Schmitt’s Tax Service
E Main Street
Union Street, Winsted
Main Street, Winsted
Main Street, Winsted
Main Street, New Hartford
Meadow Street, Litchfield
Farmington Avenue, Bristol
Farmington Avenue, Bristol
Nearby finance companies
Burr Mountain Road
New Hartford Road, Winsted
Nearby law practices
Cotton Hill Road, New Hartford
At Schmitt’s Tax Service in Torrington, Connecticut, we provide tax preparation, bookkeeping servi
At Schmitt’s Tax Service in Torrington, Connecticut, we provide tax preparation and tax planning for our customers along with bookkeeping services. We help you to manage both, your personal and your business tax issues, including an ample explanation of how upcoming business opportunities impact your tax status and vice versa. Rest assured that our firm is capable to handle any situation for you.
Those Darn Kids - The risk of having kids file their own tax returns
There are benefits and pitfalls to having children file their own tax return. And YOU need to know them.
Those Darn Kids - The risk of having kids file their own tax returns One of the worst surprises you can have at tax time is discovering a dependent files their own tax return. It can create a tax filing mess. Here's why.
Client Update Newsletter: February 2023
Here are the reasons why you should file your tax return early. Also read about how to prevent the preparation of your return from getting stuck and tips to succeed as an independent contractor.
Client Update Newsletter: February 2023 Now that tax documents have started arriving in your inbox and mailbox, it's easy to set them off to the side to worry about later. There may be some benefit, however, to filing your tax return as soon as you can. In this month's newsletter, read about several reasons why you should consider filing....
How to Handle All Those Forms
During tax season, gathering all your forms is important because the IRS also gets copies. Leave anything out and you may get a deficiency notice.
How to Handle All Those Forms Your mailbox has started filling up with tax forms over the last several weeks and there are likely more to come. Getting your forms organized makes your tax filing easier for everyone involved. Here are some tips on how to handle all the forms you get and to head off any potential problems.
Reasons to File Early - When it makes sense to file a tax return as soon as you can
Some taxpayers should file their tax return early. Here are some great reasons why it may make sense.
Reasons to File Early - When it makes sense to file a tax return as soon as you can 2023 tax season for 2022 tax returns officially begins in late January, and there are many reasons to consider filing your tax return early. Here are some of the most common.
2023 Mileage Rates are Here! - New mileage rates announced by the IRS
The IRS increased the standard business mileage rates for 2023. Here are the details.
2023 Mileage Rates are Here! - New mileage rates announced by the IRS Here are the standard mileage rates for 2023
Reminder: Fourth Quarter Estimated Taxes Now Due - Now is the time to make your estimated tax payment
Reminder: Q4 estimated tax payment is due Tuesday, January 17, 2023.
Reminder: Fourth Quarter Estimated Taxes Now Due - Now is the time to make your estimated tax payment Plan now to make your 4th quarter estimated tax payment.
Client Update Newsletter: January 2023
New year. New tax return. Reduce the headache with these great organizational tips. Plus some great alternatives to New Year's resolutions are presented for your consideration.
Client Update Newsletter: January 2023 It's tax time! In the next couple of weeks you will be inundated with W-2s and various informational tax forms like 1099s. By paying attention to them, ensuring their accuracy, and that you are getting them all, you will be miles ahead in getting your tax return done. Spend a minute reviewing ways t...
Schmitt's Tax Service : Tax and accounting services for individuals and businesses
Schmitt's Tax Service is looking for a seasonal part time administrative assistant from February 1, 2023 to mid April 2023. Duties will include answering phone calls, making appointments, basic data entry, filing, copying, supply runs, etc. Wage will be between $16-$18/hour depending on experience. Hours will be Monday thru Friday 9:30am to 3:30pm, plus or minus. Must be able to multi task.
Submit resume to:
[email protected] or call 860-489-2789 and leave a message and I will return your call.
Ron Schmitt (Owner)
Schmitt's Tax Service, LLC
118 White Pine Road
Torrington, Ct 06790
Email: [email protected]
Schmitt's Tax Service : Tax and accounting services for individuals and businesses Professional tax and financial services.
