When Governor Lamont signed the budget bill earlier this summer, quite a few changes were made to our sales and use taxes. Here is a breakdown of what changed. Exemptions Eliminated: On January 1, 2020, some items currently exempted from sales and use taxes will be taxed, including safety apparel, specified parking spaces, dry cleaning
CT Tax Law Changes Signed into Law with New Budget Bill Read More »
Life is full of ups and downs, many of which can greatly impact your taxes for the year in which the milestone takes place. Here are just a few events that have tax implications for which you should be prepared. Starting a New Job When you start any new job, you should make any necessary
Major Life Changes Ahead? Know the Tax Implications Read More »
While you may be surprised by this, every state had its own set of unique laws regarding what is taxed and what is not. Of course, some things are pretty consistent, but some are downright weird. Here are a few of the more interesting items that are taxes across the country. Missouri: Bachelor Tax Unmarried
Weird Tax Laws Across the US Read More »
Did your children have a summer or after school job in 2018? If your minor children received W-2s from a job, or if they have unearned income like interest and dividends, they may be required to file an income tax return. Generally, if their W-2 income is less than the $12,000 filing requirement, they don’t
Kids These Days…Do They Need to File Taxes? Read More »
It is not uncommon for business owners to have multiple streams of revenue, often because they have more than one business entity. For those that do, there was a lot of confusion around how the Tax Cuts & Jobs Act (TCJA) would impact the taxes that these owners pay. The IRS recently released some clarification
Do you own multiple businesses? Read More »
I’m sure many of us have fantasized about the IRS closing down at one point or another, but the reality is not the tax-free party we visualized. Down to approximately 40% of their regular workforce, the agency is running on bare bones. The longer the shutdown lasts, the worse it is going to get for
The IRS Severely Impacted by the Government Shutdown Read More »
As we’ve mentioned before, the Tax Cuts & Jobs Act was one of the most sweeping tax law changes in many years. While there are still questions that need to be answered on both a Federal and State level, this is some of what we know right now. Business Updates If your business has
2018 Tax Changes at a Glance Read More »
Is that extra money in your paycheck going to come back and bite you when you file your taxes? While we know on a logical level that we should aim to break even or pay a small amount of taxes each spring, we can’t deny there is a bit of glee when we find
Are You Withholding Enough? Read More »
The IRS recently posted some detailed information on what to expect for your 2019 taxes to be filed by April 15, 2020. We have put the contents of that post below. If you have any questions or need any help planning for next year, don’t hesitate to reach out. ———————————————— IRS provides tax inflation adjustments
News from the IRS on 2019 tax year adjustments Read More »
Tax law is confusing. When sweeping changes happen, like the Tax Cuts & Jobs Act, it is difficult to know how it will impact you and your business. We get it, so here are a few questions for you to ask yourself to see if you need to do some planning in 2018 so you
Are you in for a tax surprise? Read More »
by Dominic Scarano Jr. CPA, CGMA I had the pleasure of speaking at the Better Business Summit presented by the Connecticut Better Business Bureau in Cromwell in October. Since this information can be valuable for nearly any business owner or manager, I wanted to share it here as well. Regardless of how many products you
Managing Your Business’ Bottom Line Read More »
Earlier this month, we gave an explanation of the American Innovation Act, one of three bills that passed the House on September 27 and will go to the Senate for consideration soon. In this blog post, we will talk a bit about the Family Savings Act (H.R. 6757). So, what is the Family Savings Act
What is the Family Savings Act of 2018? Read More »