April 2020 Archives

Why dealing with tax debt now is a good idea

There are numerous Connecticut residents who, for various reasons, are behind on paying their taxes. Letting tax debt go for too long will only increase how much one owes in the end, thanks to penalties and fees that the Internal Revenue Service will tack on. Dealing with tax debt sooner rather than later is always a good idea.

How often do sales tax returns have to be filed?

Business owners in Connecticut and elsewhere have a duty to collect taxes on non-exempt items that they sell, regardless if they run their businesses from brick-and-mortar stores or online. This sales tax ultimately needs to be passed on to the state, either monthly, quarterly or annually. How will one know how often sales tax returns have to be filed?

When does tax avoidance cross over into tax evasion?

Like just about everyone else across the country, including here in Connecticut, you don't want to pay even one dollar more than you have to at tax time. The U.S. Tax Code allows taxpayers to work toward that goal through the use of numerous credits and deductions that are available for those who qualify to use them.

Offer in Compromise -- who sets the terms?

Being unable to pay one's tax bill can be defeating. A lot of Connecticut residents are struggling financially right now, and the last thing they need is to have penalties and fees attached to tax bills that are already outrageous. Thankfully, those who do end up owing more than they can pay do have options to ease their financial situation. One such option would be seeking an Offer in Compromise.

Suggestions for when you cannot meet your tax obligation

Every year, there are Connecticut residents who struggle to pay their taxes. This year will be no different. When taxes are owed, and one lacks the funds to pay them, what can one do? This week, this column will share a few suggestions for those struggling to meet their tax obligations.

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Baker Law Firm, P. C.
24 Delay Street, Suite 1
Danbury, CT 06810

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