Connecticut Man Faces Prison Term for Hiding Income in Panama
Saul Hyatt, from Weston CT., pleaded guilty to one count of concealing over $1.5 million in income by using an undeclared bank account in Panama. Hyatt registered a Panamanian Corporation, The Centennial Group, which bought and sold duty-free alcohol and tobacco products. Both products were shipped to warehouses in the US and the profits, totaling […]
Year End Tax Planning Tips
Here are some of the most important, according to AccountingToday, 2016 tax-planning considerations for individuals: Accelerate Deductions and Defer Income: Â It sometimes makes sense to accelerate deductions and defer income. There are plenty of income items and expenses you may be able to control. Consider deferring bonuses, consulting income or self-employment income. On the deduction […]
IRS Announces 2017 Pension Plan Limitations
The IRS has released cost-of-living adjustments for the dollar limitations for pension plan contributions and other retirement-related items for tax year 2017. The contribution limit for 401(k)s remains unchanged, at $18,000 for 2017.  However, income ranges for eligibility to make deductible contributions to traditional IRAs and to Roth IRAs, and to claim the saver’s credit, […]