Will I be taxed if I rent my vacation home?Tax
November 10, 2021

Will I be taxed if I rent my vacation home?

If you’re fortunate enough to own a vacation home, you may want…
Participating in Your Employer 401(k) Plan401(k) PlanTax
November 5, 2021

Participating in Your Employer 401(k) Plan

Employers offer 401(k) plans for many reasons, including to attract and retain…
2022 Social Security Wage BaseSmall BusinessTax
October 29, 2021

2022 Social Security Wage Base

The Social Security Administration recently announced that the 2022 Social Security wage…
Buying or Selling a Business?M&ATax
October 18, 2021

Buying or Selling a Business? Beware of Tax Consequences.

Low interest rates and other factors have caused global merger and acquisition…
Will I owe tax if I sell my home?Tax
October 11, 2021

Will I owe tax if I sell my home?

Many homeowners across the country have seen their home values increase recently.…
Health Savings AccountMedical Expenses
October 4, 2021

Am I eligible for a Health Savings Account?

Given the escalating cost of health care, there may be a more…
business the victim of embezzlementSmall BusinessTax
September 22, 2021

Is your business the victim of embezzlement?

If your business is the victim of embezzlement, you may be able…
Tax Breaks for Small BusinessesSmall BusinessTax
September 13, 2021

3 Tax Breaks for Small Businesses

The week of September 13-17 has been declared National Small Business Week…
Year-End Gifts of Cash or StockTax
September 10, 2021

Tax Planning for Year-End Gifts of Cash or Stock

As we approach the holidays and the end of the year, many…
casualty loss deductionTax
September 2, 2021

Am I eligible for a casualty loss deduction?

In recent weeks, some Americans have been victimized by hurricanes, severe storms,…
Sales Tax Relief for Sellers of MealsRestaurantsTax
August 24, 2021

Sales Tax Relief for Sellers of Meals

The Connecticut Department of Revenue has announced sales tax relief for sellers…
Tax Consequences of DivorceSmall BusinessTax
August 24, 2021

Tax Consequences of Divorce for Business Owners

If you’re a business owner and you’re getting a divorce, tax consequences…
Should I operate as an LLC?Small Business
August 17, 2021

Should I operate as an LLC?

Perhaps you operate your small business as a sole proprietorship and want…
tax-will-i-pay-from-inheriting-propertyTax
August 9, 2021

How much tax will I pay from inheriting property?

If you’re planning your estate, or you’ve recently inherited assets, you may…
trader or investorTax
August 5, 2021

Are you a trader or investor?

Do you have significant investment-related expenses, including the cost of subscriptions to…
qualified business income deductionTax
July 26, 2021

Am I eligible for the qualified business income deduction?

Are you eligible to take the qualified business income deduction? Here are…
Business Start-Up ExpensesTax
July 20, 2021

Business Start-Up Expenses and Taxes

Despite the COVID-19 pandemic, government officials are seeing a large increase in…
tax-favored-college-fundTax
July 14, 2021

How to Build a Tax-Favored College Fund

If you’re a parent with a college-bound child, you may be interested…
Third Quarter Tax Deadlines for BusinessesTax
July 14, 2021

Third Quarter Tax Deadlines for Businesses

Here are some of the key 2021 third quarter tax deadlines for…
Verify Business ExpensesTax
June 21, 2021

Best Practices to Verify Business Expenses

If you’re claiming deductions for business meals or auto expenses, expect the…
Advance Child Tax Credit PaymentsTax
June 14, 2021

Advance Child Tax Credit Payments: Are You Eligible?

Eligible parents will soon begin receiving payments from the federal government. The…
Reduce the Net Investment Income TaxTax
June 7, 2021

Reduce the Net Investment Income Tax

High-income taxpayers face a 3.8% net investment income tax (NIIT) that’s imposed…
Employees or independent contractorsTax
May 25, 2021

Employees or independent contractors?

Many businesses use independent contractors to help keep their costs down. If…
manage business energy costsTax
May 17, 2021

Alternative energy to manage business energy costs?

