The CT Mirror (https://ctmirror.org/tag/deductibility/)
WASHINGTON – U.S. Reps. John Larson and Joe Courtney had good news Wednesday for Connecticut homeowners with crumbling foundations – the Internal Revenue Service will allow them to take a deduction for a casualty loss for money spent to fix crumbling foundations. But that tax relief may be short lived if Republicans in Congress succeed in overhauling the tax code. Continue Reading →
WASHINGTON — As Congress took a major step towards a massive tax overhaul on Thursday — with no help from Connecticut’s Democratic lawmakers — the future of the popular 401(k) retirement plan was in question. Key GOP lawmakers want to offset some of their proposed tax cuts by limiting the maximum pre-tax contribution to workplace saving plans such as the 401(k). That could make big changes in they way Americans save for retirement. Continue Reading →