Tax News

7 Ways The 2017 Tax Bill Affects Connecticut Taxpayers

 

 

1) Decrease in Income Tax Rates

 

The 2018 income tax rates are as follows:

Single                                        Married Filing Joint 10%  up to $9,525                      Up to $19,050 12% $9,526 to $38,700               $19,051 to $77,400 22% $38,701 … Continue reading »

4 Easy Steps to File Your 2017 Forms 1099

 

 

1) Determine who should receive Form 1099

 

Business owners need to determine who should receive a Form 1099.  The Form 1099 will be issued to independent contractors and other parties. The IRS has rules to determine who is an employee and who is an independent contractor under the so-called Twenty Factor Test.  For Connecticut employers; they should also look at the Connecticut ABC Test.

Some … Continue reading »

A Summary of the Proposed Tax Law & How It Affects You

The US senate passed their version of the tax reform – the Cuts and Jobs Act – on December 2nd.  The bill differs from the version that the House passed last month, which means the 2 houses will have to reconcile their differences before a final bill can be voted on and passed before it can be presented to the President for his signature.

 

Senate Version

New brackets & break points. The Act would provide seven tax brackets for … Continue reading »

CT DOL Kicks This Can Further Down The Road

CT Retirement Security Authority Issues Employer Advisory Regarding Savings Plan Implementation Date: deferred until January 1, 2018.

>>Read the complete media release>>

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 »

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