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…
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…
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…
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. …
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.
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…