Are you wondering whether alternative energy technologies can help you manage business…
Tax Obligations for Gig WorkersTax
May 13, 2021

Tax Obligations for Gig Workers

Before the COVID-19 pandemic hit, the number of people engaged in the…
two new tax changesTax
May 5, 2021

Two New Tax Changes Affecting Individuals

In recent months, there have been a number of tax changes that…
reasonable compensation for business ownersSmall Business
April 28, 2021

Reasonable Compensation for Business Owners

What is reasonable compensation for corporate business owners? Owners of incorporated businesses…
Retirement savings optionsSmall Business
April 19, 2021

Retirement Savings Options for Small Business

Are you thinking about setting up a retirement plan for yourself and…
life insuranceTax
April 15, 2021

Is my life insurance part of my taxable estate?

If you have a life insurance policy, you may want to ensure…
Child Care Tax CreditTax
April 6, 2021

Improved Child Care Tax Credit Available

The new American Rescue Plan Act (ARPA) provides eligible families with an…
Work Opportunity Tax CreditTax
March 18, 2021

Work Opportunity Tax Credit through 2025

Are you a business owner thinking about hiring? Be aware that a…
2020-ira-contributionTax
March 8, 2021

2020 IRA Contribution: There Still May Be Time

If you’re getting ready to file your 2020 tax return, and your…
2021 Individual Tax LimitsTax
March 4, 2021

2021 Individual Tax Limits: Answers to FAQs

While you are likely focusing on your 2020 tax return, it’s still…
tax-related-limits-affecting-businessesTax
February 23, 2021

Tax-Related Limits Affecting Businesses Have Increased for 2021

A number of tax-related limits that affect businesses are annually indexed for…
validate charitable donationsTax
February 17, 2021

There is Still Time to Validate 2020 Donations

If you’re like many Americans, letters from your favorite charities may be…
2021 standard mileage rateSmall Business
February 16, 2021

2021 Standard Mileage Rate Decreases

The 2021 standard mileage rate used to calculate the deductible costs of…
Flexible spending arrangementsMedical Expenses
December 8, 2020

Employees: A Few Reminders About Flexible Spending Arrangements

Many employees take advantage of the opportunity to save taxes by placing…
How is the interest you earn on EE bonds taxed?Tax
November 23, 2020

How is the interest you earn on EE bonds taxed?

Many people have Series EE savings bonds that were purchased many years…
health savings account right for your small businessMedical Expenses
November 19, 2020

Is a health savings account right for your small business?

Small business owners are well aware of the increasing cost of employee…
Withdraw Cash from Your Closely Held CorporationUncategorized
November 18, 2020

5 Strategies to Withdraw Cash from Your Closely Held Corporation

Owners of closely held corporations are often interested in easily withdrawing money…
tax issues for divorcing couplesTax
November 2, 2020

Four Tax Issues for Divorcing Couples to Understand

When a couple is going through a divorce, taxes are probably not…
individual liability when filing a joint tax returnTax
October 14, 2020

What is your individual liability when filing a joint tax return?

If you file a joint tax return with your spouse, you should…
estate planning income taxesTax
October 7, 2020

Estate Planning: Be Sure to Plan for Income Taxes

As a result of the current estate tax exemption amount ($11.58 million…
Uncategorized
September 14, 2020

Homebuyers: Can you deduct seller-paid points?

Despite the COVID-19 pandemic, the National Association of Realtors (NAR) reports that…
Tax Breaks for Your Children’s EducationTax
September 14, 2020

Maximize Tax Breaks for Your Children’s Education

Despite the COVID-19 pandemic, students are going back to school this fall,…
Return economic impact paymentsCOVID-19
July 27, 2020

Who is required to return their Economic Impact Payments?

The IRS and the U.S. Treasury had disbursed 160.4 million Economic Impact…
PPP Loan Updates as of July 16, 2020COVID-19
July 16, 2020

PPP Loan Updates as of July 16, 2020

The PPP Loan Program has been extended to August 8, 2020. If you…
coronavirus-related distributionCOVID-19
June 29, 2020

Do you qualify for a “coronavirus-related distribution”?

