When is Cancelled or Forgiven Debt Taxable?

Posted in Tax News on January 25, 2012

If you owe a debt to someone else and they cancel or forgive that debt, the canceled amount may be taxable. This type of debt includes mortgages, credit cards, car loans and student loans. Lenders are required to send Form…

Tagged with: Bankruptcy, CPA, Forclosure, Form 1099-C, Form 982, Insolvency, mortgage, Principal Residence, Residence, Second Home, Student Loan

How to Claim the Connecticut Job Expansion Tax Credit (JET)

Posted in Tax News on January 18, 2012

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…

Tagged with: Connecticut, Connecticut Business, Connecticut Employee, Connecticut Employers, Connecticut Income Tax, Connecticut Tax Credit, Credit, CT, CT Department of Economic Development, DECD, Governor Dannel Malloy, Governor Malloy, Income Tax Credit, JET, Job Expansion Tax Credit, New Employee, New Employer Tax Credit, Small Business, Tax Cresit

Payroll Tax Cut Temporarily Extended into 2012

Posted in Tax News on January 11, 2012

Congress recently passed and the President signed the Temporary Payroll Tax Cut Continuation Act of 2011.This act temporarily extends the two percentage point payroll tax cut for employees by continuing the reduction of their Social Security tax withholding rate from…

Tagged with: Compensation, Congress, Employee, Employer, Income Tax, Income Taxes, Internal Revenue Service, IRS, Payroll Tax, Payroll Taxes, President, President Obama, Social Security Tax, Tax Withholding, Wages, Withholding

How to Claim the Connecticut Small Business New Employee Tax Credit

Posted in Tax News on January 4, 2012

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…

Tagged with: Connecticut, Connecticut Based Business, Connecticut Employer, Connecticut Income Tax, Corporation, Credit, CT, CT Department of Economic Development, DECD, Department of Economic and Community Development, Employee, Income Tax Credit, Job Creation Tax Credit, Limited Liablity Company, LLC, Member, New Employee, New Employee Tax Credit, Partnership, Small Business, tax credit, Tax Incentives

It’s 1099-Reporting Time Again…

Posted in Tax News on December 29, 2011

January 31st is the deadline to furnish Form 1099- Misc. to recipients. The 1099-MISC form is used to report more than two dozen types of payments that must be claimed as income by the recipient. This category includes payments made…

Tagged with: Attorney, Commissions, Connecticut, Contrator, Corporation, CPA, CT, Employee, Form 1096, Form 1099, Form 1099-MISC, Form CT-1096, Form W-9, Freelancers, Independent Contrator, Internal Revenue Services, IRS, LLC, Partnership, Rents, Royalties, Sub Contractor, Tax Gap

Branford, CT 203.208.0572
Manchester, CT 860.646.2465
Niantic, CT 860.739.5459
Storrs, CT 860.429.7885

When is Cancelled or Forgiven Debt Taxable?

How to Claim the Connecticut Job Expansion Tax Credit (JET)

How to Claim the Connecticut Small Business New Employee Tax Credit

It’s 1099-Reporting Time Again…

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Branford, CT 203.208.0572 Manchester, CT 860.646.2465 Niantic, CT 860.739.5459 Storrs, CT 860.429.7885

When is Cancelled or Forgiven Debt Taxable?

How to Claim the Connecticut Job Expansion Tax Credit (JET)

Payroll Tax Cut Temporarily Extended into 2012

How to Claim the Connecticut Small Business New Employee Tax Credit

It’s 1099-Reporting Time Again…

Search

Links

Latest News

Categories

Get Free Tax Tips

Branford, CT 203.208.0572
Manchester, CT 860.646.2465
Niantic, CT 860.739.5459
Storrs, CT 860.429.7885