Starting June 1, 2022, CT residents may begin to apply for a child tax credit ($250 per child for a maximum of three children). To be eligible, the taxpayer must: be a CT resident have claimed a child under the … Continued
Be on the lookout – the IRS will be mailing letters in January on the Advance Child Tax Credit Payments (Letter 6419) and the Economic Impact (stimulus) payment (Letter 6475). This information will be needed to file your return. Any … Continued
Are you a Torrington property owner or tenant looking to improve your property? The City of Torrington is providing a financial incentive to reinvest in commercial buildings exterior and certain qualified interior renovations. Apply or get more information about the Torrington … Continued
COVID-19 has been difficult on everyone including charities. In addition, fewer people have been claiming tax breaks for charitable giving since the Tax Cuts and Jobs Act went into effect in 2018 roughly doubling the standard deduction. The Cares Act … Continued
On December 22, 2017 President Trump signed the biggest tax legislation changes in three decades, Tax Cuts and Jobs Act. Here are some of the highlights under the new tax law: individual rates will be temporarily lowered, the standard deduction … Continued
On Friday, October 13 Social Security Administration increases were announced as follows: 1) The 2018 maximum wage base subject to the 6.2% Social Security tax would increase to $128,700 up from the 2017 amount of $127,200. (A subsequent update on … Continued
Calendar year partnerships, including electing large partnerships, and S corporations must file their 2016 returns, and provide each partner/shareholder with a copy of Schedule K-1, by Mar. 15, 2017, or else file for an automatic 6-month extension on Form 7004.
The 2017 tax filing season begins January 23, 2017. Taxpayers claiming certain tax credits to expect longer wait for refunds. As a reminder, due dates for some business tax returns have changed for the 2016 filing. Contact us with questions.