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By
Rich Pavano
In
Business Vehicle Depreciation
How does business vehicle depreciation work?
Do you use an automobile in your trade or business? If so, you may ask yourself, How does business vehicle…
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Uncategorized
November 21, 2023
2024 Tax Brackets and Federal Income Tax Rates
The IRS recently announced 2024 tax brackets and federal income tax rates…
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Education
Tax
November 14, 2023
Are scholarships taxable?
With the rising cost of college, many families are in search of…
Rich Pavano
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0
Tax
November 7, 2023
Tax Effects of Renting Vacation Home
Many Americans own a vacation home or aspire to purchase one. If…
Rich Pavano
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0
Small Business
Social Security
October 23, 2023
What is the social security wage base for 2024?
The Social Security Administration recently announced that the social security wage base…
Rich Pavano
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0
Small Business
October 18, 2023
Business Expenses You Can’t Write-Off
You may be surprised to learn that most business deductions aren’t specifically…
Rich Pavano
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0
Investments
Tax
October 16, 2023
Avoid Tax Surprises from Investment Changes
You may have already recognized some significant gains and losses due to…
Rich Pavano
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0
Tax
October 11, 2023
Taxes and Lottery or Gambling Wins
If you gamble or buy lottery tickets and you’re lucky enough to…
Rich Pavano
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0
Divorce
Small Business
September 25, 2023
Tax Concerns of Divorcing Business Owners
If you’re getting a divorce, you know the process is generally filled…
Rich Pavano
Love
0
Employee Retention Tax Credit
Small Business
September 21, 2023
Employee Retention Tax Credit Processing Stopped
After receiving a deluge of improper claims, the IRS recently announced Employee Retention…
Rich Pavano
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0
Sec. 179 deduction
Small Business
September 18, 2023
Inflation and Depreciating Business Assets
The Tax Cuts and Jobs Act liberalized the rules for depreciating business…
Rich Pavano
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0
Estate planning
Gift Tax
September 11, 2023
What is the Gift Tax Annual Exclusion?
Will you be making gifts of cash or stock to your loved…
Rich Pavano
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0
Disability
Tax
September 5, 2023
Tax-Free Account for Disability-Related Expenses
If you have family members with disabilities, there may be a tax-advantaged…
Rich Pavano
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0
Small Business
August 22, 2023
Tax Consequences of Guaranteeing a Loan
Before agreeing to act as a guarantor, endorser, or indemnitor of a…
Rich Pavano
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0
Entity Selection
Small Business
August 14, 2023
Operating Your Business as an LLC
If you run your small business as a sole proprietorship, you may…
Rich Pavano
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0
Retirement
August 7, 2023
IRA for Nonworking Spouse
When one spouse in a married couple is not earning compensation, the…
Rich Pavano
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0
Tax
August 3, 2023
Tax Breaks for Nursing Home Living
More than a million Americans live in nursing homes, according to various…
Rich Pavano
Love
0
Tax
Tax Scams
July 24, 2023
Beware of Tax Scams
Beware of tax scams. “Thousands of people have lost millions of dollars…
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0
Small Business
Tax
July 19, 2023
2023 Q3 Tax Deadlines for Businesses
Here are some of the 2023 Q3 tax deadlines for businesses and…
Rich Pavano
Love
0
Retirement
July 19, 2023
Catch-Up Retirement Contributions
If you’re age 50 or older, you can probably make extra catch-up…
Rich Pavano
Love
0
Small Business
Tax
July 11, 2023
What is the Trust Fund Recovery Penalty?
If you own or manage a business with employees, there’s a harsh…
Rich Pavano
Love
0
Small Business
Tax
July 10, 2023
Are business start-up expenses deductible?