As you may have heard, the Coronavirus Aid, Relief and Economic Security…
Paycheck Protection Plan LoansCOVID-19
May 5, 2020

Paycheck Protection Plan (“PPP”) Loans: May 4, 2020 Update

Paycheck Protection Plan ("PPP") Loans Update May 4, 2020  **Please read for…
COVID-19 IRS reliefCOVID-19
April 14, 2020

COVID-19: IRS Announces More Relief and Details

In the midst of the coronavirus (COVID-19) pandemic, Americans are focusing on…
Buying or selling a businessSmall Business
April 3, 2020

PPP Loans are Active as of 9:00 a.m. on April 3

Here is an update on the Paycheck Protection Plan (PPP) loans, including…
SBA Loans for Small BusinessesSmall Business
April 1, 2020

SBA Loans for Small Businesses Affected by Current Economic Conditions

There are two types of SBA loans available: Emergency loans or Paycheck Protection…
CARES ActTax
April 1, 2020

Summary of the CARES Act and FAQs

On March 27, 2020 the CARES Act was signed into law by…
Work Opportunity Tax Credit Extended Through 2020Tax
March 23, 2020

Work Opportunity Tax Credit Extended Through 2020

If you’re a business owner, be aware that a recent tax law…
COVID-19) Tax Relief for Small BusinessesTax
March 23, 2020

Coronavirus (COVID-19): Tax Relief for Small Businesses

Businesses across the country are being affected by the coronavirus (COVID-19). Fortunately,…
2020-ira-contributionTax
March 20, 2020

**UPDATE**: The IRS has Moved the April 15 Filing Deadline to July 15 Also

The entire April 15 deadline for individual tax returns has now been…
set up sep 2019Tax
March 19, 2020

Small Business Owners: You Can Still Set Up a SEP for 2019

Do you own a business but haven’t gotten around to setting up…
April 15 Tax Payment Deadline is Extended to July 15Tax
March 19, 2020

April 15 Tax Payment Deadline is Extended to July 15

The IRS has extended the April 15 tax payment deadline to July…
Year-End Gifts of Cash or StockTax
March 16, 2020

Do I Need to File a 2019 Gift Tax Return?

If you made large gifts to your children, grandchildren or other heirs…
child tax creditsTax
March 9, 2020

Child Tax Credits May Help with the High Cost of Raising Children

If you’re a parent, or if you’re planning on having children, you…
File Tax Returns Jointly or SeparatelyTax
March 9, 2020

Married Couples: File Tax Returns Jointly or Separately?

Married couples often wonder whether they should file tax returns jointly or…
reduce your tax bill by using an S corporationTax
February 24, 2020

Reduce Tax by Using an S Corporation

Do you conduct your business as a sole proprietorship or as a…
launching a small businessTax
February 24, 2020

9 Tax Rules and Considerations for Launching a Small Business

Many people who launch small businesses start out as sole proprietors. Here…
selling mutual fund sharesTax
February 11, 2020

Tax Rules Involved in Selling Mutual Fund Shares can be Complex

Perhaps you’re an investor in mutual funds or you’re interested in putting…
reduce your tax billTax
February 11, 2020

Are you qualified to reduce your tax bill with IRAs?

If you’re getting ready to file your 2019 tax return, and your…
2020 individual tax ratesTax
February 7, 2020

What are the 2020 individual tax limits?

Right now, you may be more concerned about your 2019 tax bill…
Tax limits that affect businessesTax
January 28, 2020

Increased Tax Limits That Affect Businesses for 2020

An array of tax limits that affect businesses are annually indexed for…
2021 standard mileage rateTax
January 28, 2020

2020 Standard Mileage Rate Decreases

The optional 2020 standard mileage rate used to calculate the deductible costs…
charitable gifts deductibleTax
January 23, 2020

Are charitable gifts deductible on my tax return?

