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If you get a Form 1099-K in 2013, don’t ignore it. The new form records payments received in 2012 by credit card companies or through third-party networks such as Amazon, PayPal, and Google. This added income reporting mechanism was created as part of the Housing Assistance Tax Act of 2008 and is finally taking effect for the 2012 tax year. This form was issued in 2012 for income received in … Continue reading »
Recently we helped a client survive an Internal Revenue Service (“IRS”) Audit. Ultimately, we got a very good outcome. The taxpayer owed $219. That's as close to "No Change" as you can get!
During its October, 2011 Special Session, the Connecticut General Assembly adopted, and on October 27, 2011, Governor Malloy signed into law, House Bill No. 6801, An Act Promoting Economic Growth and Job Creation in the State (the “Act”). One of the most significant items in this Act is the Job Expansion Tax Credit. Below is an overview of the program, eligibility requirements and information … Continue reading »
Did you know that CT provides tax incentives to hire new employees in small businesses?
The Qualified Small Business Job Creation Tax Credit Program provides incentives to Connecticut’s small businesses to hire new full-time employees. Under this program Connecticut-based businesses with less than fifty employees are eligible for a $200 per month tax credit for each new full-time employee they hire. Below are the guidelines for the program, a link to the application and the contact.
1) Harvest Capital Losses
Capital gains property includes stocks, bonds and mutual funds. Currently, the stated rate on long term capital gains is 15%. If you have a net loss after netting all of your gains and losses, the tax deduction is limited to $3,000. Any excess capital losses can be carried into the future.