There was a large increase in the number of new businesses launched…
Rich Pavano
Love
0
Estate planning
Tax
June 26, 2023
Creating a Living Trust
You may think you don’t need to make any estate planning moves…
Rich Pavano
Love
0
Tax
June 22, 2023
Minimize Net Investment Income Tax
High-income taxpayers face a regular income tax rate of 35% or 37%.…
Rich Pavano
Love
0
Small Business
Tax
June 14, 2023
Be Careful When Hiring Independent Contractors
Many businesses are hiring independent contractors to help keep their costs down…
Rich Pavano
Love
0
Small Business
Tax
June 8, 2023
Vehicle and Meal Tax Deductions
If you’re claiming vehicle and meal tax deductions, expect the IRS to…
Rich Pavano
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0
Retirement
Tax
May 22, 2023
Tax Consequences of Retirement
Getting ready to retire? If so, you’ll soon experience changes in your…
Rich Pavano
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0
Medical Expenses
Tax
May 18, 2023
What are tax deductible medical expenses?
If you itemize deductions on your tax return, you may wonder: What…
Rich Pavano
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0
Small Business
May 5, 2023
How to Ensure Reasonable Compensation
If you’re the owner of an incorporated business, you may want to…
Rich Pavano
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0
Small Business
Student Loans
May 3, 2023
Retain Employees with Education Benefits
One popular fringe benefit is an education assistance program that allows employees…
Rich Pavano
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0
Estate planning
Tax
April 25, 2023
Estate Planning: How Tax Basis Works
A common question for people planning their estates or inheriting property is:…
Rich Pavano
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0
Tax
April 24, 2023
Are personal injury settlements taxable?
You generally must pay federal tax on all income you receive but…
Rich Pavano
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0
Tax
April 3, 2023
2023 Q2 Tax Deadlines for Businesses
Here are some of the 2023 Q2 tax deadlines for businesses and…
Rich Pavano
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0
Small Business
Tax
April 3, 2023
Tax Advantages of Hiring Your Child
Summer is around the corner so you may be thinking about hiring…
Rich Pavano
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0
Gift Tax
Tax
March 20, 2023
Required to file a 2022 gift tax return?
Are you required to file a 2022 gift tax return? If you…
Rich Pavano
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0
Stock market
Tax
March 13, 2023
Claim Losses on Devalued Stock
Have you purchased stock in a company that later dropped in value?…
Rich Pavano
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0
Tax
March 6, 2023
Can I deduct home office expenses?
Many people began working from home during the COVID-19 pandemic — and…
Rich Pavano
Love
0
M&A
Tax
February 27, 2023
Tax Consequences of M&A
Merger and acquisition activity dropped dramatically last year due to rising interest…
Rich Pavano
Love
0
Retirement
Tax
February 22, 2023
Still time for 2022 IRA contribution?
If you’re getting ready to file your 2022 tax return, and your…
Rich Pavano
Love
0
Tax
February 14, 2023
Current Child Tax Credit Rules
If you’re a parent, you may be confused about the rules for…
Rich Pavano
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0
Entity Selection
Small Business
February 7, 2023
Pros and Cons of a C Corporation
Data from the US Census Bureau shows that over the past five…
Rich Pavano
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0
Retirement
February 1, 2023
What is MyCTSavings?
MyCTSavings is a new retirement program sponsored by Connecticut’s Retirement Security Authority.…
Rich Pavano
Love
0
Small Business
Tax
January 30, 2023
2023 Tax Limits Affecting Businesses
A range of 2023 tax limits affecting businesses have increased more than…
Rich Pavano
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0
Small Business
January 30, 2023
Standard Mileage Rate for 2023
The optional standard mileage rate for 2023 is increasing from 2022. The…
Rich Pavano
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0
Education
Tax
January 25, 2023
Tax Breaks for Children Attending College
Our January 16, 2023 blog post focused on tax-preferred ways to save…
Rich Pavano
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0
Education
Tax
January 16, 2023
Tax-Preferred Ways to Save for College
Do you have children or grandchildren headed to college? You may want…
Rich Pavano
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0
Retirement
January 9, 2023
Save More for Retirement
In the waning hours of the 117th Congress, a large government funding bill was…
Rich Pavano
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0
Tax
December 29, 2022
Unclaimed Tax Refunds in Connecticut
Recently, the State of Connecticut has been cleaning up its old computer…
Rich Pavano
Love
0
Stock market
Tax
December 19, 2022
How to Cut Taxes for Investors
The overall stock market has been down during 2022 but there have…
Rich Pavano
Love
0
Employee Retention Tax Credit
Small Business
Tax
December 13, 2022
Employee Retention Tax Credit: Facts and Myths
By now, we have been in contact with most/all of our business…
Rich Pavano
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0
Tax
December 13, 2022
Tax Effects of Charitable Donations
The holiday season is here, and you may be planning to donate…
Rich Pavano
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0
Health Savings Account
Small Business
November 21, 2022
2023 Limits for Health Savings Accounts
No one needs to remind business owners that the cost of employee…
Rich Pavano
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0
Tax
November 11, 2022
When do I need to pay nanny tax?
