Connecticut lawmakers just recently agreed on a two-year budget plan. To combat the significant budget deficit, a mansion tax is set to be implemented in the year 2023. It is expected to bring in over $6 million a year for the state. How exactly will the mansion tax work?
Connecticut residents who fail to pay their taxes can face a number of penalties. Tax liens, for example, allow the government to make claims on property so, in the event the property is sold, the proceeds will go toward one's tax debt. Those who think tax liens are kept private have another thing coming. They are a matter of public record and can affect far more than one's property.
Dealing with the IRS is rarely an enjoyable experience. After all, you may owe them a sizable portion of your earnings each year, and if you fail to pay it, you face some harsh penalties. Additionally, you may have to handle inflexible tax laws, the chance of an audit and the overall stress of dealing with the IRS.
Come tax time, all Connecticut residents hope that they will have the ability to pay their tax bills. Unfortunately, some cannot. Having tax debt is something that can weigh on a person's mind and pocketbook, as the longer tax debt is carried, the more one will owe in interest and penalties. Something many people may not be aware of is that the Internal Revenue Service has collection standards it must abide by when a person is unable to meet his or her tax liability.
While there are a good number of people in the United States who complete and file their taxes on their own every year, there are many more who trust so-called professionals to help them. Having a good tax preparer matters if one chooses to go this route. Here are few tips that may help Connecticut residents determine if their tax preparers or potential tax preparers are right for the job.