Following the January tax law changes made by Congress under the American Taxpayer Relief Act (ATRA), the Internal Revenue Service announced today it plans to open the 2013 filing season and begin processing individual income tax returns on Jan. 30.
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.
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:
Be sure to deduct every legitimate expense
Amounts you spend in the course of conducting business are generally deductible from the gross income of that business. This includes any start-up expenses. You can claim amounts spent for items ordinary and necessary in your trade or business as a deduction against your income. Otherwise, the amounts are amortized, depreciated, or expensed depending on the nature of the purchases.Read more ...
|Employer-provided education assistance benefits of $5,250 provided under a written plan are excludable from wages. The education doesn't need to be job-related to qualify.|
Nonspouse beneficiaries have new options
If you are the beneficiary of a decedent's qualified retirement plan, and you are not the spouse of the decedent, you now have additional options for distributions. In the past, only a spouse beneficiary was permitted to roll the account into an IRA. Now, beginning in 2007,
|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.|