Few things are as frustrating as learning that someone has fraudulently used your credit or debit card. Your level of liability depends on the type of card, whether you still possess it, and when you alert the issuer. Credit cards If your card is lost or stolen and you report it to the card provider
How To Address Fake Credit or Debit Card Charges Read More »
Many of us dream of retiring early so they can pursue non-work activities, such as traveling, volunteering, and pursuing our hobbies full-time. But careful planning and diligent saving during the years leading up to the anticipated retirement date are necessary to make this dream a reality. It all starts with retirement savings accounts such as
Do You Dream of Early Retirement? Read More »
On December 20, a substantial piece of legislation, the Setting Every Community Up for Retirement Enhancement (SECURE) Act, was signed into law, making quite a few changes to our ever-changing tax laws. Some items included in the act simply extend or revise provisions from the Tax Cuts and Jobs Act (TCJA) of 2017, while others
The SECURE Act Brings Further Tax Changes Read More »
Business owners are always looking for ways to reduce their tax burden and there are a few things you can do yet in 2019. Here are five to consider: Postpone invoices If your business uses the cash method of accounting, and it would benefit from deferring income to next year, wait until early 2019 to send
Reduce Your Business Taxes with These 5 Last-Minute Moves Read More »
There are only a few more days left in this year – and decade! – but there are still some things you can do to lower your 2019 tax bill. Here are just a few to consider… Tax loss harvesting If you made more money this year and expect it to push you into a
Last minute tips to lower your 2019 tax bill Read More »
If you have business-related debt that is uncollectible or worthless, you may be able to take a “bad debt” deduction to cut your losses. But, not surprisingly, there are a few hoops to jump through. Business or nonbusiness? Business bad debts generate ordinary losses; nonbusiness bad debts are reported as short-term capital losses. The latter can be
Your Bad Business Debts May Be Deductible Read More »
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 »