August 16, 2024

Hello Richard.


Governor Ned Lamont recently announced that Connecticut will hold its annual Sales Tax-Free Week from Sunday, August 18, to Saturday, August 24, 2024.


During this weeklong sales tax holiday, retail purchases of most clothing and footwear items priced under $100 are exempt from the Connecticut sales and use tax. The exemption during Sales Tax-Free Week applies to each eligible item costing under $100, regardless of how many of those items are sold to a customer on the same invoice.


For more details on Sales Tax-Free Week, including a list of individual items that are exempt or taxable, visit portal.ct.gov/DRS/Sales-Tax/Sales-Tax-Free-Week.


As always, contact us or call 203-933-1679 with questions regarding your specific financial and tax situation.

 

Thank you.

 

Rich Pavano, CPA

Use Estate Planning to Save Income Taxes

The current estate tax exemption amount ($13.61 million in 2024) has led many people to feel they no longer need to be concerned about federal estate tax. Before 2011, a much smaller exemption resulted in many people with more modest estates attempting to avoid it. But since many estates won’t currently be subject to estate tax, it’s a good time to use estate planning to save income taxes for your heirs.


Read our blog post to learn about some strategies to consider in light of the current large exemption amount.

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