Governor Lamont Announces Connecticut Income Tax Rates Go Down, Earned Income Tax Credits Go Up, Senior Pension Exemptions Expand at the Start of 2024.

The IRS has set the following deadlines for the upcoming tax season…

There are seven federal income tax rates and brackets in 2023 and 2024: 10%, 12%, 22%, 24%, 32%, 35% and 37%. Your taxable income and filing status determine which rates apply to you.

As we near the end of 2023, a little bit of planning could help you find ways to reduce what you owe in taxes come April. Here are seven things to consider.

Tax benefits are generally broken into two major categories: tax deductions and tax credits. As you examine programs that could potentially apply to you, it's a good idea to know the differences in how tax savings can work.

If you installed solar panels, you may be in line for a tax break when you file your return. The U.S. government offers a solar tax credit that can reach up to 30% of the cost of installing a system that uses the sun to power your home.

An IRS audit is an examination or review of your information and accounts to ensure you're reporting things correctly, following the tax laws, and that your reported tax amount is correct. In other words, the IRS is simply double-checking your numbers to make sure you don’t have any discrepancies in your return.

If you place in service a new plug-in electric vehicle (EV) or fuel cell vehicle (FCV) in 2023 or after, you may qualify for a clean vehicle tax credit.

Beginning on January 1, 2024, most U.S. companies will be required to report ownership information to the Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Department of the Treasury.

The Inflation Reduction Act extended certain energy related tax breaks and indexed for inflation the energy efficient commercial buildings deduction beginning with tax year 2023.

If you’re considering taking an S Corporation election, it’s important that you review what obligations are involved in keeping an S Corporation viable. An important part of this review includes an evaluation of the reasonable compensation requirement.

By default, an LLC with one owner (either an individual or spouses who file taxes jointly) is considered a disregarded entity for tax purposes. Therefore, it is taxed as a Sole Proprietorship.