How to File a Personal Property Tax Declaration in Connecticut

September 29, 2017 Small Business, Tax News 1 Comment Print this page Share

All Connecticut business owners that own personal property must file a Personal Property Tax Declaration by November 1, 2017.

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, but don’t forget to FILE!

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3 Proven Reasons a Connecticut Business Owner Should Meet With Their CPA Before Year-End

December 6, 2013 Tax News 1 Comment Print this page Share

Another year will end soon.  There is (very) little tax planning that can be done after the year-end.  With the maximum federal income tax bracket of 39.6% and the maximum State of Connecticut income tax bracket of 6.5% there is a lot of tax dollars on the table. Here are 3 proven reasons a Connecticut business owner should meet with their … Continue reading »

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4 Easy Steps to Prepare Your Connecticut Personal Property Tax Declaration

October 14, 2013 Tax News 0 Comments Print this page Share

For Connecticut business owners their 2013 personal property tax declaration report is due by November 1, 2013.  A report must be filed in each town that the business owns personal property. Unlike real estate and vehicles, personal property is self-reported.  With real estate the town will periodically do an … Continue reading »

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What’s the Difference in Capital Gains Taxes?

February 24, 2013 Tax News 2 Comments Print this page Share

Capital Assets

Capital assets are generally those held for investment.  Stocks, bonds and mutual funds are some examples. If there is a gain on the sale of these assets, a capital gains tax is due.

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The Difference Between The Standard Mileage Method and Actual Expenses

June 19, 2012 Tax News 0 Comments Print this page Share

The Internal Revenue Service (“IRS”) allows taxpayers to choose between the Standard Mileage Method and Actual Expenses.

Standard Mileage Method The IRS allows taxpayers to deduct a standard mileage method for business travel.  The current allowance is for 55.5 cents per mile.  This allowance is updated periodically to reflect changes in gas prices and other changes.  Keep in mind this allowance is just for business travel. There is no deduction allowed for commuting and other personal travel.

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