If you owe taxes, need to make estimated payments or are on an installment agreement plan, you can make these payments online.
For instructions on paying Connecticut State taxes, click here.
For instructions on paying Federal taxes, click here.
As the Third Quarter of 2016 winds to a close, estimated taxes are due. If you are required to pay estimates, we may have provided pre-addressed envelopes and vouchers with the amounts due in the tax return packet we gave you. Please make sure that your payments are mailed on or by September 15th. If we keep your envelopes and vouchers here in our office, please make sure you stop by before September 15th so that we may mail out your checks by the deadline.
As always, we are here to answer any questions you may have.
Brexit happened! One of the biggest effects on everyday Americans is expected interest rate changes. Rates have already been low and no one knows how long these record lows will be sustained. If you have a mortgage, it is a very good time to look at the rates and terms. It very well may be a good time to refinance.
We are happy to give you reputable referrals for a mortgage professional to help you with the process.
Kickstarter, for those of you who don’t know, provides a platform for people with ideas to get funding for their project to get off the ground. Like Shark Tank minus the judges and with a grass roots feel. Kickstarter makes it clear that funds raised through their site are to be considered income and therefore – you guessed it – are subject to taxes.
Remember the Kickstarter campaign about funding a potato salad? As a joke, a man in Columbus, Ohio asked Kickstarter visitors to fund his endeavor of making a great potato salad. He asked for $10; he received (at the highest mark before donors began pulling out) $70,912. For potato salad ingredients.
Now, any amount someone receives and doesn’t spend on deductible expenses on his or her business will be subject to federal, state and local taxes. In this case, after crunching numbers, the Tax Foundation assessed the Kickstarter gifts would generate $21,167.49 in total taxes.
Here’s how the Foundation did the math: Kickstarter takes 5 percent of pledged gifts as a finder’s fee, which keeps them in business. That’s approximately $3,500. If the man spends $1,500 on business expenses — he’s pledged to give big donors their own recipe books and potato salad-themed hats, plus the ingredients he’ll need to whip up all those side dishes — his pre-tax income will be $65,912.
After all was said and done, his final amount received was actually over $46,000, due to donors pulling out, which is lucky for him in terms of his tax liability. In this particular case, the tax bill is so high in part because local taxes in Ohio are considerably higher than in other states. In any case, have your spuds in a row when you’re pitching an idea to backers.
For anyone who is the owner of or has signatory rights over a foreign account that had, at any time during the calendar year, the equivalent of $10,000 USD in it is required to file an FBAR – Foreign Bank and Financial Accounts (formerly TD F 90-22.1). If you have signing rights on your parent’s overseas account, for example, you are required to file this form. This is in addition to the Form 8938, which is filed with your taxes.
The online filing deadline is June 30th and you are not able to get an extension. There is no way to submit this in a paper format.
Banks have begun reporting the names of people who hold these accounts and there has been a cracking down on non-reporting by the Financial Crimes Enforcement Network and steep penalties are associated with not filing. The penalty for willfully failing to file is 50% of the maximum balance during the year for each year you do not file. If you are several years behind, please contact us for assistance.
Click here to file online.
Click here for more information.
We are, as always, here to assist you.
We look forward to working with you!
Hours of Operation:
Our summer hours are:
Monday through Thursday, 9am-5pm
Fridays 9am-4pm with extended hours by appointment.
We are located at 206-A Boston Post Road, Madison, CT 06443.
As the Third Quarter of 2017 winds to a close, estimated taxes are due. If you are required to pay estimated taxes you will find pre-addressed envelopes and vouchers with the amounts due in the tax return packet we gave you. Please make sure that your payments are mailed by September 15th. If we keep […]