Small Business

Tax Benefits of Hiring Veterans

Hire Vets First and Receive Tax Benefits!

The Connecticut Department of Labor (DOL) and U.S. Department of Veteran Affairs (VA) offer tax benefits and free services to employers who hire Veterans.  Pre-screening of applicants and reliable referrals are only a few services offered at no cost to the employer.

 

On-the-Job Training Grants (OTJ) —The Connecticut DOL offers on-the-job training to eligible applicants at the employer’s place of business.  Employers are reimbursed up to 50% of the … Continue reading »

How to File a Personal Property Tax Declaration in Connecticut

All Connecticut business owners that own personal property must file a Personal Property Tax Declaration by November 1, 2017.

Failure to file this declaration or filing late will result in a penalty equal to 25% of the assessed value of the property…and nobody wants to pay 25% more in taxes! So, you can file or have Borgida & Company file, but don’t forget to FILE!

Manufacturing Apprenticeship Tax Credit

Due to the current and impending shortage of skilled craft workers in the manufacturing trades in Connecticut, corporations who employ an apprentice will be entitled to the Tax Credit for Manufacturing Apprenticeships.

Corporations claiming this tax credit must have a qualified apprenticeship training program:

  • Certified in accordance with regulations adopted by the Connecticut Department of Labor
  • Registered with theConnecticut State Apprenticeship Council

The apprenticeship program must meet the following requirements:

Filing Deadline for Employer Forms W-2 and 1099-MISC

For tax year 2016, the new deadline for filing employer copies of Forms W-2 and 1099-MISC is January 31, 2017.  In the past, employers had until February 28 to file these forms.   The new filing date, stated in a new federal law under the Protecting Americans from Tax Hikes (PATH) Act of 2015, gives the IRS more time to identify and prevent refund fraud.

The January 31 deadline to furnish employee’s copies of Forms W-2 and 1099-MISC remains the same.

How to Apply for the Connecticut Small Business Matching Grant Program

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The state of Connecticut Small Business Express Program (“EXP”) was designed to provide loans and grants to Connecticut small business to spur growth and job creation. The program offers access to capital and incentives for loans and grant funds to provide jobs as follows:

 

 

 

 

For Access to Capital:

* EXP Revolving Loan Fund

 

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