Connecticut, and several other states, exempt some or all of federally taxable Social Security income. Connecticut allows taxpayers to exempt all of that income depending on filing status and federal adjusted gross income. A taxpayer can deduct 100% of her federally...
Tax Planning
U.S. Treasury Study Highlights Significant Tax Savings Achieved by Using Section 1031 Like-Kind Exchanges
The U.S. Treasury has just released a study highlighting the popularity and effectiveness of like-kind exchanges under Tax Code Section 1031. In tax year 2007 (the last year for which detailed numbers are available) taxpayers achieved slightly more than $82 billion of...