Here They Go Again... - Late-breaking IRS change
Late Breaking News! Here is what you need to know.
Here They Go Again... - Late-breaking IRS change You know that new reporting requirement the IRS is implementing? Well, it is changing as of December 23. Here is what you need to know.
Social Security Planning Starts Now - Even those in their 20s should review this tip!
Social Security planning starts at an early age. Here is what you should be doing now!
Social Security Planning Starts Now - Even those in their 20s should review this tip! Too many think to pay attention to Social Security only when they near retirement. Do this at your own risk! Even those in their 20s should be taking action. Here are some tips.
Taxes and Uncollectible Debt - Tax ramifications can be good or BAD!
If you or your business were not paid back for a loan, the IRS may allow you to take a tax deduction for the outstanding debt. Here's what you need to know.
Taxes and Uncollectible Debt - Tax ramifications can be good or BAD! If you are in the unfortunate situation of having a debt owed to you become uncollectible, you may be able to recoup some of the loss via a tax deduction.
Fund Your Retirement or Your Child's College?
If you are facing the dilemma of saving for retirement or your child's college education, what should you do?
Fund Your Retirement or Your Child's College? With the rapidly increasing costs of college tuition, the decision to either save for retirement or your child's college tuition can be a real dilemma. Here are some thoughts.
Client Update Newsletter: December 2022
There's still time to lower this year's tax bill with these ideas, plus protect yourself from would be identity theft. All this plus a fun holiday quiz to impress family and friends!
Client Update Newsletter: December 2022 With the hustle and bustle of the holiday season, it's easy to overlook that tax season is right around the corner. To help you make the most of potential tax saving moves before the end of 2022, this month's newsletter features several year-end tax cutting ideas. Also have fun with the entire famil...
Consider Donating Appreciated Stock & Mutual Funds
There is still time to take advantage of what many consider the best tax saving idea in the tax code. Here is what you need to know.
Consider Donating Appreciated Stock & Mutual Funds In some rare cases, making a tax savings move can benefit you in more than one way. This is the case with direct contribution of qualified investments, such as stock, owned more than one year that have appreciated in value.
5 Year-End Tax Essentials
The time to make moves that limit your income taxes for the 2022 tax year is quickly closing. Schedule a year-end tax planning session today.
5 Year-End Tax Essentials Take some time now to review these essential year-end tax planning strategies to ensure you are not missing something that could cause tax trouble when you file your tax return.
Plan Your 2023 Retirement Contributions
Now is the time to plan next year's retirement contributions. Here's what you need to know.
Plan Your 2023 Retirement Contributions 2023 contribution limits are set for retirement plans. Now is a good time to plan for your upcoming retirement contributions.
Triple Tax: aka The Lottery
Lotteries are a very effective way to TRIPLE tax the poor. Here's how it works.
Triple Tax: aka The Lottery Most of us only see the media portrayal of the lottery. Lucky winner, lots of cash. Outside of the bright lights is the true winner: the tax man. Here is what you need to know.
Should You Expense or Depreciate Your Capital Asset?
Section 179 and bonus depreciation let you take larger, short-term deductions for capital purchases. Does it make sense for your business to take advantage?
Should You Expense or Depreciate Your Capital Asset? The bonus depreciation and Section 179 tax code provisions allow small businesses to expense large capital purchases. Is this better than depreciating the purchase over time? Here are some thoughts on the matter.
Client Update Newsletter: November 2022
Find out how much Social Security benefits increase in 2023. Also read about several tax court cases and what they mean to you, raising a financially savvy child, and avoiding gift card fraud.
Client Update Newsletter: November 2022 Social Security recipients got some great news about their benefits. Check out this month's newsletter to learn more about the cost-of-living increase for 2023. Also read about several tax court cases and what they might mean for your situation, how to raise a financially savvy child, and how to avo...
Don't Run Afoul of the IRS's Nanny Tax
The IRS is enforcing Nanny Tax rules that regulate whether a domestic worker you pay is considered a contractor or employee.
Don't Run Afoul of the IRS's Nanny Tax The IRS is more strictly enforcing rules that determine whether a worker is actually your employee, rather than independent contractor. You have many extra tax responsibilities and expenses if you are an employer in the eyes of the IRS.
