Those of us who were forced to start collecting Social Security benefits at 62- the earliest year – still have an opportunity to bump up our benefits to a much higher level. There is a little known loophole in the Social Security regulations that permit people to pay back their benefits and start all over  Read More →

The deadline for the completion of qualifying First-Time Homebuyer Credit purchases has been extended. Taxpayers who entered into a binding contract before the end of April now have until September 30, 2010 to close on the home. The Homebuyer Assistance and Improvement Act of 2010, enacted on July 2, 2010, extended the closing deadline from  Read More →

The Internal Revenue Service announced the opening of the 2011 Low Income Taxpayer Clinic (LITC) grant application process. Applications must be submitted no later than July 16, 2010. The LITC grant program is a federal program administered by the Office of the Taxpayer Advocate at the IRS, led by National Taxpayer Advocate Nina E. Olson. The  Read More →

If there is ever a year to hire a personal financial counselor it is 2010. This is the year that Congress is letting everyone – no matter how high your income – to transfer your IRA into a Roth IRA, which has many advantages and some disadvantages. This is the year that you will want counseling on  Read More →

Its getting close to crunch time for us procrastinators when it comes to filing our income tax returns. Of course there is the automatic four months extension, which I have used and will probably use again. For those who are much more prompt, I would suggest reading Kathy Kristof’s blog, Devil in The Details about how to  Read More →

Check here daily for a lot of useful tax tips, courtesy of CBS MoneyWatch.  Read More →

Today we conclude our series, crucial to anyone approaching age 62 or older, on Social Security. It is tremendously complicated, especially for couples when they both have worked. The Maffe Financial Group has specialists who have closely studied the ins and outs of Social Security and have allowed me to videotape a  Read More →

Today we continue our new series, this one crucial to anyone approaching age 62 or older – Social Security. It is tremendously complicated, especially for couples when they both have worked. Making the right decisions could add or take away as much as $400,000 to your income stream from Social Security. The Maffe Financial Group has  Read More →

Five Connecticut IRS Offices will be open Saturday February 20 for special assistannce and to answer tax questions.  IRS staff will provide assistance for taxpayers dealing with difficult economic times. In order to assist taxpayers, five IRS Taxpayer Assistance Centers (TACs) are open on Saturday, February 20, 2010 from 9:00 a.m. to 2:00 p.m. in the following Connecticut locations: Bridgeport  Read More →

Consumers who overpaid their  income tax in 2009 and are anxious to get their refunds are the target of refund anticipation loan advertisements. The Association of Independent Consumer Credit Counseling Agencies (AICCCA) says that consumers should resist the temptation of these loans and decide the best way to use the money for their personal financial situation. I totally agree. The appeal  Read More →

This is the year that those in the higher income brackets with traditional IRA plans need to look at the pluses and minuses of a unique opportunity to convert the IRA into a Roth IRA. Robert A. Laraia, a West Hartford certified planner who has studied the conversion, says it it highly unlikely that there will again be another opportunity  Read More →