If you owe money to the Internal Revenue Service (IRS) because you underpaid your taxes, you will have to pay them back, likely with interest. Failing to pay what you owe in full could quickly lead to an audit or even criminal charges. Not everyone has the resources...
Tax Planning
Your divorce could lead to several tax-related problems
If you’re getting divorced, you may not be thinking about your taxes. It’s a good idea to do so, though, because there could be tax implications depending on the way you move forward and how you divide your assets. If you own a company or substantial assets, it’s even...
Connecticut Exempts All, or Almost All, Social Security Benefits from Income Taxes
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...
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...