Posts Tagged ‘Municipal Bonds’


Why Every Week is ‘Mob Week’ for Connecticut Taxpayers

 

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 largest tax increase ever. The highest state income tax rate was increased from 5% to 6.7%.


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

 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 match, you really need to participate in this plan at least to get the match amount.


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.


State of Connecticut 2011 Income Tax Increase

The State of Connecticut recently increased the state income tax rates.  Oh, and they made them retroactive to the beginning of 2011.  Don't you Connecticut income taxpayers just love this?


Seven Things Every Taxpayer Should Know

1.  Know Your Tax Bracket This is where every taxpayer needs to start.  What is your tax bracket?  If you don't know this number, just pull out your tax return from last year.  Look at the taxable income and look up the rate that is located in the tax tables. This will help you when looking at realizing capital gains or losses, exercising and selling stock options, or dealing with the Alternative Minimum Tax.