4 Easy Steps to Prepare Your Connecticut Personal Property Tax Declaration

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For Connecticut business owners their 2013 personal property tax declaration report is due by November 1, 2013.  A report must be filed in each town that the business owns personal property. Unlike real estate and vehicles, personal property is self-reported.  With real estate the town will periodically do an … Continue reading »

4 Easy Steps to Respond to an IRS Notice with a 1099 Mismatch

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It appears that there are more notices being issued to taxpayers regarding a potential mismatch with a 1099 that was filed.

This increase in correspondence might be the result of taxpayers responding to Two Simple Questions Taxpayers Must Carefully Answer This Year. The two questions are:

“Did you make any payments that would require you to file … Continue reading »

3 Proven Reasons a Connecticut Business Owner Should Elect Subchapter S

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Business owners of corporations will by default have a “C” Corporation.  If they are eligible and they elect, they could be a Subchapter S (“Sub S”) corporation.

 

 

 

An eligible Sub S corporation meets the following criteria:

How to Apply for Connecticut Tax Amnesty and Save Money

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The State of Connecticut Department of Revenue Services (“DRS”) is running a tax amnesty program from September 16, 2013 through November 15, 2013. The amnesty program is for any tax period ending on or before November 30, 2012.

How to Pay Your Estimated Taxes

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Many taxpayers are employees and have their income taxes withheld from their paycheck.  Every April 15th they need to settle up with Uncle Sam and their state tax department.

 

Other taxpayers may not be employees or have taxes withheld from their earnings.  These folks would need to file quarterly estimated taxes. This could include the self-employed, partners in partnerships … Continue reading »

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