Inflation Spikes Social Security for 2023 - How much you pay and checks received are all going up!
$13,200 more of your income is subject to Social Security taxes in 2023. Here are the details.
Inflation Spikes Social Security for 2023 - How much you pay and checks received are all going up! 2023 Cost-of-Living Adjustment (COLA) changes are here. This is what you need to know.
Lower This Year's Tax Obligation - Action to take now!
There's still time to lower your tax obligation. Here are five great ideas to consider.
Lower This Year's Tax Obligation - Action to take now! Now is a great time to assess your current tax situation and address any lingering tax questions that may improve your tax picture this year. Here are five things to consider.
Leveraging Your Children's Lower Tax Rate - One of the best places for parents to look for tax savings
You can legally lower your tax by shifting unearned income to your children. Here are some ideas.
Leveraging Your Children's Lower Tax Rate - One of the best places for parents to look for tax savings The progressive nature of income tax rates offers taxpayers the incentive to transfer assets to lower earning taxpayers. Why not your children? Here are some tips.
Client Update Newsletter: October 2022
Here are some tax planning strategies to consider before the end of 2022. Also read about some ideas to improve your personal cash flow and the ingredients of a successful business partnership.
Client Update Newsletter: October 2022 Watching summer transform into beautiful fall colors can be just as mesmerizing as tax planning. Similar to looking closely for gorgeous autumn scenery, with tax planning you’re meticulously on the lookout for opportunities to cut your 2022 taxes. In this month’s newsletter, read about s...
File That Tax Return! - October extension deadline fast approaching
Time to file your tax return for 2021 if you have not already done so. There is no reason to leave a possible refund on the table, and the IRS is not going to beg to send you back your money.
File That Tax Return! - October extension deadline fast approaching The Form 1040 extended filing deadline is fast approaching. If you have not already done so, please consider filing your 2021 tax return in the next two weeks.
Effective and Marginal Tax: Know Yours! - Understanding the difference between these two tax rates
Effective tax rate and marginal tax rates are two figures every taxpayer should know. Do you know yours?
Effective and Marginal Tax: Know Yours! - Understanding the difference between these two tax rates What is the difference between a Marginal Tax Rate and an Effective Tax rate? Who cares? You might if you add a second job and see some of your tax benefits disappear. Here is what you need to know.
Reduce Your Medical Expenses - Tax smarts that make a difference
Medical expenses are on the rise. Here are some smart ideas for saving tax dollars on those medical bills.
Reduce Your Medical Expenses - Tax smarts that make a difference Medical expenses are on the rise. If you know your options and plan accordingly, there are ways to save tax dollars on those medical bills.
The New $7,500 Tax Credit That Isn't - What you need to know
Here's another tax credit, but one few will ever see. Look before you buy. Read on.
The New $7,500 Tax Credit That Isn't - What you need to know Think you will get the new electric vehicle credit beginning in 2023? Think again. Here is what you need to know.
Client Update Newsletter: September 2022
New energy credit details and understanding the financial landmine if your car is ever totaled by insurance lead this month's newsletter. Read on!
Client Update Newsletter: September 2022 This month's newsletter recaps the details of the revamped electric vehicle tax credit and other energy credits in newly passed legislation. Also included this month are some tips to review your recurring monthly bills that seem to automatically creep up. And there is a revealing article on a financ...
Reminder: Third Quarter Estimated Taxes Due - Now is the time to make your estimated tax payment
Reminder: 3Q estimated taxes are due Thursday, September 15. Here are some things to consider.
Reminder: Third Quarter Estimated Taxes Due - Now is the time to make your estimated tax payment If you have not already done so, please plan to make your third quarter estimated tax payment. The due date is Thursday, September 15th.
Understanding Tax Terms: Contemporaneous Records - Everyone needs to know what this means!
The IRS requires contemporaneous records to prove deductions and credits. That means you can't go back later to get a copy of a receipt you forgot. Here are some tips.