You’ve probably heard of the “nanny tax,” but may not have thought…
Rich Pavano
Love
0
Tax
November 11, 2022
How will inflation affect my taxes?
The effects of inflation are all around. You’re probably paying more for…
Rich Pavano
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0
Tax
October 10, 2022
How to Survive an IRS Audit
IRS audit rates are historically low, according to a recent Government Accountability…
Rich Pavano
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0
Tax
October 10, 2022
Individuals: Year-End Ideas to Save Taxes
Now that fall is officially here, it’s a good time to review…
Rich Pavano
Love
0
Tax
October 4, 2022
Are both spouses responsible for taxes?
When a married couple files a joint tax return, are both spouses…
Rich Pavano
Love
0
Small Business
Tax
September 26, 2022
2022 Q4 Tax Deadlines for Businesses
Here are some of the key tax-related deadlines affecting businesses and other…
Rich Pavano
Love
0
Tax
September 26, 2022
Tax Credit for Hiring Targeted Groups
In today’s tough job market and economy, the Work Opportunity Tax Credit…
Rich Pavano
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0
Tax
September 19, 2022
Taxes for High Income Earners
There are two particular taxes for high income earners — a 3.8%…
Rich Pavano
Love
0
Tax
September 12, 2022
Do I qualify for home office deductions?
Are you a business owner working from home? An entrepreneur with a…
Rich Pavano
Love
0
Small Business
Tax
August 22, 2022
When Website Costs Can be Deducted
While most businesses now have websites, the IRS hasn’t issued formal guidance…
Rich Pavano
Love
0
Small Business
Tax
August 16, 2022
Tax Breaks for Small Businesses
Sometimes, bigger isn’t better: There are tax breaks for small businesses that…
Rich Pavano
Love
0
Uncategorized
August 8, 2022
Avoid Early Withdrawal Tax Penalty
When you take withdrawals from your traditional IRA, you probably know that…
Rich Pavano
Love
0
Tax
August 4, 2022
When should you adjust your withholding?
When you filed your federal tax return this year, were you surprised…
Rich Pavano
Love
0
Tax
July 21, 2022
Save Taxes Using the Kiddie Tax Strategy
Can you save taxes using the “kiddie tax” strategy? Called income shifting,…
Rich Pavano
Love
0
M&A
Tax
July 12, 2022
How a Merger or Acquisition Will Be Taxed
Are you considering merging with or acquiring another business? If yes, it’s…
Rich Pavano
Love
0
Small Business
June 29, 2022
2022 Standard Mileage Rate Increases
Business owners are aware that the price of gas is historically high,…
Rich Pavano
Love
0
Small Business
Tax
June 29, 2022
Tax Deadlines for Businesses Q3 2022
Here are some of the key tax deadlines for businesses and other…
Rich Pavano
Love
0
Social Security
Tax
June 22, 2022
Will I be taxed on my Social Security benefits?
Some people who begin claiming Social Security benefits are surprised to find…
Rich Pavano
Love
0
Retirement
Tax
June 6, 2022
Stock market downturn a good time for Roth conversion?
Is a stock market downturn a good time for a Roth conversion?…
Rich Pavano
Love
0
Small Business
Tax
May 23, 2022
Tax Rules for Hobby Turned Business
You may have dreamed of turning a hobby into a regular business,…
Rich Pavano
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0
Tax
May 17, 2022
Tax Breaks for Eligible Caretakers
Taking care of an elderly parent or grandparent may provide more than…
Rich Pavano
Love
0
Tax
May 10, 2022
Have you received an IRS notice?
