Articles

Connecticut Sales Tax Increase

New Tax Rates

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

The general sales and use tax rate increases from 6% to 6.35%;

  • The room occupancy tax increases from 12% to 15%;
  • The tax on the rental or leasing of a passenger motor vehicle for a period of 30 consecutive calendar days or less increases from 6% to 9.35%;
  • A tax rate of 7% applies to the following: the sale for more than $50,000 of most motor vehicles, the sale for more than $5,000 of jewelry (whether real or imitation), the sale for more than $1,000 of an article of clothing or footwear intended to be worn on or about the human body, a handbag, luggage, umbrella, wallet or watch.

 

Newly Taxable Services.

Effective July 1, 2011, sales of the following services are taxable:

  • Services rendered in the voluntary evaluation, prevention, treatment, containment or removal of hazardous waste or other contaminants of air, water or soil;
  • Valet parking provided at any airport;
  • Yoga instruction provided at a yoga studio;
  • Motor vehicle storage services;
  • Packing and crating services;
  • Motor vehicle towing and road services;
  • Intrastate transportation services provided by livery services, with certain exceptions, including nonemergency medical transportation provided under the Medicaid program, certain paratransit services and dial-a-ride services;
  • Pet grooming, pet boarding services, and pet obedience services;
  • Services in connection with a cosmetic medical procedure;
  • Manicure services, pedicure services and all other nail services; and
  • Spa services.

 

Exemptions Repealed

Effective July 1, 2011, the following exemptions are repealed:

  • Clothing and footwear under $50;
  • Nonprescription drugs and medicines, and smoking cessation products; and
  • Cloth or fabric for noncommercial sewing, and yarn for noncommercial use.
 

Tax Tips Small Business

Employee Meals: When Does the 50-Percent Limit Apply?

Don't reduce your deduction if you aren't required to

In most cases, an employer is only allowed to deduct one-half of the expense that is paid to employees for meals. However, in some instances, the full amount is allowed.

Read more...

Small Business Quick Tip

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.
Saturday, 19th May 2012
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Tax Tips Personal

Do You Have Debt Forgiveness?

You may not have to include it in income

When you are liable for a loan but can't repay it, some lenders will forgive the debt. What many borrowers don't realize is that this cancellation of debt results in taxable income in the year of forgiveness. The lender usually will issue a 1099-C to report the cancelled debt. If you receive one, don't ignore it. Be sure to give it to your tax preparer and discuss the circumstances surrounding the loan.

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Personal Quick Tip

If by year-end you haven't contributed funds to your 2010 IRA, or if you've put in less than the maximum allowed, don't worry. You can contribute to either a traditional or Roth IRA until the April due date for filing your tax return for 2010 not including extensions. You can contribute up to $5,000 to your IRA each year. If you are age 50 or older, you are allowed to contribute an additional $1,000.