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.
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.
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?
Now more than ever before, more Connecticut residents are gig workers. Gig workers are considered small business owners. They work for themselves by taking on business opportunities offered through larger companies -- such as Uber and Airbnb, among a number of others. Being a gig worker can be a good deal and offer good money, but it can also cause some income tax problems.
When tax season rolls around, most people in Connecticut and elsewhere try to file their taxes themselves or turn to accountants for assistance. There are some tax situations, though, that may require one to seek out a tax attorney for help. What situations would be best handled by an attorney rather than an accountant?
With the year quickly coming to a close, most Connecticut residents probably feel it is too late to adjust things that will minimize their tax liability. The simple truth is, that is not true. There is still time to take action and make a few changes that will help one's income tax situation.
When going through the divorce process, taxes are probably the last thing on a person's mind, but they should not be. Divorce, and all that it entails, can cause some serious income tax issues for Connecticut residents. Take selling the marital home, for example.
When you think about your taxes, you probably think a tax preparer or an accountant is the person you need to talk to about any concerns you may have. While these individuals can offer some great guidance to Connecticut residents, they may not be able to address all of your concerns. A tax attorney, however, may be able to.
Divorce is a complex process of dividing assets. Whether you reside in Connecticut or elsewhere, the problem with dividing certain assets is the income tax issues that are likely to follow if they are not divided the right way. A tax attorney may be able to assist you in decreasing your tax burden by helping you properly structure your divorce settlement.
Connecticut residents who receive income throughout the year, regardless of its source, have to pay taxes on that income. In some instances, taxes are withheld before money is deposited into one's bank account, but there are individuals who do not have taxes withheld. These individuals may have to pay an estimated income tax at various times throughout the year or possibly face penalties.