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I love visiting the great state of Connecticut. Connecticut is such a beautiful place to visit. It doesn't hurt that my childhood friend and the Godfather of my son has a restaurant in Waterbury! While doing research on various state business tax credits, I found a cool tax credit given by the state of Connecticut. Today's post will discuss the basics of the Neighborhood Assistance Act Tax Credit Program.


The Connecticut Neighborhood Assistance Act (NAA) Tax Credit Program is designed to provide funding for municipal and tax exempt organizations by providing a corporation business tax credit for businesses who make cash contributions to these entities.

Businesses can receive a credit of 60% of their approved contribution to certain programs (or 100% in the case of certain energy conservation programs) approved by the Department of Revenue Services. Any tax credit that is not taken in the income year in which the contribution was made may be carried back to the two immediately preceding income years (beginning with the earlier of such years).


The program has several statutory limits, including the following:

1. A business is limited to receiving $150,000 in tax credit annually.
2. A non-profit organization is limited to receiving $150,000 in contributions in the aggregate.
3. The minimum contribution on which credit can be granted is $250.
4. Beginning on July 1, 2017, the program has a ten million dollar cap, which, if exceeded, results in proration of approved donations.

Organizations wishing to participate:

Each municipal agency or tax-exempt organization that wishes to participate in the NAA Program must complete in its entirety Form NAA-01, the program proposal application. This form must be submitted to a participating municipality for approval.  Contact the municipality for deadline information. Do not send Form NAA-01 directly to the Department of Revenue Services.

Businesses wishing to participate:

Each business requesting a tax credit under the Neighborhood Assistance Act Program must complete a separate Form NAA-02 for each program it wishes to sponsor. The contribution must be cash, and needs to be made in the corporation's income year that corresponds to the same year as the approved program.

Form NAA-02 must be submitted to DRS beginning September 15 through October 2, 2017.

Businesses may mail or hand deliver their applications.  In addition, applications may be submitted electronically by emailing Form NAA-02 to NAAProgram@ct.gov.  No fax transmittals will be accepted.

E-mail any questions to DRS.TaxResearch@po.state.ct.us or contact 860-297-5687 for more information.

SOURCE: http://www.ct.gov/drs/cwp/view.asp?a=1447&q=266058

Name: Jamaal Solomon

https://www.linkedin.com/in/jamaalsolomon/

   

1. Income taxes - If someone tells you that you are exempt from income taxes then leave their office asap! If you own a for-profit business then you are definitely subject to income taxes. The federal income tax is a pay-as-you-go tax. If you do not pay your tax through withholding, or do not pay enough tax that way, you might have to pay estimated tax. If you are not required to make estimated tax payments, you may pay any tax due when you file your return.Nothing in taxes are simply so trust me when I say that are thousand of laws, regulations and court decisions that makes this type of taxes extremely complex. I highly recommend to hire an accountant if you are a small business owner. Find other ways to cut corners but don't cut hiring an accountant. Getting in trouble with the IRS can ruin your business and personal net worth.
2. Self-employment taxes- So you thought you could hide from submitting social security and medicare taxes to the IRS? Nope! You still have to pay into our wonderful government programs just like employees receiving W2s.  Generally, your net earnings from self-employment are subject to self-employment tax. If you are self-employed as a sole proprietor or independent contractor, you generally use Schedule C or C-EZ to figure net earnings from self-employment. The self-employment tax rules apply no matter how old you are and even if you are already receiving Social Security or Medicare. As a self-employed individual, you may have to file Estimated Taxes quarterly. You can use these estimated tax payments to pay your self-employment tax.
3. Employment taxes aka "Payroll taxes" - Please take employment taxes very seriously. If you plan to hire employees, don't mess up the payroll taxes. The IRS will unleash hell on you if you intentionally didn't send the correct payroll taxes. You don't want an IRS letter stating "Trust Fund Recovery Penalty." If that happens, drop whatever you are doing and hire an "qualified" tax accountant asap (like within minutes after receiving the letter)! Employment taxes include the following: Social security and Medicare taxes, Federal income tax withholding and Federal unemployment (FUTA) tax. You will need to submit quarterly and annual payroll tax returns. I will dedicate an entire blog post on the payroll tax return requirements on a later date. 
4. Excise taxes - Excise taxes are taxes paid when purchases are made on a specific good, such as gasoline. Excise taxes are often included in the price of the product. There are also excise taxes on activities, such as on wagering or on highway usage by trucks. Only a few small businesses are subject to excise taxes. If your business is subject to excise, I recommend hiring an accountant before starting your business. Reporting excise taxes can be very complex.

