The IRS will begin to release EITC/ACTC refunds starting Feb. 15. However, the IRS cautions taxpayers that these refunds likely won’t arrive in bank accounts or debit cards until the week of February 27 — if there are no processing issues with the tax return and the taxpayer chose direct deposit. This additional period is […]
Planning for retirement is more important than ever. As the federal deficit continues to increase by over $2 billion every day, American’s are well aware that they will not be able to rely solely on social security income to fund their retirement. It is crucial that we all utilize retirement savings plans like 401ks, 403bs, […]
When filing your income taxes, make sure you bring any W-2s you have for your children. This way your tax preparer can figure out if your child should claim themselves or you should claim them. DO NOT let your children file their own tax returns, as in most cases they will claim themselves and that […]
Donating you car is only tax deductible if you use Schedule A, itemized deductions.
For my Connecticut friends. Get ready for the new Connecticut state taxes. From what we are hearing, and this is preliminary, there will be a Connecticut state income tax increase. There will also be a lower deduction if you pay real estate taxes and automobile taxes which are deductions on your Connecticut state tax return. As we receive […]
If you’re a retired military veteran you can deduct 50% of your retirement income from your Connecticut tax return.
