The new tax law has many impacts on state income taxes in 2018. The law limits the deductibility of state income taxes for federal purposes. It also raises the federal standard deduction amount. However, taxpayers should consider the impact on their state income tax of the decisions they make to minimize their federal taxes. This article examines why. The post New Tax Law May Affect State Income Tax, Too! appeared first on Nirenstein, Horowitz & Associates P.C..
Connecticut estate tax rules can affect you if you have a larger estate, or if you will be inheriting a substantial amount of money. Estate taxes can be assessed on certain estates, which means that money which would otherwise go to loved ones or charities will instead have to be paid to the government. Estate [ ] The post Does Connecticut Estate Tax Affect You? appeared first on Nirenstein, Horowitz & Associates P.C..
Connecticut Medicaid eligibility is determined by many different factors. One of those factors, which often creates problems for seniors, is the amount of assets you have. Medicaid is supposed to provide medical care for the needy. In assessing whether or not someone is needy, the government does not just look at income- they also look [ ] The post Do Your Assets Affect Connecticut Medicaid Eligibility? appeared first on Nirenstein, Horowitz & Associates P.C..
Connecticut estate taxes can be assessed if the value of your estate exceeds a certain dollar value. Federal estate taxes can also be charged. In many situations, ownership of a family business will result in your estate being over the excludable amount, and thus being taxed. This, in effect, means the value of your company [ ] The post How Connecticut Estate Taxes Could Affect Your Family Business appeared first on Nirenstein, Horowitz & Associates P.C..