March 10, 2020

Hi There! Your individual tax return is due in 36 days! Don't delay in getting your files to us. As you gather your documentation for your tax return and have questions contact us  or call 203-933-1679. Thank you. Rich Pavano, CPA

Married Couples: File Jointly or Separately? Married couples often wonder whether they should file tax returns jointly or separately. The answer depends on your individual tax situation. It generally depends on which filing status results in the lowest tax. But keep in mind that, if you and your spouse file a joint return, each of you is “jointly and severally” liable for the tax on your combined income. And you’re both equally liable for any additional tax the IRS assesses, plus interest and most penalties. This means that the IRS can come after either of you to collect the full amount. Read More

Child Tax Credits May Help with the High Cost of Raising Children If you’re a parent, or if you’re planning on having children, you know that it’s expensive to pay for their food, clothes, activities and education. Fortunately, there’s a tax credit available for taxpayers with children under the age of 17, as well as a dependent credit for older children. Learn More

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