Tax Tips Small Business

Employers of Tipped Employees Allowed a Tax Credit
Are you getting the credit you deserve?

If you are an employer in the food and beverage industry, you may be entitled to a tax credit for the social security and Medicare taxes you pay on your employees' tip income. You must meet both of the following requirements to qualify for the credit:
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Small Business Quick Tip

The Social Security wage base increases to $102,000 in 2008, up from $97,500 for 2007. This means that you are no longer required to withhold social security tax for employees after meeting this threshold. However, you are required to withhold Medicare taxes regardless of the amount of wages paid.
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***We have just added information about the tax bill passed earlier this year. Click on "American Recovery and Reinvestment Act of 2009" to the left to read more.***
 
Connecticut Tax Amnesty

May 1 - June 25, 2009

 

The State of Connecticut will offer a tax amnesty program from May 1, 2009 through June 25, 2009. Applications for Connecticut Tax Amnesty will not be accepted prior to May 1, 2009.

The Connecticut Tax Amnesty Program, administered by the Department of Revenue Services, provides an opportunity for eligible taxpayers to pay their back taxes to the state while avoiding penalties and criminal prosecution. It also offers a reduction in interest.

Amnesty will be offered to any taxpayer owing Connecticut tax for any taxable period ending on or before November 30, 2008 either because the taxpayer:

  • failed to file a return for the taxable period, or
  • previously filed a return for the taxable period but underreported the amount of Connecticut tax.

Amnesty will not be offered on existing bills. Taxpayers already in a payment plan with DRS or who have received a tax bill from DRS cannot participate in amnesty for those periods.

A taxpayer may be ineligible for amnesty for either of the following reasons:

  • The taxpayer is currently under audit by the Connecticut Department of Revenue Services; or
  • The taxpayer is a party to any criminal investigation or to any civil or criminal litigation involving the Connecticut Department of Revenue Services.

Note: If a taxpayer is not eligible for tax amnesty for a particular Connecticut tax or for a particular taxable period, the taxpayer may still be eligible to apply for tax amnesty for another Connecticut tax or for another taxable period.

 
Thursday, 02 July 2009

 

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What is an Enrolled Agent and why should I care?

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Tax Tips Personal

Take Advantage of Tax Savings in a Down Market

Know when you have a deductible loss

Just because the stock market lost money, doesn't mean you have a deductible loss. As long as you hold on to an investment, you only have a loss on paper. It's only when you actually sell the investment that you have a transaction to report on your tax return.

Fortunately, the tax law allows you to offset your capital gains by your capital losses. You can avoid or minimize taxable gain by selling two investments, one at a gain and the other at a loss.

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Personal Quick Tip

If you tax refund was too high or too low, adjust your withholding so it doesn't happen again next year. You can file a revised W-4 with your employer at any time to increase or decrease the number of exemptions you claim. The more exemptions you claim, the less tax your employer withholds from your wages, resulting in a smaller refund. Decreasing the number of exemptions results in more withholding and a larger refund.