Tax FAQs - Trumbull Area
You didn't deduct all the property taxes I paid on Page 2 of the Connecticut State Tax Return. Was this a mistake?
No. There is a maximum amount that can be claimed at a tax credit for property taxes paid to Connecticut each year. We list enough tax payments to get the maximum credit allowable.
What is the standard mileage rate for 2024?
67 cents per mile for business usage
14 cents per mile for charitable purposes
21 cents per mile for medical reasons
21 cents per mile for moving expenses (military moves only)
What is the standard mileage rate for 2023?
65.5 cents per mile for business usage
14 cents per mile for charitable purposes
22 cents per mile for medical reasons
22 cents per mile for moving expenses (military moves only)
What is the standard mileage rate for 2022 (through June 30)?
58.5 cents per mile for business usage
14 cents per mile for charitable purposes
18 cents per mile for medical reasons
18 cents per mile for moving expenses (military moves only)
What is the standard mileage rate for 2022 (starts July 1)?
62.5 cents per mile for business usage
14 cents per mile for charitable purposes
22 cents per mile for medical reasons
22 cents per mile for moving expenses (military moves only)
What is the standard mileage rate for 2021?
56 cents per mile for business usage
14 cents per mile for charitable purposes
16 cents per mile for medical reasons
16 cents per mile for moving expenses (military moves only)
What is the standard mileage rate for 2020?
57.5 cents per mile for business usage
14 cents per mile for charitable purposes
17 cents per mile for medical reasons
17 cents per mile for moving expenses (military moves only)
I gave you all my medical expenses, yet I don't see them listed on Schedule A. Why?
Your total medical expenses for the year need to exceed 10% (7.5% if you are age 65 or older) of your Adjusted Gross Income (AGI) in order for you to benefit from the deduction. Only this excess can possibly reduce your tax liability. If you don't see the medical on you return, it's because you didn't exceed this 10%/7.5% "floor."
Can I deduct the premiums I pay for long-term care insurance?
You can deduct these premiums to a maximum set limit based on your age on Schedule A - Itemized Deductions, subject to the 10% AGI floor discussed above.
Do I need to send the IRS any money with my extension of time to file my tax return?
90% of your ultimate tax liability must be paid by April 15th (through W-2 withholding, estimated tax payments or at the time of the extension) in order to avoid possible late filing penalties. Also, the extension must be properly estimated, even if you don't intend to send the full balance due in with the extension. This should avoid the substantial penalty for late filing.
We spent plenty on college tuition and related costs for my kids this year. Why don't I see any deduction or credit for these expenses on my tax return?
The educational credits are "phased out" for higher income taxpayers. And higher income isn't very high at all (thank your lawmakers). See our online Tax Guide for further details on these credits and phase-outs.
How soon do I need to get a Social Security number for my newborn?
ASAP. The IRS will not allow the deduction for dependents without a Social Security Number.
In the package you sent me are two IRS addresses. Which one is correct?
Estimated tax payments and tax returns are processed at different IRS centers, thus, different addresses. When in doubt, read our transmittal letter carefully. You will be directed to the appropriate address.
How is alimony taxed? What about child support?
Up until 2019, alimony was income to the recipient and a deduction to the payer. Child support is neither income, nor a deduction. Often, a client claims they have an alimony deduction, when in fact the "alimony" was actually deemed child support by the divorce documents and is considered a non-deductible expenditure. Divorce and separation papers must be carefully worded in order to avoid losing tax-favored advantages. Beginning with divorces finalized AFTER 12-31-18, alimony is no longer a deduction to the payer nor income to the recipient pursuant to the Tax Cuts and Jobs Act passed into law in 2017.