Do you invest money outside of tax-advantaged retirement plans? If you do, you may be able to reduce your 2019 tax bill by selling some investments ― you just need to carefully select which investments you sell. Balance gains and losses If you’ve sold investments at a gain this year, consider selling some losing investments to absorb the gains. […]
Save on Your 2019 Taxes on your Investments Read More »
Many people prefer to pass assets to their heirs during their lifetimes, to help family members, to reduce the size of their taxable estates, or simply to see their loved ones enjoy the gifts. If you are considering lifetime gifts, you need to know that the type of assets you give can produce substantially different
The Importance of Tax Planning Before Making Gifts to Loved Ones Read More »
We recently finished filing the final extended tax returns for our clients, and now it is time to start looking toward the 2019 tax filing season. (No rest for the weary!) With all the changes that took place for the 2018 filing season with the passage of the Tax Cuts and Jobs Act (TCJA), you’d
2019 Tax Forms: What to Expect Read More »
There are a few things in life that cause a universal, often paralyzing, sense of dread. A family call in the middle of the night. Knowing you must have a difficult conversation with someone. An IRS letter saying you are being audited. While we can’t offer much relief for the first two, we can help
What You Need to Know about an IRS Audit Read More »
Fall is definitely here and now is a great time to start thinking about your year-end business tax planning. There are a variety of things you may want to consider, or at least look into, before the end of the year, so you can make adjustments now to reduce the taxes you have to pay
It’s Time for Some Year-End Tax Planning Read More »
When Governor Lamont signed the budget bill earlier this summer, quite a few changes were made to our sales and use taxes. Here is a breakdown of what changed. Exemptions Eliminated: On January 1, 2020, some items currently exempted from sales and use taxes will be taxed, including safety apparel, specified parking spaces, dry cleaning
CT Tax Law Changes Signed into Law with New Budget Bill Read More »
Life is full of ups and downs, many of which can greatly impact your taxes for the year in which the milestone takes place. Here are just a few events that have tax implications for which you should be prepared. Starting a New Job When you start any new job, you should make any necessary
Major Life Changes Ahead? Know the Tax Implications Read More »
While you may be surprised by this, every state had its own set of unique laws regarding what is taxed and what is not. Of course, some things are pretty consistent, but some are downright weird. Here are a few of the more interesting items that are taxes across the country. Missouri: Bachelor Tax Unmarried
Weird Tax Laws Across the US Read More »
Did your children have a summer or after school job in 2018? If your minor children received W-2s from a job, or if they have unearned income like interest and dividends, they may be required to file an income tax return. Generally, if their W-2 income is less than the $12,000 filing requirement, they don’t
Kids These Days…Do They Need to File Taxes? Read More »
It is not uncommon for business owners to have multiple streams of revenue, often because they have more than one business entity. For those that do, there was a lot of confusion around how the Tax Cuts & Jobs Act (TCJA) would impact the taxes that these owners pay. The IRS recently released some clarification
Do you own multiple businesses? Read More »
I’m sure many of us have fantasized about the IRS closing down at one point or another, but the reality is not the tax-free party we visualized. Down to approximately 40% of their regular workforce, the agency is running on bare bones. The longer the shutdown lasts, the worse it is going to get for
The IRS Severely Impacted by the Government Shutdown Read More »
As we’ve mentioned before, the Tax Cuts & Jobs Act was one of the most sweeping tax law changes in many years. While there are still questions that need to be answered on both a Federal and State level, this is some of what we know right now. Business Updates If your business has
2018 Tax Changes at a Glance Read More »