Business owners: Have you received a notice from the IRS? If you…
Rich Pavano
Love
0
Health Savings Account
May 10, 2022
Health Savings Account Contributions
The IRS recently released guidance providing the inflation-adjusted amounts for Health Savings…
Rich Pavano
Love
0
Tax
April 26, 2022
Revised Tax Limits for Your 2022 Return
Now that the April 18 tax filing deadline has passed, it is…
Rich Pavano
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0
Restaurants
Tax
April 18, 2022
2022 Business Meals Deduction is 100%
The federal government is helping to pick up the tab for certain…
Rich Pavano
Love
0
Uncategorized
April 13, 2022
Three Questions After Your Return is Filed
After your 2021 tax return has been successfully filed with the IRS,…
Rich Pavano
Love
0
Tax
April 4, 2022
How Job Loss Affects Taxes
Despite the robust job market, there are still some people losing their…
Rich Pavano
Love
0
Small Business
Tax
March 22, 2022
Business owners: Why accelerate taxable income?
Typically, businesses want to delay recognition of taxable income into future years…
Rich Pavano
Love
0
Retirement
Small Business
March 14, 2022
Does your business offer a retirement plan?
Does your business offer a retirement plan? If not, now might be…
Rich Pavano
Love
0
Retirement
Tax
March 7, 2022
Reduce Your Tax Bill With an IRA
If you’re getting ready to file your 2021 tax return, and your…
Rich Pavano
Love
0
Tax
March 1, 2022
Do I need to file a gift tax return?
If you made large gifts to your children, grandchildren or other heirs…
Rich Pavano
Love
0
Small Business
Tax
February 24, 2022
8 Important Tax Considerations of Sole Proprietors
In business for yourself as a sole proprietor? Or, planning to start…
Rich Pavano
Love
0
Small Business
Tax
February 14, 2022
Tax Limit Increases for Businesses
Many tax limits that affect businesses are annually indexed for inflation, and…
Rich Pavano
Love
0
Retirement
February 8, 2022
Save for Retirement with IRAs
Traditional IRAs and Roth IRAs have been around for decades and the…
Rich Pavano
Love
0
Tax
January 31, 2022
Help Avoid Tax Identity Theft and File Early
The IRS opened the 2021 individual income tax return filing season on…
Rich Pavano
Love
0
Small Business
Tax
January 25, 2022
When Business Start-Up Expenses Can be Deducted
If you’ve recently started a new business, or you’re contemplating starting one,…
Rich Pavano
Love
0
Restaurants
Tax
January 17, 2022
Do your employees receive tips?
If you’re an employer of a food and beverage business where your…
Rich Pavano
Love
0
Student Loans
January 11, 2022
Can I deduct student loan interest?
If you’re paying back college loans for yourself or your children, you…
Rich Pavano
Love
0
Medical Expenses
Tax
January 5, 2022
Can I deduct medical expenses on my tax return?
You may pay out a bundle in out-of-pocket medical costs each year,…
Rich Pavano
Love
0
Small Business
Tax
December 27, 2021
Tax Deadlines for Businesses Q1 2022
Here are some of the key tax deadlines for businesses and other…
Rich Pavano
Love
0
Small Business
Tax
December 20, 2021
Three Ways to Reduce Your 2021 Taxes
Don’t let the holiday rush keep you from considering these three ways…
Rich Pavano
Love
0
Stock market
Tax
December 15, 2021
Tax Strategies for Stock Market Investors
Year-end is a good time to plan to save taxes by carefully…
Rich Pavano
Love
0
Tax
December 8, 2021
3 Ways to Reduce Your Taxes for 2021
If you’re starting to worry about your 2021 tax bill, there’s good…
Rich Pavano
Love
0
Cryptocurrency
Tax
November 30, 2021
Cryptocurrency Transactions Getting Scrutiny by IRS
Cryptocurrency (crypto), is it a unit of account? A store of value?…
Rich Pavano
Love
0
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…
Rich Pavano
Love
0
401(k) Plan
Tax
November 5, 2021
Participating in Your Employer 401(k) Plan
Employers offer 401(k) plans for many reasons, including to attract and retain…
Rich Pavano
Love
0
Small Business
Tax
October 29, 2021
2022 Social Security Wage Base
The Social Security Administration recently announced that the 2022 Social Security wage…
Rich Pavano
Love
0
M&A
Tax
October 18, 2021
Buying or Selling a Business? Beware of Tax Consequences.
