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 Steps to Manage an Estate in Connecticut

Posted in Estate Planning, Tax News on August 14, 2012

Please review 6 Easy Steps to Open an Estate in Connecticut. 1) Post a Probate Bond Unless the will specifically indicates a bond is not required, the executor will need to get a Probate Bond. The coverage and insurance…

Tagged with: Connecticut Department of Revenue Services, Connecticut Estate, Connecticut Probate Court, Connecticut Taxable Estate, CT DRS, DRS, Estate Distribution, Estate Reserve, estate tax, Executor, Form 1040, Form 1041, Form 56, form 706, form CT-706, form ct-706-nt, Income Tax, IRS, mortgage, Probate Bond, Probate Court

3 Easy Ways to Financially Help Your Children or Grandchildren

Posted in Tax News on July 17, 2012

Do your children or grandchildren need some financial assistance? Here are 3 Easy Ways to help them: 1) Make a Loan Parents and grandparents can loan to their child or grandchild. If this is the approach taken, a formal…

Tagged with: AFR, Annual Gift Tax Exclusion, applicable federal rate, car loan, co-sign debt, economy, Estate, Family Loan, Gift, Gift Tax, Gift Tax Return, Higher Education, Income Tax, Internal Revenue Service, IRS, joint & Several, loan agreement, Medical Expense

The Difference Between The Standard Mileage Method and Actual Expenses

Posted in Tax News on June 19, 2012

The Internal Revenue Service (“IRS”) allows taxpayers to choose between the Standard Mileage Method and Actual Expenses. Standard Mileage Method The IRS allows taxpayers to deduct a standard mileage method for business travel. The current allowance is for 55.5 cents…

Tagged with: Auditor, Books and Records, Business Travel, business vehicles, Depreciation, Internal Revenue Service, IRS, IRS Audit, leased income inclusion, leased vehicles, standard mileage method, standard mileage rate, Tax Books and Records, travel & entertainment, vehicles

The Difference Between the FBAR and IRS Form 8938

Posted in Tax News on May 15, 2012

Investors with offshore accounts must be familiar with the filing requirements of the FBAR and IRS Form 8938. FBAR Any U.S person with offshore accounts that had more than $10,000 in them any time during the year must file…

Tagged with: Civil Penalty, Corporation, Electronic File, Estates, FBAR, Foreign Assets, form 8938, Form TD F 90-22.1, Income Tax, Internal Revenue Service, Investors, IRS, Married Filing Jointly, Offshore Accounts, Partnerships, Report of Forreign Bank and Financial Account, Statement of Specified Foreign Asset, Trusts

Glastonbury, 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 Steps to Manage an Estate in Connecticut

3 Easy Ways to Financially Help Your Children or Grandchildren

The Difference Between The Standard Mileage Method and Actual Expenses

The Difference Between the FBAR and IRS Form 8938

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Glastonbury, 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 Steps to Manage an Estate in Connecticut

3 Easy Ways to Financially Help Your Children or Grandchildren

The Difference Between The Standard Mileage Method and Actual Expenses

The Difference Between the FBAR and IRS Form 8938

Search

Links

Latest News

Categories

Get Free Tax Tips

Glastonbury, CT 860.646.2465
Niantic, CT 860.739.5459
Storrs, CT 860.429.7885