Affordable Care Act, annuities, Bonds, Capital Assets, Capital Gains, Capital Gains Tax, Collectibles, Dividends, Income Tax, Interest, investment income, Long Term Capital Gains, Medicare Tax, Mutual Funds, Passive Income, Payroll Tax, Real Estate, Short Term Capital Gains, Stocks, unearned income, unearned income medicare tax

Why The New Medicare Tax May Cost You More Money

Posted in Tax News on June 26, 2012

Current Medicare Tax Currently taxpayers pay 1.45% Medicare Tax on their earned income. This is from a W-2 for employees and net-income from self-employed individuals. The employee pays this amount and the employer matches it, therefore they remit 2.9% to…

Tagged with: 401(k), Affordable Care Act, annuities, Capital Gains, Dividends, Employee, Employer, Form W-2, Health Care Reform, Income Tax, income tax withholding, Interest, ira, Married Filing Jointly, Medicare Tax, Municipal Bonds, Passive Income, Pension, primary residence, Principal Residence, Profit Sharing Plan, Royalties, Self-Employed, Single, Sub S, Subchapter S, Subchapter S Corporation, tax-free bonds, Unearned Income Medicare Contribution Tax, Withholding

Branford, CT 203.208.0572
Manchester, CT 860.646.2465
Niantic, CT 860.739.5459
Storrs, CT 860.429.7885

Blog Archives

When (and How) to Declare the Sale of Your Primary Residence

7 Easy Ways to Decrease Your Income Tax and Keep More Money

3 Reasons You Likely Won’t Pay Income Taxes When You Sell Your Home

3 Reasons to Recognize Capital Gains in 2012

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Branford, CT 203.208.0572 Manchester, CT 860.646.2465 Niantic, CT 860.739.5459 Storrs, CT 860.429.7885

Blog Archives

When (and How) to Declare the Sale of Your Primary Residence

7 Easy Ways to Decrease Your Income Tax and Keep More Money

3 Reasons You Likely Won’t Pay Income Taxes When You Sell Your Home

3 Reasons to Recognize Capital Gains in 2012

Why The New Medicare Tax May Cost You More Money

Search

Links

Latest News

Categories

Get Free Tax Tips

Branford, CT 203.208.0572
Manchester, CT 860.646.2465
Niantic, CT 860.739.5459
Storrs, CT 860.429.7885