Many taxpayers make charitable gifts — because they’re generous and they want…
Tax identity theftTax
January 16, 2020

Help Avoid Tax Identity Theft by Filing Your Tax Return Early

If you typically don’t file until much closer to the April 15…
coronavirus-related distributionTax
January 16, 2020

Saving for Retirement? Four New Law Changes That May Affect You

If you are saving for retirement with an IRA or other plan,…
home office expenses tax deductibleTax
December 31, 2019

Are my home office expenses tax deductible?

Technology has made it easier to work from home so lots of…
Tax obligations of gig workersTax
December 23, 2019

What Are the Tax Obligations of Gig Workers?

The number of people engaged in the “gig” or sharing economy has…
2020 first quarter tax deadlines for businessesTax
December 17, 2019

2020 First Quarter Tax Deadlines for Businesses

Here are some of the key 2020 first quarter tax deadlines for…
reduce your tax bill by using an S corporationTax
December 17, 2019

Small Businesses: There is Still Time to Cut Your 2019 Taxes

Don’t let the holiday rush keep you from taking some important steps…
Tax break for medical expensesTax
December 10, 2019

Can I Get a Tax Break for Medical Expenses?

As we all know, medical services and prescription drugs are expensive. You…
Tax-saving strategies before year-endTax
December 10, 2019

Three Tax-Saving Strategies Before Year-End

Good news! You may still have time to reduce your liability. Here…
Reduce your business' 2019 tax liabilityTax
November 26, 2019

Two Ways to Reduce Your Business’ 2019 Tax Liability

At this time of year, many business owners ask if there’s anything…
100% payroll tax penaltyMedical Expenses
November 21, 2019

Avoid the 100% Payroll Tax Penalty

One of the most laborious tasks for small businesses is managing payroll.…
1099-MISC Reporting ComplianceTax
November 20, 2019

Small Businesses: Start Early for 1099-MISC Reporting Compliance

A month after the new year begins, your business may be required…
estate planning income taxesTax
November 6, 2019

Qualified Charitable Distributions Can Be a Smart Tax Move

Are you charitably minded and have a significant amount of money in…
selling securities by year endTax
November 6, 2019

Selling Securities by Year End? Beware of Wash Sale Rule

If you’re planning on selling securities by year end at a loss…
Cost segregation studyTax
October 23, 2019

Is a Cost Segregation Study Right for Your Business?

Is your business depreciating over a 30-year period the entire cost of…
health savings account right for your small businessTax
October 23, 2019

Health Savings Accounts: A Flexible – Yet Complex – Option for Small Businesses

Given the escalating cost of employee health care benefits, your business may…
EE Savings BondsTax
October 17, 2019

Own EE Savings Bonds? When is Tax Due?

You may have Series EE savings bonds that were bought many years…
Tax Breaks for Your Children’s EducationTax
October 9, 2019

Which College Tax Credits Are Right for You?

We all know the cost of college is expensive. The latest figures…
Year-End Gifts of Cash or StockTax
October 9, 2019

Make the Most of Gift Tax Exclusion Rules

As we head toward the gift-giving season, you may be considering giving…
Tax scamTax
October 9, 2019

Be Alert for Tax Scams

“Thousands of people have lost millions of dollars and their personal information…
tax deadlines for businessesUncategorized
September 23, 2019

Key 2019 Q4 Tax Deadlines for Businesses

Here are some of the key tax deadlines for businesses and other…
business website costsTax
September 23, 2019

Determining Business Website Costs for Tax Purposes is Complex

These days, most businesses need a website to remain competitive. It’s an…
educator expense deductionTax
September 16, 2019

Teachers: Which Expenses Can You Deduct on Your Tax Return?

Teachers often pay for various expenses for which they don’t receive reimbursement.…
Estimated tax paymentTax
September 11, 2019

Do You Need to Make an Estimated Tax Payment on September 16?

If you’re self-employed and don’t have withholding from paychecks, you probably have…
set up sep 2019Tax
September 11, 2019

Carefully Plan for Withdrawals from Your Traditional IRA

If you’re like many people, you’ve worked hard to accumulate a large…
S corporation statusTax
August 28, 2019

Is S Corporation Status Right for Your Business?

