Manchester, CT 860.646.2465 • Niantic, CT 860.739.5459 • Storrs, CT 860.429.7885
Office Hours Monday–Friday: 8:30am-5:00pm
CLOSED: CHRISTMAS Tuesday, December 25th and
NEW YEAR'S DAY Tuesday, January 1st
Posts Tagged ‘CT’
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 »
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!
Borgida & Company, P.C., CPA’s acquires Paul Watson, CPA
Borgida & Company, P.C. CPA’s announced it has acquired the practice of Paul L. Watson, CPA, whose practice was located in Coventry, Connecticut.
“We are excited to welcome Paul and his clients to our firm”, said Thomas Scanlon, CPA, President of Borgida & Company. “It is a good fit for his clients and our firm” noted Tom Scanlon.
The firm will continue with the … Continue reading »
The Last (Really BIG) Tax-Free Gift
Under current federal estate tax law there is an exclusion up to $5.12 million in 2012. Taxable estates above this amount are taxed at 35%. This exclusion is scheduled to decrease to $1 million beginning in 2013. The tax rate will also increase to 55%. This exclusion can be used either at death or during life. In other words, the federal estate tax and the federal gift tax are unified.
There is speculation that Congress won’t allow this exclusion to … Continue reading »
3 Things We Learned From Hurricane Sandy
Hurricane Sandy has left its devastation.