Low interest rates and other factors have caused global merger and acquisition…
Rich Pavano
Love
0
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.…
Rich Pavano
Love
0
Medical Expenses
October 4, 2021
Am I eligible for a Health Savings Account?
Given the escalating cost of health care, there may be a more…
Rich Pavano
Love
0
Small Business
Tax
September 22, 2021
Is your business the victim of embezzlement?
If your business is the victim of embezzlement, you may be able…
Rich Pavano
Love
0
Small Business
Tax
September 13, 2021
3 Tax Breaks for Small Businesses
The week of September 13-17 has been declared National Small Business Week…
Rich Pavano
Love
0
Tax
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…
Rich Pavano
Love
0
Tax
September 2, 2021
Am I eligible for a casualty loss deduction?
In recent weeks, some Americans have been victimized by hurricanes, severe storms,…
Rich Pavano
Love
0
Restaurants
Tax
August 24, 2021
Sales Tax Relief for Sellers of Meals
The Connecticut Department of Revenue has announced sales tax relief for sellers…
Rich Pavano
Love
0
Small Business
Tax
August 24, 2021
Tax Consequences of Divorce for Business Owners
If you’re a business owner and you’re getting a divorce, tax consequences…
Rich Pavano
Love
0
Small Business
August 17, 2021
Should I operate as an LLC?
Perhaps you operate your small business as a sole proprietorship and want…
Rich Pavano
Love
0
Tax
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…
Rich Pavano
Love
0
Tax
August 5, 2021
Are you a trader or investor?
Do you have significant investment-related expenses, including the cost of subscriptions to…
Rich Pavano
Love
0
Tax
July 26, 2021
Am I eligible for the qualified business income deduction?
Are you eligible to take the qualified business income deduction? Here are…
Rich Pavano
Love
0
Tax
July 20, 2021
Business Start-Up Expenses and Taxes
Despite the COVID-19 pandemic, government officials are seeing a large increase in…
Rich Pavano
Love
0
Tax
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…
Rich Pavano
Love
0
Tax
July 14, 2021
Third Quarter Tax Deadlines for Businesses
Here are some of the key 2021 third quarter tax deadlines for…
Rich Pavano
Love
0
Tax
June 21, 2021
Best Practices to Verify Business Expenses
If you’re claiming deductions for business meals or auto expenses, expect the…
Rich Pavano
Love
0
Tax
June 14, 2021
Advance Child Tax Credit Payments: Are You Eligible?
Eligible parents will soon begin receiving payments from the federal government. The…
Rich Pavano
Love
0
Tax
June 7, 2021
Reduce the Net Investment Income Tax
High-income taxpayers face a 3.8% net investment income tax (NIIT) that’s imposed…
Rich Pavano
Love
0
Tax
May 25, 2021
Employees or independent contractors?
Many businesses use independent contractors to help keep their costs down. If…
Rich Pavano
Love
0
Tax
May 17, 2021
Alternative energy to manage business energy costs?
Are you wondering whether alternative energy technologies can help you manage business…
Rich Pavano
Love
0
Tax
May 13, 2021
Tax Obligations for Gig Workers
Before the COVID-19 pandemic hit, the number of people engaged in the…
Rich Pavano
Love
0
Tax
May 5, 2021
Two New Tax Changes Affecting Individuals
In recent months, there have been a number of tax changes that…
Rich Pavano
Love
0
Small Business
April 28, 2021
Reasonable Compensation for Business Owners
What is reasonable compensation for corporate business owners? Owners of incorporated businesses…
Rich Pavano
Love
0
Small Business
April 19, 2021
Retirement Savings Options for Small Business
Are you thinking about setting up a retirement plan for yourself and…
Rich Pavano
Love
0
Tax
April 15, 2021
Is my life insurance part of my taxable estate?
