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

Posted in Tax News on April 3, 2012

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…

Tagged with: 401(k) Plan, Connecticut, Connecticut Income Tax, Connecticut Income Tax Return, Connecticut Retailers, Connecticut Sales tax, Connecticut Taxpayer, Connecticut use tax, CT, Dividends, estimated income taxes, Estimated Taxes, extension, FBAR, Foregin Assets, Foregin Bank Account, Form 4868, form 8938, Form CT-1040-Ext, Form TD F 90-22.1, Income Tax, income tax extension, income tax planning, Income Tax Return, Interest, ira, Married Filing Jointly, Married Filing Separately, Offshore Accounts, offshore investments, Ordinary Dividends, Penalties, Retirement, roth ira, Schedule B, tax deductions, tax exte, Tax penalties, tax planning, Withholding

3 Reasons To File IRS Form 8938, Statement of Specified Foreign Assets

Posted in Tax News on February 8, 2012

1) You have a “Specified Foreign Financial Asset” which exceeds the filing requirements Financial Assets that are subject to this form are: A Financial Account maintained by a foreign institution and the following assets not held in an account with…

Tagged with: extension, FBAR, Financial Asset, foregin institution, foreign account, foreign asset, Form 1040, Form 4868, form 8938, Form TD F 90-22.1, Income Tax, income tax extension, Income Tax Penalty, Internal Revenue Service, IRS, irs penalties, Married Couple, Married Filing Jointly, October 15th, Offshore Accounts, Penalty, Stock, Tax Penalty, Taxpayer, Treasury Department

The Difference Between Short-Term and Long-Term Capital Gains

Posted in Tax News on November 2, 2011

The sale of a capital asset will result in a capital gain. Depending on the holding period of this asset, the gain will either be short-term or long-term. Long-term gains have a lower, preferred income tax rate. The holding period…

Tagged with: Alternative Minimum Tax, AMT, Bonds, Capital Assets, Capital Gains, Capital Loss, Capital Loss Carryover, Form 1040, Form 1099-B, Form 8949, Holding Period, Income Tax, Inflation, Internal Revenue Service, IRS, Long Term Capital Gains, Married Filing Jointly, Mutual Funds, Ordinary Income, Schedule D, Short Term Capital Gains, Stocks, Tax Return

The 5 Most Common Itemized Deductions

Posted in Tax News on September 8, 2011

Mortgage Interest—Many taxpayers can deduct their mortgage interest on their residence. However, there is a limitation on this. The interest on a primary residence can only be deducted on up to $1,000,000 mortgage and $100,000 line of credit. Points paid…

Tagged with: Adjusted Gross Income, AGI, Charitable Donations, Health Insurance, Investment Fees, Married Filing Jointly, Married Filing Separately, Medical Expenses, Miscellaneous Itemized Deductions, mortgage, Mortgage Interest, Points, Property Tax, Real Estate, Refinance, Residence, Securities, Standard Deduction, State Income Tax, Tax Preparation

Important Connecticut Witholding Tax Information for Employers

Posted in Tax News on May 19, 2011

Recently enacted legislation makes significant changes to Section 12-700(a) of the General Statutes retroactive to January 1, 2011. Employers and taxpayers need to perform catch-up withholding for the current tax year. The following is a brief overview of the changes…

Tagged with: 2011 CT Withholding Tax Table, Adjusted Gross Income, AGI, Connecticut, Connecticut Department of Revenue, Connecticut Employer, Connecticut Employers, Connecticut State Income Tax, CT, CT DRS, CT Employer, CT Withholding, Employer, Filing Status, Head of Household, Married Filing Jointly, Married Filing Separately, Single, Withholding

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

Blog Archives

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

3 Reasons To File IRS Form 8938, Statement of Specified Foreign Assets

The Difference Between Short-Term and Long-Term Capital Gains

The 5 Most Common Itemized Deductions

Important Connecticut Witholding Tax Information for Employers

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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

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

3 Reasons To File IRS Form 8938, Statement of Specified Foreign Assets

The Difference Between Short-Term and Long-Term Capital Gains

The 5 Most Common Itemized Deductions

Important Connecticut Witholding Tax Information for Employers

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