Name: Jamaal Solomon

https://www.linkedin.com/in/jamaalsolomon/

   

 

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1. As entrepreneur, my days are never dull. I feel like I'm constantly dealing with all types of tasks. It can be hard to sometimes stop and reflect for a moment. Laying on the table forced me to take the time to reflect because I was trying to get over how I cold I was on the table. I guess a better word for what I did on the table was mediate. The greatest ideas were popping in my head while I was mediating. Entrepreneurs need to respect the importance of mediating to get their business to the next level. A lot of stuff become clearer when you eliminate the noise. I started to think about solutions to my problems. Hell, I thought about writing this post during my mediation period on the table!
2. You can mediate all you want but you have to back it up with action. While on the table, I wanted to write this post to share my experience with you. I felt like it was important to share. Most times, entrepreneurs problems are putting their plan into action. I must admit that this post will probably have a million errors but I felt like it needed to written today and not pushed to a later date. If I'm made a mistake for posting too fast then I will take it as a learning lesson. Don't wait until the perfect time. Go after your dreams and goals! Just don't say you will go after dreams. Show the world your dreams through your actions. The universe has a weird way of helping you when you put forth the effort.
3. As I mentioned before, I hate going to the doctor unless I'm dying. This is a horrible attitude! Money and power won't mean a thing if I don't take care of my health. Too much entrepreneurs abuse their bodies. Don't put your business or clients' problems ahead of your health. When I mean health, I'm talking about both physically and mentally. Suicide is a real problem among entrepreneurs. Remember that you have a family (even if you are single) that loves you and want to see you around. If you die, your clients will be alright because they will find someone to replace you the very next day. However if I die, my kids will be missing their father and we never forget me. Put your well being first, if not for you then for the people that really love you.
4. I was so mad that I was left on the table freezing for a long time. However, the cold harsh truth hit me. The world doesn't evolve around me. I didn't know the other patients' situations. I didn't know if the doctor was dealing with a serious problem. Shoot, I was just there to check if my body was still properly working. My visit was not a serious situation. Who am I to get mad that the all important Jamaal was left waiting? Sometimes, entrepreneurs get so full of themselves. We have to remember that we are just one of a billion other people trying to live in this world. I don't care if you are a billionaire, money doesn't make you better than someone who has ten dollars in their account.

Name: Jamaal Solomon

   

Benefits of Love and Marriage

I have a wife, 6-year old son and a 3-year old daughter. One day, I'm going to put them all to work in my company!

Hire your kids and spouse and save on next year’s taxes. For example, if you pay a minor child up to $6,350 from your business profits for helping you with business tasks, that amount is not taxed the same as your ordinary income. Also, if you hire your spouse, then as his or her employer you can pay for the healthcare of their family – i.e., yours – and deduct those payments.

Child employed by parents

Payments for the services of a child under age 18 who works for his or her parent in a trade or business are not subject to social security and Medicare taxes if the trade or business is a sole proprietorship or a partnership in which each partner is a parent of the child. Refer to the "Covered services of a child" section below. Payments for the services of a child under age 21 who works for his or her parent in a trade or business are not subject to Federal Unemployment Tax Act (FUTA) tax. Payment for the services of a child are subject to income tax withholding, regardless of age.

Look into the following link: https://www.irs.gov/businesses/small-businesses-self-employed/family-help


Daily Reminder: What Have You Done Today to Enable Your Tax Strategic Plan?

1. Have you created your organization’s strategic tax plan recently?
2. What are the key goals and metrics of the strategic tax plan?
3. What role do you play in enabling achievement of the defined goals?

Need tax help? Don't be shy, contact me at jamaal@jstaxcorp!

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Name: Jamaal Solomon

   

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Name: Jamaal Solomon