If you have a life insurance policy, you may want to ensure…
Rich Pavano
Love
0
Tax
April 6, 2021
Improved Child Care Tax Credit Available
The new American Rescue Plan Act (ARPA) provides eligible families with an…
Rich Pavano
Love
0
Tax
March 18, 2021
Work Opportunity Tax Credit through 2025
Are you a business owner thinking about hiring? Be aware that a…
Rich Pavano
Love
0
Tax
March 8, 2021
2020 IRA Contribution: There Still May Be Time
If you’re getting ready to file your 2020 tax return, and your…
Rich Pavano
Love
0
Tax
March 4, 2021
2021 Individual Tax Limits: Answers to FAQs
While you are likely focusing on your 2020 tax return, it’s still…
Rich Pavano
Love
0
Tax
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…
Rich Pavano
Love
0
Tax
February 17, 2021
There is Still Time to Validate 2020 Donations
If you’re like many Americans, letters from your favorite charities may be…
Rich Pavano
Love
0
Small Business
February 16, 2021
2021 Standard Mileage Rate Decreases
The 2021 standard mileage rate used to calculate the deductible costs of…
Rich Pavano
Love
0
Medical Expenses
December 8, 2020
Employees: A Few Reminders About Flexible Spending Arrangements
Many employees take advantage of the opportunity to save taxes by placing…
Rich Pavano
Love
0
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…
Rich Pavano
Love
0
Medical 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…
Rich Pavano
Love
0
Uncategorized
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…
Rich Pavano
Love
0
Tax
November 2, 2020
Four Tax Issues for Divorcing Couples to Understand
When a couple is going through a divorce, taxes are probably not…
Rich Pavano
Love
0
Tax
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…
Rich Pavano
Love
0
Tax
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…
Rich Pavano
Love
0
Uncategorized
September 14, 2020
Homebuyers: Can you deduct seller-paid points?
Despite the COVID-19 pandemic, the National Association of Realtors (NAR) reports that…
Rich Pavano
Love
0
Tax
September 14, 2020
Maximize Tax Breaks for Your Children’s Education
Despite the COVID-19 pandemic, students are going back to school this fall,…
Rich Pavano
Love
0
COVID-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…
Rich Pavano
Love
0
COVID-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…
Rich Pavano
Love
0
COVID-19
June 29, 2020
Do you qualify for a “coronavirus-related distribution”?
As you may have heard, the Coronavirus Aid, Relief and Economic Security…
Rich Pavano
Love
0
COVID-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…
Rich Pavano
Love
0
COVID-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…
Rich Pavano
Love
0
Small 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…
Rich Pavano
Love
0
Small 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…
Rich Pavano
Love
0
Tax
April 1, 2020
Summary of the CARES Act and FAQs
On March 27, 2020 the CARES Act was signed into law by…
Rich Pavano
Love
0
Tax
March 23, 2020
Work Opportunity Tax Credit Extended Through 2020
If you’re a business owner, be aware that a recent tax law…
Rich Pavano
Love
0
Tax
March 23, 2020
Coronavirus (COVID-19): Tax Relief for Small Businesses
Businesses across the country are being affected by the coronavirus (COVID-19). Fortunately,…
Rich Pavano
Love
0
Tax
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…
Rich Pavano
Love
0
Tax
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…
Rich Pavano
Love
0
Tax
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…
Rich Pavano
Love
0
Tax
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…
Rich Pavano
Love
0
Tax
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…
Rich Pavano
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Tax
March 9, 2020
Married Couples: File Tax Returns Jointly or Separately?
Married couples often wonder whether they should file tax returns jointly or…
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Tax
February 24, 2020
Reduce Tax by Using an S Corporation
Do you conduct your business as a sole proprietorship or as a…
Rich Pavano
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Tax
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…
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Tax
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…
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Tax
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…
Rich Pavano
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Tax
February 7, 2020
What are the 2020 individual tax limits?
Right now, you may be more concerned about your 2019 tax bill…
Rich Pavano
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Tax
January 28, 2020
Increased Tax Limits That Affect Businesses for 2020
An array of tax limits that affect businesses are annually indexed for…
Rich Pavano
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Tax
January 28, 2020
2020 Standard Mileage Rate Decreases
The optional 2020 standard mileage rate used to calculate the deductible costs…
Rich Pavano
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Tax
January 23, 2020
Are charitable gifts deductible on my tax return?
