Families take care of each other, at least most do. Sometimes, this requires offering financial assistance. Lending money to family is not without its consequences. There are even tax consequences of which some Connecticut residents may not be aware.Sometimes, family...
Income Tax
Have a tax problem? Don’t ignore it; take swift action
After filing personal taxes, the Connecticut Department of Revenue and the Internal Revenue Service have several years in which they can look for issues with one's filing and seek more money. When an unexpected tax bill arrives in the mail, it can be rather stressful....
Don’t forget to pay taxes on CVC transactions
Convertible virtual currencies have been around for a while now, and there are likely numerous Connecticut residents who have some in their financial portfolios. In 2014, the Internal Revenue Service released a statement saying all CVC-related transactions need to be...
The how to’s of paying income tax quarterly
Certain Connecticut residents have to pay their taxes, not just once but four times a year. Freelancers and business owners typically do not pay taxes with every paycheck. If they make over a certain amount in a year, they must pay estimated income taxes quarterly or...
Common income tax problems some will see this next tax season
The 2020 tax season is not too far off. That means that Connecticut residents only have a short time left to address some issues so that there are not problems when they eventually file their income tax returns. What are some of the common problems people are expected...
How the SECURE Act will affect taxes
Anyone who keeps up on the news has likely read or heard about the Setting Every Community Up for Retirement Act that recently passed the House vote. The Senate is set to vote on it, and it is expected to pass without issue. The name of the bill certainly sounds like...
Connecticut fighting to keep charitable deduction tax benefit
For a long time, taxpayers in Connecticut have been able to fully deduct state and municipal tax payments on their federal returns. Law changes, which took effect in 2017, ended that tax benefit for the time being. As such, the state of Connecticut created a...
Changes to taxpayer rights
On July 1, 2019, a bill was signed by the president that is intended to protect taxpayers. Taxpayer rights are not new, but many felt that changes to these rights were long overdue. How will the Taxpayer First Act of 2019 benefit Connecticut residents?Benefit number...
What the mansion tax could mean for you
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...
Having a good tax preparer matters
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...