Our Blog

  • Tax Armageddon on the Way?
    by TaxDoctor on September 17, 2021 at 1:59 pm

    Every new president makes changes to the tax code, so why is this time so different?  The short answer is because our “books” as a country have never been in worse shape, not even during World War II.  COVID related spending is only icing on the already giant cake of our current federal debt that is the result of the mishandled US financial affairs of the past several decades!  The total national debt as of a week ago was 28.4 trillion dollars, and more importantly, that amounts to 128.5% of the entire GDP of the country.  The previous high was 119% of the GDP in 1946.* In 1941 the two lowest tax rates for Married Filing Jointly (MFJ) were 10%

  • Don’t Let Your Stockbroker Off the Hook When it Comes to Tax Planning
    by TaxDoctor on September 10, 2021 at 2:45 pm

    Don’t let your stockbroker off the hook when it comes to tax planning.  Many people work with brokers when they buy and sell stocks.  Many people now, because of the internet, also have become their own stockbrokers, doing their own research and trading on various platforms.  Whether you use a professional or do your trades yourself, you still need to hold your stockbroker accountable.  What do I mean?  If a broker is helping you buy and sell, they had to take a Series license of some kind.  Sometimes, an RIA (Registered Investment Advisor) has taken a Series 65 exam.  If it’s a representative of a broker/dealer, perhaps they’ve taken a Series 6 or a Series 7 exam.  There are other possibilities, but the point is, these exams

  • Why Do the Wealthy Pay Less Tax than Others?
    by TaxDoctor on September 3, 2021 at 2:35 pm

    Well, do they or don’t they, actually?  Long debated and often manipulated by the media, the topic of the wealthy and taxation has many, many complex points and counterpoints.  First, when people say that, they often don’t define what kind of tax.  The people hearing the comment usually go to federal personal income tax in their mind as TAXES. However, if a wealthy person owns 20 C corporations, with each filing their own tax returns, those C corporations pay their own taxes and unless the wealthy person needed to take a dividend or other distribution, then they could pay zero federal income tax, even though their companies paid potentially millions in taxes themselves.  The kinds of taxes people pay depends

  • Overlooked Opportunities
    by TaxDoctor on August 27, 2021 at 2:14 pm

    An often overlooked tax planning opportunity comes from not fully understanding how you can use your cars as a deduction on your tax return.  It is very common for people who have a Schedule C sole proprietor type business to claim their mileage on automobiles, but the privilege of using personal deductions on a tax return is not limited to someone who is filing a Schedule C.  For instance, a landlord might own three apartment buildings and file a schedule E on his personal tax return and not feel like he is “self-employed” as he has a full-time W-2 job. However, the use of his personal car on that schedule E is just as deductible as it is for the

  • Logical Tax Planning
    by TaxDoctor on August 20, 2021 at 2:26 pm

    It’s hard to be logical all the time about everything.  The most financially successful tax clients we serve at least attempt to force themselves to be logical, for their own benefit.  For instance, our parents, as well as a subset of the economy including some popular radio show based advisors like Dave Ramsey, say you should pay off your home and have a “free and clear” deed as a goal (they are wrong in most cases by the way).  That kind of thinking is emotional thinking, mixed perhaps with some presumptive attitude about what the general populous is capable of.  “Well, we know we can’t get people to do what would really be best for them based on pure math

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3074 Whitney Ave, Building One