1. Credit Card Interest If you made business purchases on your credit card, you might be able to deduct credit card interest on your Form 1040 federal tax return. The IRS considers qualified business purchases as ones that are “ordinary and necessary” for the...
Governor Ned Lamont today announced that he is directing the Connecticut Department of Revenue Services to retroactively enhance the 2020 Connecticut Earned Income Tax Credit (EITC) from 23% of the federal credit to 41.5%. The additional state tax refund will provide...
Section 2202 of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), enacted on March 27, 2020, provides for special distribution options and rollover rules for retirement plans and IRAs and expands permissible loans from certain retirement plans. What...