May 2019 Archives

Lawmakers considering change to how sales tax is collected

Business owners in Connecticut have a lot that they have to worry about when it comes to taxes. Lawmakers are considering a change that will give them even more to stress over. According to a recent article, there is a bill currently under review that includes a provision for real-time sales tax collection. How would that work and at what cost?

Will Connecticut's wealthiest residents soon see tax increases?

Connecticut is in the midst of a financial crisis. Some believe that raising taxes on the wealthiest residents would solve this problem. However, some worry that doing so will only cause these residents to pack up and move elsewhere. A plan to increase the tax rates of wealthy residents has been proposed. Only time will tell if it will be put into effect.

The basics of taxes and Roth IRAs

Like other Connecticut residents, you may be wondering how to fund your retirement. You may decide to participate in your employer's 401(k), which uses pre-tax dollars to fund. This means that you will owe taxes on withdrawals when you reach the qualified age. In addition, you could owe a penalty tax if you make early withdrawals.

How does the IRS contact people about tax audits?

Have you ever received one or more phone calls supposedly from the Internal Revenue Service? Most of these calls have to do with being past due on tax payments rather than tax audits, but they are scary nonetheless. If you do receive phone calls from someone claiming to work for the IRS or an automated message saying you have a tax problem, you're best just hanging up, as the IRS does not make it a habit of contacting Connecticut taxpayers that way.

How do nonprofits become exempt from federal income tax?

There are a lot of businesses in the state of Connecticut that claim to be non-profit. Non-profit can mean a number of things, but here it will be used to specifically discuss the income tax benefits offered to charitable organizations. What types of charitable organization can qualify for tax exemptions, and how can they obtain that benefit?

Failure to pay tax debt can have significant consequences

While most Connecticut residents filed and paid their taxes on time, there are those who found themselves unable to meet their tax obligations this year. It can happen to anyone. How one decides to deal with tax debt is what matters in this type of situation.

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