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Bresnick Financial Services, LLC
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Are you divorcing your spouse in 2018? There are HUGE tax implications depending if you are receiving/paying alimony under the new tax law. 12/31/18 is the deadline for alimony to be deductible/taxable so you may want to speed up, or slow down, the proceedings.
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Breaking News: CT Gov. Malloy signed into law a new Pass Through Entity Income Tax. Beginning immediately all LLC, S Corp, and Partnerships will be taxed 6.99% on their net income and need to make estimated payments. Owners will get a credit on their personal tax return so the end result is a wash, but this changes how owners need to plan. Contact us immediately for details if this affects you.
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Are you looking for a trusted accountant? We offer a broad range of services including CFO work, payroll, tax planning, bookkeeping, and of course tax preparation. Contact us today to see how we can help. http://ow.ly/dIZw30jGVq3
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Don't forget to make any last minute IRA contributions before tomorrow's tax deadline for 2017! If you need more time to fund a SEP/SIMPLE IRA you can extend to Oct 15, but traditional and ROTH IRAs are due tomorrow.
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Do you live in a high tax state like CT, CA, NJ, NY, or DC? In 2018 itemized state and local taxes are limited to $10,000 and therefore may significantly impact how much tax you pay. Now is the time to start planning.
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ALERT! CT Dept of Revenue asked for and RECEIVED information from NewEgg and other online retailers about all customers in CT who didn't pay sales tax on their purchases. We have already seen clients getting tax bills for unpaid use tax.
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Scam Alert! A new scam targeting taxpayers this year where refunds are being erroneously deposited into bank accounts from fraudulently filed returns. A fake debt collection agency will call and ask you to forward the funds to them. DON'T! Call IRS first. http://ow.ly/nWtJ30io2sZ
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Higher thinking tax tip: the 2018 standard deduction was increased to $12k/$24k for individuals and married couples, respectively. But the $4k personal exemption was eliminated. This effectively means an increase of ONLY $1,650/$3,300 in deductions.
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Tax season is in full swing! Contact us today to book your appointment as we're getting busy fast. New clients are welcome for business taxes/accounting as well as personal taxes.
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Breaking News: the budget Congress passed includes 36 tax extenders retroactive to 2017. Most notable include energy efficient credits, mortgage insurance/interest deductions, exclusion of discharge of qualified principle indebtedness, and tuition deductions. Contact us with questions or if you need help, especially if you've already filed your return.
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