In 2017, Congress promised a simplified tax-filing process. Instead of multiple pages to fill out, the average person -- whether he or she lives in Connecticut or elsewhere -- would have one small form to complete and send to the Internal Revenue Service. Well, the...
Income Tax
Income tax and the offer in compromise
Connecticut residents who owe a substantial amount in taxes for either the current tax year or as a result of owning back taxes may feel overwhelmed at the thought of trying pay the IRS. If one lacks the funds to pay everything off all at once, it is easy to feel...
Don’t let income tax in retirement be your undoing
Planning for retirement is not always easy. How does one know if he or she really ever has enough money put aside? It is hard to know for sure, especially if one fails to consider income tax requirements. There are hidden tax burdens in retirement that numerous...
Property deduction caps will affect income taxes
Property deduction caps were recently implemented in Connecticut and other high property tax states. Many believe this to be unfair and are looking for ways around these new limits. While this deduction cap may hurt one's income taxes, skirting the system may cause...
Self-employment income tax — things to know
There are quite a few Connecticut residents who are self employed. While this type of job status can grant them some freedom, when it comes to income tax, they may find that they are subject to different standards than those who work for others. Here are a few things...
Common reasons people say they don’t have to pay income tax
Wouldn't it be great to not pay taxes? No one wants to pay, but it is hard to get out of it. It does not stop some people in Connecticut and elsewhere from saying that they should not have to pay income tax. Believe it or not, every year the Internal Revenue Service...
Better to pay income tax over time than not at all
Numerous Connecticut residents find themselves in the position of owing far more in taxes than they can actually afford. When this happens, they may feel overwhelmed and just opt to wait to pay their income tax when they have all the money on hand to do so. This is...
Expats still owe income tax
Many U.S. citizens take job opportunities that move them and their families out of the country. While they may not be earning money on American soil, it does not mean that they are exempt from paying federal income tax. Here are some things Connecticut residents who...
Don’t forget cryptocurrency in your 2017 income tax return
Several new tax laws have gone into effect this year, but they will not apply to one's 2017 tax return. For example, how cryptocurrency -- such as Bitcoin -- is taxed and at what rate will be changing under the new law. For the current tax season, here are some things...
Income tax and the innocent spouse
It is not uncommon for spouses in Connecticut to file their taxes together in a joint return. There are a lot of benefits to doing so. The only problem one might see when filing an income tax return jointly is the liability issue. Thankfully, when one spouse makes a...