Operating a business as an S corporation may provide many advantages, including…
keep financial recordsUncategorized
August 20, 2019

How Long Should I Keep Financial Records?

You can keep financial records in any manner that works best for…
kiddie taxTax
August 7, 2019

The “Kiddie Tax” Hurts Families More Than Ever

Years ago, Congress enacted the “kiddie tax” rules to prevent parents and…
Tax-saving strategiesTax
August 7, 2019

Review Your Investments for Tax-Saving Strategies

You may have heard about a proposal in Washington to cut the…
Buying or Selling a Business?Tax
July 16, 2019

Tax Implications of Mergers and Acquisitions

If you’re considering buying or selling a business — or you’re in…
need business equipmentTax
July 16, 2019

Need Business Equipment? Now is a Good Time to Buy.

There’s good news about the Section 179 depreciation deduction for business property.…
Day camp tax creditTax
July 8, 2019

Is My Child’s Day Camp Eligible for a Tax Credit?

Now that most schools are out for the summer, you might be…
Tax on My Social Security BenefitsTax
July 8, 2019

Will There Be a Tax on My Social Security Benefits?

During your working days, you pay Social Security tax in the form…
entity choice for businessTax
June 26, 2019

What is the ideal entity choice for your business?

The Tax Cuts and Jobs Act (TCJA) has changed the landscape for…
tax deadlines for businessesTax
June 19, 2019

Third Quarter Tax Deadlines for Businesses and Other Employers

Here are some of the key third quarter tax deadlines affecting businesses…
100% payroll tax penaltyTax
June 19, 2019

Employers: Payroll Tax Penalties Can Be Assessed Personally to You

If federal income tax and employment taxes (including Social Security) are withheld…
vehicle donations to charityTax
June 17, 2019

The Truth About Vehicle Donations to Charity

You’ve probably seen or heard ads urging vehicle donations to charity. “Make a difference…
retiring to another stateTax
June 4, 2019

Retiring to Another State? Don’t Forget about Taxes

When you retire, you may consider retiring to another state — say,…
Adjust WithholdingTax
June 4, 2019

Do You Need to Adjust Your Withholding?

Due to the massive changes in the Tax Cuts and Jobs Act…
Tax Breaks for Hiring Your ChildrenTax
May 23, 2019

Tax Breaks for Hiring Your Children This Summer

If you’re a business owner you can obtain tax breaks and other…
business expense deductionsTax
May 14, 2019

Business Expense Deductions Can Be Complicated

If you read the Internal Revenue Code (and you probably don’t want…
Employee vs. independent contractorTax
May 14, 2019

Employee vs. Independent Contractor: Correct Classification is Critical

Many employers prefer to classify workers as independent contractors to lower costs,…
2018 tax refundsTax
May 8, 2019

Where is My 2018 Tax Refund?

It’s that time of year when many people who filed their tax…
Electric vehicle tax creditTax
May 1, 2019

Electric Vehicles May Quality for Tax Credit

While the number of plug-in electric vehicles (EVs) is still small compared…
Casualty loss deductionsTax
May 1, 2019

Casualty Loss Deductions More Difficult to Take

Unforeseen disasters happen all the time and they may cause damage to…
Buying or Selling a Business?Tax
April 16, 2019

How M&A Transactions Will be Taxed Under Current Law

Merger and acquisition activity has been brisk in recent years. If your…
business meal expense deductionsTax
April 16, 2019

Business Meal Expense Deductions Under TCJA

In the course of operating your business, you probably spend time and…
Medicare premiumsTax
April 10, 2019

Seniors: Medicare Premiums Could Lower Your Tax Bill

Americans who are 65 and older qualify for basic Medicare insurance, and…
dependent tax creditTax
April 2, 2019

Dependent Tax Credit: Are You Eligible?

If you’re the parent of a child who is age 17 to…
Year-End Gifts of Cash or StockTax
April 2, 2019

Are You Required to File a 2018 Gift Tax Return?

