Tax-cutting moves to consider now
Now is the time to consider your tax situation and the steps you could take to lower your 2013 tax liability
The end of the year is rapidly approaching. That means now is the time to consider your tax situation and the steps you could take to lower your 2013 tax liability. Here are a half-dozen options that might fit your situation.
1. Review your investments and start thinking about offsetting gains and losses for the year. You can deduct $3,000 of losses against ordinary income.
2. Be sure you set aside the maximum allowed in your retirement plans. This year you can put $17,500 in a 401(k) plan, $12,000 in a SIMPLE, or $5,500 in an IRA. Additional amounts can be contributed if you're 50 or older.
3. December 31 is the deadline for taking a 2013 required minimum distribution from your traditional IRA if you're 70½ or older. Miss this requirement and a 50% penalty could apply.
4. Start a retirement plan for your small business. You may be entitled to a tax credit of up to $500 in each of the plan's first three years.
5. Buy needed assets for your business before year-end to utilize the first-year expensing option (Section 179) of up to $500,000 for 2013. New asset purchases might also qualify for 50% bonus depreciation.
6. Install energy-efficient improvements to your home; you might qualify for a lifetime tax credit of as much as $500. Solar improvements such as water heaters or panels may be eligible for a credit of up to 30% of the cost.
For a more complete look at ways to cut taxes in your particular circumstances, call our office for a year-end planning appointment.
Burzenski & Company once again supported an event at the Children's Center in Hamden. On October 24, three employees volunteered to be onsite for the Children's Center Trunk or Treat Halloween event. Callie Kutys, Shelly Panico and Carmen Rosado donned costumes and handed out candy to about 100 children. Booooooooo!
IR-2024-263, Oct. 10, 2024
WASHINGTON —The Internal Revenue Service announced today continued progress on Employee Retention Credit claims, with processing underway on about 400,000 claims, representing about $10 billion of eligible claims.
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On Thursday, August 29th, we held our annual state-of-the-firm and company picnic at Owenego Inn located in Branford, CT.
The firm recognized the 40th employee anniversary of Partner Melody Mann Fox, CPA. Managing Partner Bill Kalinowski congratulated Melody on her tenure and accomplishments with the firm. Said Ralph L. Ricciardelli, CPA, Emeritus, a founding partner of Burzenski & Company, PC, “Mel, 40 years where does the time go? It’s not easy to build a firm and you’ve done it with a lot of grit, expertise, and professionalism. You have been integral in building the firm. You’ve been integral in helping with the staff, whether it was the administrative staff or the accounting staff. I don’t know what we would do without you. There aren’t enough words of appreciation that we can give to you.”
It was a great day for employeea to play games such as bocce, corn hole, Jenga, and a trivia contest with staff split up into teams.
At the firm's annual state-of-the-firm and company picnic on August 29th, we recognized the 40th employee anniversary of Partner Melody Mann Fox, CPA. Managing Partner Bill Kalinowski congratulated Melody on her tenure and accomplishments with the firm.
Said Ralph L. Ricciardelli, CPA, Emeritus, a founding partner of Burzenski & Company, PC, “Mel, 40 years where does the time go? It’s not easy to build a firm and you’ve done it with a lot of grit, expertise, and professionalism. You have been integral in building the firm. You’ve been integral in helping with the staff, whether it was the administrative staff or the accounting staff. I don’t know what we would do without you. There aren’t enough words of appreciation that we can give to you.”Mel, 40 years where does the time go? I remember when you first came to us in 1984 as a staff person. Our first tax season together was 1985. There was a lot of fun things that happened during those early years that laid the ground work for the future.
2024 Connecticut Sales Tax Free Week
Highlights
The 2024 Sales Tax Free Week is Sunday, August 18, through Saturday, August 24, 2024.
Sales or purchases of certain items of clothing or footwear costing less than $100 per item are exempt from sales tax.
This special exemption applies to purchases made from retailers located in Connecticut as well as from on-line retailers.
This year will be Connecticut's 25th Sales Tax Free Week.https://portal.ct.gov/drs/sales-tax/sales-tax-free-week
Sarah Williams, formerly of Abilene, TX, has joined the staff at Burzenski & Company, as a Staff Accountant. She earned a Bachelor of Business Administration degree as well as a Master of Accountancy degree from Abilene Christian University in Abilene, TX.
Prior to joining our firm, she was as a Tax Associate.
She has two cats named Fig and Peach.
Burzenski & Company, PC will close the office on Fridays at 12:00 (noon) in the months of July and August.
Please contact us during our normal business hours of 8:30AM to 5:00PM. 203-468-8133
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