Property deduction caps were recently implemented in Connecticut and other high property tax states. Many believe this to be unfair and are looking for ways around these new limits. While this deduction cap may hurt one's income taxes, skirting the system may cause more harm than good.
Business owners -- whether they are based in Connecticut or elsewhere -- have a lot of tax concerns compared to the typical person. Not only do they have to worry about filing their own income and business taxes, they also have to worry about making sure they collect and pay appropriate sales tax. This week's column will be a quick overview of sales tax basics.
If a person fails to fully report his or her income and pay the proper amount in taxes, the government is likely to find out. The Internal Revenue Service does not take tax evasion lightly. While it may take time, Connecticut residents who intentionally, or unintentionally, underreport their income in order to pay less in taxes are likely to hear from the IRS eventually.
There are quite a few Connecticut residents who are self employed. While this type of job status can grant them some freedom, when it comes to income tax, they may find that they are subject to different standards than those who work for others. Here are a few things that people should know about self-employment income tax.
When you started your business, you knew that you would have a significant amount of paperwork to take care of, including payroll for your employees. Part of your responsibilities when it comes to paying your employees is making sure that you submit the appropriate amount of payroll taxes to Connecticut taxing authorities and the IRS.