Following Governor Dannel Malloy’s emergency declaration and the continuing impact of Storm Sandy, Department of Revenue Services (DRS) Commissioner Kevin B. Sullivan has extended the deadline for state tax filings and payments due this week to the end of the business day on November 7, 2012.

Few things are as daunting a shoe box full of receipts when tax time comes along. The thought of making sense of this mess can be frustrating. However, it doesn’t have to be like this. Preparers can work with their clients to find a solution to manage expenses better. Below are a few options that can help you get your shoe box tax payers organized.

1) Filing System – Help your client identify receipt categories and label a file folder for each one. Have your client store the file folders in a portable file box, stored in a location that is easily accessed.

The Connecticut Department of Revenue Services announced on January 30, 2012 the distribution of refund debit cards for most income taxpayers who do not choose direct deposit.

New Tax Rates

The following tax rates are in effect as of July 1, 2011:

WASHINGTON -  The Internal Revenue Service has released instructions to help employers implement the 2011 cut in payroll taxes.

Recently enacted legislation makes significant changes to Section 12-700(a) of the General Statutes retroactive to January 1, 2011. Employers and taxpayers need to perform catch-up withholding for the current tax year.  The following is a brief overview of the changes which may affect your employees:

Legislation signed into law earlier this year makes two new credits available to employers.

Tax Tips Small Business

  • Clothing for Your Job is Not Always Deductible

    Understanding the rules

    Many taxpayers are required to maintain a certain personal appearance or wear special clothing for work. However, not all your purchases for work-related attire or personal grooming reap a tax deduction. If you are required to wear a uniform or other special clothing that has the name of your employer or some other logo on it, that cost is deductible as a miscellaneous itemized deduction.

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Small Business Quick Tip

  • Like Kind Exchange

    If you are disposing of property used in your business, you may want to consider a like-kind exchange to defer the taxable gain on the sale.
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Tax Tips Personal

  • Charitable Remainder Trusts

    Reduce your estate by gifting property

    There are many ways to contribute to a charitable organization. You can write a check, donate property, or give of your time. If you're planning for retirement, you might want to consider making a gift of a future interest in your property by establishing a charitable remainder unitrust or annuity trust. These trusts allow you to contribute the property and retain an income stream.

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Personal Quick Tip

  • Qualified Mortgage Insurance

    In 2016, premiums that are paid or accrued for "qualified mortgage insurance" in connection with home acquisition debt on your residence are deductible as home mortgage interest.