Category Archives: Family Offices & Multi-Family Offices

Updates relevant to all of our New Haven, Fairfield and Litchfield County Family Offices and Multi-Family Offices.

Deductible Alimony Becomes Non-deductible??

Recently released, TC Memo 2013-166, reiterates the power the tax law has, even over your divorce agreement. In Summary, the tax court held that a taxpayer cannot deduct a lump sum payment to his former spouse as alimony. The lump … Continue reading

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Will I be subject to the3.8% Medicare surtax in January 2013?

Beginning January 1st 2013 the 3.8% Medicare surtax will officially be in effect. Simply, the tax will be imposed on the lesser of: Net investment income or, Modified adjusted gross income (MAGI) over 200,000 for single filers and 250,000 for … Continue reading

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CT Income Tax Increase. RETROACTIVE!

Effective January 1, 2011 new increased tax rates will be in effect in Connecticut. For single filers: 3% – $0 – $10,000 5% – $10,000 – $50,000 5.5% – $50,000 – $100,000 6% – $100,000 – $200,000 6.5% – $200,000 … Continue reading

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Is your luxury car deductible?

Answer: It depends Let us look at two court cases: In R.J. Denison, 36 TCM 1759 a securities investment advisor who operated as an S- Corporation was allowed his deductions for a chauffeured luxury automobile. However, in David M. Connelly … Continue reading

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