No one loves taxes. Sometimes, they are a financial burden that some simply cannot afford to pay. Failing to pay can have serious consequences, however. In a previous post, this column addressed the purpose of tax liens -- a punishment for not paying taxes. This week,...
Month: November 2017
Estates taxes can add up
As it currently stands, both the state of Connecticut and the federal government can collect taxes on estates. Estate taxes can really add up fast and take a lot away from beneficiaries. With some careful tax planning, it may not be so bad.It is believed that most...
The Amazon sales tax problem
Amazon is one of the biggest online retailers in the world. Millions of people use the site to sell their own goods, and Amazon itself offers popular products at relatively low prices. For a long time, the company got away with not charging sales tax. In 2013, the...
IRS encourages taxpayers to pay as they go
If you are a business owner or independent contractor, you are probably always looking for ways to reduce your tax burden. The end of the year is a time for your last efforts in seeking tax deductions and making preparations for next year. Included in next year’s plan...
Tax preparer on the hook for the results of tax audits?
Many Connecticut residents turn to tax preparers to help them with their tax filings. As complicated as the tax code is, this can be a smart move. However, what if you, as a professional tax preparer, make mistakes? You could be on the hook for the results of your...
Connecticut tax crimes: Fraud or mistake
Income taxes -- no one really wants to deal with having to file and pay them every year. It is, however, a part of life that, until tax laws are changed, is not going away. So, Connecticut residents fill out their forms and get things submitted -- usually on time. The...
Options for minimizing the pain of back taxes
If you are like many in Connecticut and across the country, you dread tax season. While it is still several weeks before the end of the year, you may already fear you will owe money to the IRS. In fact, you may still be dealing with letters and warnings from the...