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Don’t Miss Paying Your Estimated Taxes – IRS Increases Penalty for Underpayment of Taxes

Posted in Small Business, Tax News on December 20, 2023

Local Manchester, CT CPA firm Borgida & Company warns clients about missing making payments for estimated taxes and IRS penalties.   The Surprise Bill Coming to Those Who Underpay Their Taxes- The IRS penalty for shortfalls jumps to 8%  …

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Four Easy Steps for CT Taxpayers to Plan for their 2018 Income Tax

Posted in Small Business, Tax News on May 4, 2018

1. Know the Tax Law Changes   In December 2017 President Trump signed the new tax bill.  This new law is known as the Tax Cuts and Jobs Act (TCJA).  Much of the discussion surrounding the TCJA is tax cuts…

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How to Pay Your Estimated Taxes

Posted in Tax News on September 15, 2013

  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…

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Why Some Small Businesses Should NOT be an LLC

Posted in Small Business on June 9, 2013

The Limited Liability Company (“LLC”) certainly has become a popular form of business entity. If there is only one member (owner) then setting up these entities has become a breeze. Just go online, fill out some forms, pay the registration…

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4 Easy Steps to File Your Income Tax Extension

Posted in Tax News on April 7, 2013

Your 2012 income tax return is due on April 15, 2013. What if you can’t get it done on time? Here are 4 easy steps to file your income tax extension.     1) Prepare a Tax Projection

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