Posts Tagged ‘Dividends’


8 Reasons You Will Pay More Taxes in 2013…Guaranteed

 

1) Increase in Ordinary Income Tax Rates

The highest ordinary income tax rate is 35%.  This is scheduled to go up to 39.6%

 


3 Reasons to Recognize Capital Gains in 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 stated rate on long-term capital gains is currently 15%.  If Congress fails to take any action, this will increase to 20%.  The so-called Bush tax cuts reduced the rate on long-term capital gains to 15%.  These tax … Continue reading »


Why The New Medicare Tax May Cost You More Money

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 the government. A self-employed individual is considered to be both the employer and employee and therefore currently pays 2.9% Medicare Tax.


7 Things Connecticut Taxpayers Should Do Before Filing Their Income Tax Return

1) Don’t panic. The returns are due on April 17th this year. This is due to April 15th falling on the weekend and April 16th being a holiday in Washington DC. If you can’t get your return completed and filed on time, file an extension. The federal form is 4868 and the Connecticut form is CT-1040-EXT. This will allow you until October 15th to file. The extension however only extends the time to file, it does not extend the … Continue reading »


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

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, baseballs, and three signed jerseys.  The tax bill may be as high as $13,000!