Many taxpayers make charitable gifts — because they’re generous and they want…
Rich Pavano
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Tax
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…
Rich Pavano
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Tax
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,…
Rich Pavano
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Tax
December 31, 2019
Are my home office expenses tax deductible?
Technology has made it easier to work from home so lots of…
Rich Pavano
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Tax
December 23, 2019
What Are the Tax Obligations of Gig Workers?
The number of people engaged in the “gig” or sharing economy has…
Rich Pavano
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Tax
December 17, 2019
2020 First Quarter Tax Deadlines for Businesses
Here are some of the key 2020 first quarter tax deadlines for…
Rich Pavano
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Tax
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…
Rich Pavano
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Tax
December 10, 2019
Can I Get a Tax Break for Medical Expenses?
As we all know, medical services and prescription drugs are expensive. You…
Rich Pavano
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Tax
December 10, 2019
Three Tax-Saving Strategies Before Year-End
Good news! You may still have time to reduce your liability. Here…
Rich Pavano
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Tax
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…
Rich Pavano
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Medical Expenses
November 21, 2019
Avoid the 100% Payroll Tax Penalty
One of the most laborious tasks for small businesses is managing payroll.…
Rich Pavano
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Tax
November 20, 2019
Small Businesses: Start Early for 1099-MISC Reporting Compliance
A month after the new year begins, your business may be required…
Rich Pavano
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Tax
November 13, 2019
A Tax-Advantaged Way to Save for Disabled Family Members
There’s a tax-advantaged way to save for disabled family members — without…
Rich Pavano
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Tax
November 6, 2019
Qualified Charitable Distributions Can Be a Smart Tax Move
Are you charitably minded and have a significant amount of money in…
Rich Pavano
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Tax
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…
Rich Pavano
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Tax
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…
Rich Pavano
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Tax
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…
Rich Pavano
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Tax
October 17, 2019
Own EE Savings Bonds? When is Tax Due?
You may have Series EE savings bonds that were bought many years…
Rich Pavano
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Tax
October 9, 2019
Which College Tax Credits Are Right for You?
We all know the cost of college is expensive. The latest figures…
Rich Pavano
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Tax
October 9, 2019
Make the Most of Gift Tax Exclusion Rules
As we head toward the gift-giving season, you may be considering giving…
Rich Pavano
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Tax
October 9, 2019
Be Alert for Tax Scams
“Thousands of people have lost millions of dollars and their personal information…
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Uncategorized
September 23, 2019
Key 2019 Q4 Tax Deadlines for Businesses
Here are some of the key tax deadlines for businesses and other…
Rich Pavano
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0
Tax
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…
Rich Pavano
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Tax
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.…
Rich Pavano
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Tax
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…
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Tax
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…
Rich Pavano
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Tax
August 28, 2019
Is S Corporation Status Right for Your Business?
Operating a business as an S corporation may provide many advantages, including…
Rich Pavano
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Uncategorized
August 20, 2019
How Long Should I Keep Financial Records?
You can keep financial records in any manner that works best for…
Rich Pavano
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Tax
August 7, 2019
The “Kiddie Tax” Hurts Families More Than Ever
Years ago, Congress enacted the “kiddie tax” rules to prevent parents and…
Rich Pavano
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Tax
August 7, 2019
Review Your Investments for Tax-Saving Strategies
You may have heard about a proposal in Washington to cut the…
Rich Pavano
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Tax
July 16, 2019
Tax Implications of Mergers and Acquisitions
If you’re considering buying or selling a business — or you’re in…
Rich Pavano
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Tax
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.…
Rich Pavano
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Tax
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…
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Tax
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…
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Tax
July 8, 2019
Health Savings Accounts: A Smart Tax-Saving Opportunity for You?
To help defray health care costs, many people now contribute to, or…
Rich Pavano
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Tax
June 26, 2019
What is the ideal entity choice for your business?
The Tax Cuts and Jobs Act (TCJA) has changed the landscape for…
Rich Pavano
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Tax
June 19, 2019
Third Quarter Tax Deadlines for Businesses and Other Employers
Here are some of the key third quarter tax deadlines affecting businesses…
Rich Pavano
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Tax
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…
Rich Pavano
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Tax
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…
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Tax
June 4, 2019
Retiring to Another State? Don’t Forget about Taxes
When you retire, you may consider retiring to another state — say,…
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Tax
June 4, 2019
Do You Need to Adjust Your Withholding?
