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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 –…

Tagged with: 401(k) Plan, 529 Plan, Alimony, Capital Gains, Charitable Contribution, Home Office Expense, Income Tax, Income Tax Deductions, income tax planning, ira, Itemized Deductions, Long Term Capital Gains, Medical Expense, Mortgage Interest, roth ira, Short - Term Captial Gains, Standard Deduction, Stock Losses, tax planning

2012 Tax Benefits Increase Due to Inflation Adjustments

Posted in Tax News on February 22, 2012

Every year the IRS must adjust the dollar amounts of a variety of provisions which affect every taxpayer, to keep pace with inflation. New dollar amounts affecting 2012 returns, filed by most taxpayers in early 2013 include the following:

Tagged with: 401(k) Plan, 457(6) plan, Charitable Contribution, child tax credit, CPA, Dependents, Donations, Employee, estate tax, Exemption, Gift Tax, Income Tax, Inflation, Internal Revenue Service, IRS, Itemized Deductions, Mortgage Interest, Personal Exemption, Social Security, Social Security Administration, Standard Deduction, Taxpayer, thrift saving plan, wage base

5 Reasons Donors Should Give Appreciated Property

Posted in Tax News on November 10, 2011

Donors should give appreciated property to their favorite charity. Appreciated property is property whose Fair Market Value exceeds the cost basis. Cost basis is generally what was paid for an item.

Tagged with: Adjusted Gross Income, AGI, Appreciated Property, Asset, Avoid Capital Gains Tax, Capital Gains, Captial Gains Tax, Cash Donation, Cash Donations, Charitable Donation, Charities, Charity, Connecticut, Connecticut Estate Tax, Cost Basis, CT, CT Estate Tax, Donation, Donors, economy, Estate, Estate Planning, estate tax, Fair Market Value, Federal Estate Tax, Federal Income Tax, Income Tax, Itemized Deductions, Property, Restricted Gift, Schedule A, Standard Deduction, Stock, Unrestricted Gift

How to Pay Estimated Income Taxes and Avoid IRS Penalties

Posted in Tax News on October 27, 2011

Taxpayers must pay their taxes “as they go.” For many taxpayers, their income taxes are withheld from their paychecks. For taxpayers that don’t have any withholding, they will need to make estimated tax payments.

Tagged with: Adjusted Gross Income, AGI, Alternative Minimum Tax, AMT, Connecticut, Connecticut Estimated Income Tax, Connecticut State Income Tax, CT, Department of Revenue Service, DRS, Estates, Estimated Tax, Form 1040-ES, Form 1099-R, Form 2210, Form CT-1040-ES, Form W-2, Form W-4, Form W-4P, Hartford, Hartford Connecticut, Hartford CT, Income Tax, Internal Revenue Service, ira, IRS, Itemize Deductions, Itemized Deductions, Penalty, Pension, Retirees, Social Security, Standard Deduction, State Income Tax, Trust, Wages, Withholding

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

Branford, CT 203.208.0572
Manchester, CT 860.646.2465
Niantic, CT 860.739.5459
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Fifty Shades of Tax Deductions

5 Reasons Donors Should Give Appreciated Property

The 5 Most Common Itemized Deductions

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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

Fifty Shades of Tax Deductions

2012 Tax Benefits Increase Due to Inflation Adjustments

5 Reasons Donors Should Give Appreciated Property

How to Pay Estimated Income Taxes and Avoid IRS Penalties

The 5 Most Common Itemized Deductions

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