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CLOSED FRIDAYS May 25 - Aug 31, 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 for individual taxpayers.
Overall income tax rates were cut. The highest federal income tax rate which was 39.6% has been cut to 37%. This is one of many other … Continue reading »
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 »
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 »
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.
New brackets & break points. The Act would provide seven tax brackets for … Continue reading »
Borgida & Company, P.C. | Manchester, CT 860.646.2465 • Niantic, CT 860.739.5459 • Storrs, CT 860.429.7885
