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A Summary of the American Taxpayer Relief Act of 2012

Posted in Tax News on January 13, 2013

  The Federal Government avoided the Fiscal Cliff…Well, for now any way.   At the very last minute they passed the American Taxpayer Relief Act of 2012.  Here are some of the highlights:    Income, Capital Gains and Qualifying Dividends…

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How (Almost) Everyone Can Have a Roth IRA

Posted in Tax News on November 13, 2012

  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…

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Fifty Shades of Tax Deductions

Posted in Tax News on October 22, 2012

No Fifty Shades of Grey here.  Here are Fifty Black and White Tax Deductions and Credits. 1) Standard Deduction – Taxpayers can take the higher of the Standard Deduction or their Itemized Deductions. 2) Medical Expenses 3) Medical Miles –…

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4 Reasons Everyone Should Contribute to a Roth IRA

Posted in Tax News on September 25, 2012

1) Tax – Free Distributions If the Roth IRA account is open for at least 5 years and the taxpayers is over age 59 1/2, then all of the distributions from the Roth IRA are tax-free.   2) Take Your…

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Why Every Week is ‘Mob Week’ for Connecticut Taxpayers

Posted in Tax News on July 29, 2012

  This week is Mob Week on AMC. We get to watch classic Mob movies like The Godfather, Scarface and The Untouchables.   Unfortunately every week is Mob Week for Connecticut taxpayers. In 2011 the State of Connecticut passed their…

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