Tax News

The New Connecticut Business Entity Tax

The Jobs Cut and Tax Act (JCTA) of 2017 made the most sweeping changes to the Federal Income Tax Law in over 30 years. Read here to see the 7 Ways the 2017 Tax Bill Affects Connecticut Taxpayers. In additional to almost doubling the Standard Deduction, beginning in 2018 the maximum deduction for state and local income taxes (SALT) is limited to $10,000. As … Continue reading »

5 Reasons Taxpayers over Age 70 1/2 Should Make a Charitable Donation From Their IRA

The Tax Cuts and Jobs Act (“TCJA”) almost doubled the Standard Deduction. Beginning in 2018, Single filers can claim $12,000, Head of Household $18,000 and Married Filing Jointly $24,000. Additionally, the maximum amount that can be deducted for state and local income tax is $10,000.  Before this change, it was estimated that about 30% of taxpayers itemized their deductions. After this change it is estimated that about only 10% of taxpayers will itemize their deductions.

Individuals over age 70 ½ … Continue reading »

Scanlon Packs the House

On Thursday, September 27th Borgida & Company hosted a presentation entitled “How the New Federal Tax Law Affects You”. A big crowd joined us for dinner and asked questions regarding their concerns about the 2018 tax law changes. A autumn-themed raffle was won by a grateful Bill K.

How to File a Personal Property Tax Declaration in Connecticut

All Connecticut business owners that own personal property must file a Personal Property Tax Declaration by November 1, 2018.

Failure to file this declaration or filing late will result in a penalty equal to 25% of the assessed value of the property…and nobody wants to pay 25% more in taxes! So, you can file or have Borgida & Company file for you, but don’t forget to FILE!

NEW!!! 2018 Fall Seminar Series Announced

Join us for Dinner & Important Discussions You’ll Want to Hear.

 

Thursday, September 27th 

How The New Federal Tax Law Affects YOU

5:30pm – 7:00pm, 360 East Center Street, Manchester, CT

Thomas F. Scanlon, CPA, CFP®, President of Borgida & Company, PC will present on the New Federal Tax Law. Some of the topics include: reduced Income Tax Rates, removal of Personal Exemptions, increases in the Standard … Continue reading »