Due to the massive changes in the Tax Cuts and Jobs Act…
Rich Pavano
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Tax
May 23, 2019
Tax Breaks for Hiring Your Children This Summer
If you’re a business owner you can obtain tax breaks and other…
Rich Pavano
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Tax
May 14, 2019
Business Expense Deductions Can Be Complicated
If you read the Internal Revenue Code (and you probably don’t want…
Rich Pavano
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Tax
May 14, 2019
Employee vs. Independent Contractor: Correct Classification is Critical
Many employers prefer to classify workers as independent contractors to lower costs,…
Rich Pavano
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Tax
May 8, 2019
Where is My 2018 Tax Refund?
It’s that time of year when many people who filed their tax…
Rich Pavano
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Tax
May 1, 2019
Electric Vehicles May Quality for Tax Credit
While the number of plug-in electric vehicles (EVs) is still small compared…
Rich Pavano
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Tax
May 1, 2019
Casualty Loss Deductions More Difficult to Take
Unforeseen disasters happen all the time and they may cause damage to…
Rich Pavano
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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…
Rich Pavano
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Tax
April 16, 2019
Business Meal Expense Deductions Under TCJA
In the course of operating your business, you probably spend time and…
Rich Pavano
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Tax
April 10, 2019
Seniors: Medicare Premiums Could Lower Your Tax Bill
Americans who are 65 and older qualify for basic Medicare insurance, and…
Rich Pavano
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Tax
April 2, 2019
Dependent Tax Credit: Are You Eligible?
If you’re the parent of a child who is age 17 to…
Rich Pavano
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Tax
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…
Rich Pavano
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Tax
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…
Rich Pavano
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Tax
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,…
Rich Pavano
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Tax
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…
Rich Pavano
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Tax
March 14, 2019
Incentive Stock Options Call for Careful Tax Planning
Incentive stock options (ISOs) are a popular form of compensation for executives…
Rich Pavano
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Tax
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…
Rich Pavano
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Tax
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…
Rich Pavano
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Tax
March 2, 2019
Self-Employment Tax: Are LLC Members Liable?
Limited liability company (LLC) members commonly claim that their distributive shares of…
Rich Pavano
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Tax
February 18, 2019
Tax Breaks on Business Real Estate
Commercial buildings and improvements generally are depreciated over 39 years, which essentially…
Rich Pavano
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Tax
February 18, 2019
C Corporation Tax Issues Post TCJA
The flat 21% federal income tax rate for C corporations under the…
Rich Pavano
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Tax
February 13, 2019
3 Hurdles to Benefiting from the Investment Interest Deduction
As you likely know by now, the Tax Cuts and Jobs Act…
Rich Pavano
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Tax
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…
Rich Pavano
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Tax
February 5, 2019
Get Proof for 2018 Charitable Donations
If you’re like many Americans, letters from your favorite charities have been…
Rich Pavano
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Tax
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,…
Rich Pavano
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Uncategorized
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…
Rich Pavano
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Tax
Uncategorized
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…
Rich Pavano
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Uncategorized
January 16, 2019
Medical Expense Deduction Threshold Hard to Meet in 2019
With rising health care costs, claiming whatever tax breaks related to health…
Rich Pavano
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Uncategorized
January 7, 2019
Opportunities to Increase Your Retirement Savings in 2019
Retirement plan contribution limits are indexed for inflation, and many have gone…
Rich Pavano
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Uncategorized
January 7, 2019
TCJA: Items Impacting Individual Taxpayers
Now that 2019 has begun, there isn’t too much you can do…
Rich Pavano
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Tax
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…
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Uncategorized
December 17, 2018
Q1 Tax-related Deadlines for Businesses
Here are some of the key tax-related deadlines affecting businesses and other…
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Uncategorized
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…
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December 12, 2018
Year-end Charitable Gifts: Check Deductibility in Advance
As the holidays approach and the year draws to a close, you…
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