Understanding Tax Terms: Contemporaneous Records - Everyone needs to know what this means! The Internal Revenue Service has a vocabulary of their own. One of the more important is their use of the word contemporaneous. What does it mean, and why should you care?
IRS Audit Rates - Don't get complacent...resurgence is underway
The IRS audit rates are still at historic lows, but all that is now starting to change. Here is what you need to know.
IRS Audit Rates - Don't get complacent...resurgence is underway The IRS reported audit rates are the their lowest in decades. But don't get complacent. A closer look at the IRS data release reveals a change in that trend.
You Can't Deduct that Loss - How to ensure your business is not deemed a hobby
Hobby verus business? If you want to deduct expenses, you need to know these rules.
You Can't Deduct that Loss - How to ensure your business is not deemed a hobby The old and fast rules to determine whether your business activity is deemed a hobby in the eyes of the IRS have been replaced by guidelines. Here is what you need to know as you wrap up your business year.
Hidden Back to School Tax Deductions
Before school gets going this fall, check out these school expenses that might help you decrease your tax bill.
Hidden Back to School Tax Deductions Time to buy school supplies? Pay for field trips? Is any of this tax deductible? Here are some ideas to find a tax break in the back to school rush.
Client Update Newsletter: August 2022
Hobbies cannot deduct expenses per the IRS, outline here are ways to avoid this problem. There are also five great ideas to take advantages of IRAs. Plus much more!
Client Update Newsletter: August 2022 Welcome to the last month of traditional summer vacation! And what better way to lead the final month of summer vacation by outlining ideas to save money while taking that long-deserved break. This month's letter includes a review of five ways to take advantage of IRA accounts to reduce your tax bur...
Great Tax Reduction Ideas
Commonly overlooked tax deductions that everyone should know.
Great Tax Reduction Ideas The tax code is about 75,000 pages long, so it's not surprising there are many overlooked money-saving deductions hidden within it. Check out these great ideas to lower your tax.
2023 Health Savings Account Limits - New contribution limits are on the horizon
Time to plan for new contribution levels for your health savings account. Find the 2023 limits here.
2023 Health Savings Account Limits - New contribution limits are on the horizon Contribution limits for the ever-popular health savings account (HSA) are set for 2023. The new limits increase the amounts you can save and then use to pay for qualified medical expenses with pre-tax dollars.
Five Reasons Why the IRS Will Audit You
Underreported income and math errors are key mistakes that can trigger an audit from the IRS. Having your taxes prepared by a professional can significantly reduce this risk.
Five Reasons Why the IRS Will Audit You The IRS is constantly looking for a reason to audit you. There are several red flags that can identify your tax return as one that needs additional attention. Knowing these indicators can help you avoid the unwanted scrutiny.
Retirement Basics: Understanding Tax Efficiency
Utilizing the full tax bracket is a smart way to be tax-efficient with your retirement income. Knowing where you stand and how much you should withdraw from your retirement accounts is crucial.
Retirement Basics: Understanding Tax Efficiency Managing your taxable income during retirement can be complicated. Social Security retirement benefits, retirement plan distributions and supplemental income can quickly impact the amount of tax you must pay. Here is something to consider.
Client Update Newsletter: July 2022
In a new inflationary world its time to be aware of shrinkflation and review suggestions to get the most out of your bank accounts. Here are some ideas. Plus tax surprises and new mileage rates!
Client Update Newsletter: July 2022 The recent run of inflation is causing many people to rethink how to save and where to spend. In this month’s newsletter, there is a recap of the traditional role of how your bank accounts work together to provide a valued resource to handle your funds. There's also a great article on how to i...
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At Schmitt’s Tax Service in Torrington, Connecticut, we provide various services, including, but not limited to, tax preparation, bookkeeping and tax planning for our clients. We help you to manage both, your personal and your business tax issues, including an ample explanation of how upcoming business opportunities impact your tax status and vice versa. Rest assured that our firm is capable to handle any situation for you.
Contact the business
118 White Pine Road
|Monday||10am - 7pm|
|Tuesday||10am - 7pm|
|Wednesday||10am - 7pm|
|Thursday||10am - 7pm|
|Friday||10am - 7pm|
1939 E Main Street
44 Main Street
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