Did you make large gifts to your children, grandchildren or other heirs…
tax deadlines for businessesTax
March 27, 2019

2019 Q2 Tax-Related Deadlines for Businesses and Other Employers

Here are some of the key 2019 Q2 tax-related deadlines that apply…
set up sep 2019Tax
March 19, 2019

Small Business Owners: You Can Still Set Up a SEP for 2018

If you own a business and don’t have a tax-advantaged retirement plan,…
leasing vs. buyingTax
March 19, 2019

Leasing vs. Buying: Which is More Tax Efficient for Your Business?

Recent changes to federal tax law and accounting rules could affect your…
Incentive Stock Options Call for Careful Tax PlanningTax
March 14, 2019

Incentive Stock Options Call for Careful Tax Planning

Incentive stock options (ISOs) are a popular form of compensation for executives…
child tax creditsTax
March 6, 2019

Have Dependents? Here Are Three Big Tax Changes That May Affect You

When you file your 2018 income tax return, you’ll likely find that…
Tax deductionsTax
March 6, 2019

5 Tax Deductions That May Disappear from Your 2018 Return

While the Tax Cuts and Jobs Act (TCJA) reduces most income tax…
Self-employment taxTax
March 2, 2019

Self-Employment Tax: Are LLC Members Liable?

Limited liability company (LLC) members commonly claim that their distributive shares of…
tax breaks on business real estateTax
February 18, 2019

Tax Breaks on Business Real Estate

Commercial buildings and improvements generally are depreciated over 39 years, which essentially…
C corporation tax issuesTax
February 18, 2019

C Corporation Tax Issues Post TCJA

The flat 21% federal income tax rate for C corporations under the…
investment interest deductionTax
February 13, 2019

3 Hurdles to Benefiting from the Investment Interest Deduction

As you likely know by now, the Tax Cuts and Jobs Act…
file your 2018 income tax returnTax
February 5, 2019

Don’t Wait to File Your 2018 Income Tax Return

The IRS opened the 2018 income tax return filing season on January…
charitable donationsTax
February 5, 2019

Get Proof for 2018 Charitable Donations

If you’re like many Americans, letters from your favorite charities have been…
Tax-related limits affecting businessesTax
January 29, 2019

Tax-related Limits Affecting Businesses: Many Increase for 2019

A variety of tax-related limits affecting businesses are annually indexed for inflation,…
2021 standard mileage rateUncategorized
January 21, 2019

Standard Mileage Rate for Business Miles Increases to $.58 per Mile

This year, the optional standard mileage rate used to calculate the deductible…
employee bonus deductionsTaxUncategorized
January 21, 2019

Is It Too Late to Take 2018 Deductions for Bonuses Paid in 2019?

There aren’t too many things businesses can do after a year ends…
Medical expense deductionUncategorized
January 16, 2019

Medical Expense Deduction Threshold Hard to Meet in 2019

With rising health care costs, claiming whatever tax breaks related to health…
Tax-saving strategiesUncategorized
January 7, 2019

Opportunities to Increase Your Retirement Savings in 2019

Retirement plan contribution limits are indexed for inflation, and many have gone…
Adjust WithholdingUncategorized
January 7, 2019

TCJA: Items Impacting Individual Taxpayers

Now that 2019 has begun, there isn’t too much you can do…
Year-end tax strategies for businessesTax
December 17, 2018

It’s Not Too Late! Year-end Tax Moves for Your Business

Tax planning is a year-round activity, but there are still some year-end…
tax deadlines for businessesUncategorized
December 17, 2018

Q1 Tax-related Deadlines for Businesses

Here are some of the key tax-related deadlines affecting businesses and other…
Tax-saving strategies before year-endUncategorized
December 12, 2018

Action Items for Year-end Tax and Financial Planning

With 2019 approaching fast, here’s a quick list of tax and financial action…
validate charitable donationsUncategorized
December 12, 2018

Year-end Charitable Gifts: Check Deductibility in Advance

As the holidays approach and the year draws to a close, you…