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Small business tax Q&A: August ’18

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Michelle Pena

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in Small Business Tax

More tax on Social Security benefits

Q. I know that the federal government taxes Social Security benefits. Do the individual states? J.K., Trumbull, Conn.

A. Social Security benefits aren’t subject to tax in most states, but 13 states do impose tax on these benefits, including your home state of Connecticut. The other 12 are Colorado, Kansas, Minnesota, Missouri, Montana, Nebraska, New Mexico, North Dakota, Rhode Island, Utah, Vermont and West Virginia. In addition, other special rules may apply. For example, in Connecticut Social Security benefits are exempted from state income tax for a joint filer with under $60,000 of income.

Tip: The federal tax on benefits is triggered at relatively low levels of “provisional income.”

No change for business casualty losses

Q. Does the new tax law eliminate casualty loss deductions for business property? L.B., New Orleans

A. No. The Tax Cuts and Jobs Act (TCJA) provision s...(register to read more)

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