2024 Tax Brackets and Federal Income Tax RatesUncategorized
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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Are scholarships taxable?EducationTax
November 14, 2023

Are scholarships taxable?

With the rising cost of college, many families are in search of…
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Tax Effects of Renting Vacation HomeTax
November 7, 2023

Tax Effects of Renting Vacation Home

Many Americans own a vacation home or aspire to purchase one. If…
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social security wage base for 2024Small Business
October 23, 2023

What is the social security wage base for 2024?

The Social Security Administration recently announced that the social security wage base…
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Business Expenses You Can’t Write-OffSmall Business
October 18, 2023

Business Expenses You Can’t Write-Off

You may be surprised to learn that most business deductions aren’t specifically…
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Avoid Tax Surprises from Investment ChangesInvestmentsTax
October 16, 2023

Avoid Tax Surprises from Investment Changes

You may have already recognized some significant gains and losses due to…
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Taxes and Lottery or Gambling WinsTax
October 11, 2023

Taxes and Lottery or Gambling Wins

If you gamble or buy lottery tickets and you’re lucky enough to…
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Tax Concerns of Divorcing Business OwnersDivorceSmall Business
September 25, 2023

Tax Concerns of Divorcing Business Owners

If you’re getting a divorce, you know the process is generally filled…
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Employee Retention Tax Credit Processing StoppedEmployee Retention Tax CreditSmall Business
September 21, 2023

Employee Retention Tax Credit Processing Stopped

After receiving a deluge of improper claims, the IRS recently announced Employee Retention…
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inflation and depreciating business assetsSec. 179 deductionSmall Business
September 18, 2023

Inflation and Depreciating Business Assets

The Tax Cuts and Jobs Act liberalized the rules for depreciating business…
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What is the Gift Tax Annual Exclusion?Estate planningGift Tax
September 11, 2023

What is the Gift Tax Annual Exclusion?

Will you be making gifts of cash or stock to your loved…
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Tax-Free Account for Disability-Related ExpensesDisabilityTax
September 5, 2023

Tax-Free Account for Disability-Related Expenses

If you have family members with disabilities, there may be a tax-advantaged…
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Tax Consequences of Guaranteeing a LoanSmall Business
August 22, 2023

Tax Consequences of Guaranteeing a Loan

Before agreeing to act as a guarantor, endorser, or indemnitor of a…
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operating your business as an LLCEntity SelectionSmall Business
August 14, 2023

Operating Your Business as an LLC

If you run your small business as a sole proprietorship, you may…
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IRA for Nonworking SpouseRetirement
August 7, 2023

IRA for Nonworking Spouse

When one spouse in a married couple is not earning compensation, the…
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Tax Breaks for Nursing Home LivingTax
August 3, 2023

Tax Breaks for Nursing Home Living

More than a million Americans live in nursing homes, according to various…
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Beware of Tax ScamsTaxTax Scams
July 24, 2023

Beware of Tax Scams

Beware of tax scams. “Thousands of people have lost millions of dollars…
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2023 Q3 Tax Deadlines for BusinessesSmall BusinessTax
July 19, 2023

2023 Q3 Tax Deadlines for Businesses

Here are some of the 2023 Q3 tax deadlines for businesses and…
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catch-up retirement contributionsRetirement
July 19, 2023

Catch-Up Retirement Contributions

If you’re age 50 or older, you can probably make extra catch-up…
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What is the Trust Fund Recovery Penalty?Small BusinessTax
July 11, 2023

What is the Trust Fund Recovery Penalty?

If you own or manage a business with employees, there’s a harsh…
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Are business start-up expenses deductible?Small BusinessTax
July 10, 2023

Are business start-up expenses deductible?

There was a large increase in the number of new businesses launched…
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Creating a Living TrustEstate planningTax
June 26, 2023

Creating a Living Trust

You may think you don’t need to make any estate planning moves…
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Minimize net investment income taxTax
June 22, 2023

Minimize Net Investment Income Tax

High-income taxpayers face a regular income tax rate of 35% or 37%.…
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Hiring Independent ContractorsSmall BusinessTax
June 14, 2023

Be Careful When Hiring Independent Contractors

Many businesses are hiring independent contractors to help keep their costs down…
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Vehicle and Meal Tax DeductionsSmall BusinessTax
June 8, 2023

Vehicle and Meal Tax Deductions

If you’re claiming vehicle and meal tax deductions, expect the IRS to…
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Tax Consequences of RetirementRetirementTax
May 22, 2023

Tax Consequences of Retirement

Getting ready to retire? If so, you’ll soon experience changes in your…
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tax deductible medical expensesMedical ExpensesTax
May 18, 2023

What are tax deductible medical expenses?

If you itemize deductions on your tax return, you may wonder: What…
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How to Ensure Reasonable CompensationSmall Business
May 5, 2023

How to Ensure Reasonable Compensation

If you’re the owner of an incorporated business, you may want to…
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Retain Employees with Education BenefitsSmall BusinessStudent Loans
May 3, 2023

Retain Employees with Education Benefits

One popular fringe benefit is an education assistance program that allows employees…
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How Tax Basis WorksEstate planningTax
April 25, 2023

Estate Planning: How Tax Basis Works

A common question for people planning their estates or inheriting property is:…
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Are personal injury settlements taxableTax
April 24, 2023

Are personal injury settlements taxable?

You generally must pay federal tax on all income you receive but…
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2023 Q3 Tax Deadlines for BusinessesTax
April 3, 2023

2023 Q2 Tax Deadlines for Businesses

Here are some of the 2023 Q2 tax deadlines for businesses and…
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Tax Advantages of Hiring Your ChildSmall BusinessTax
April 3, 2023

Tax Advantages of Hiring Your Child

Summer is around the corner so you may be thinking about hiring…
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2022 gift tax returnGift TaxTax
March 20, 2023

Required to file a 2022 gift tax return?

Are you required to file a 2022 gift tax return? If you…
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Claim Losses on Devalued StockStock marketTax
March 13, 2023

Claim Losses on Devalued Stock

Have you purchased stock in a company that later dropped in value?…
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deduct home office expensesTax
March 6, 2023

Can I deduct home office expenses?

Many people began working from home during the COVID-19 pandemic — and…
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tax consequences of M&AM&ATax
February 27, 2023

Tax Consequences of M&A

Merger and acquisition activity dropped dramatically last year due to rising interest…
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2022 IRA contributionRetirementTax
February 22, 2023

Still time for 2022 IRA contribution?

If you’re getting ready to file your 2022 tax return, and your…
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Current Child Tax Credit RulesTax
February 14, 2023

Current Child Tax Credit Rules

If you’re a parent, you may be confused about the rules for…
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pros and cons of a C corporationEntity SelectionSmall Business
February 7, 2023

Pros and Cons of a C Corporation

Data from the US Census Bureau shows that over the past five…
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MyCTSavingsRetirement
February 1, 2023

What is MyCTSavings?

MyCTSavings is a new retirement program sponsored by Connecticut’s Retirement Security Authority.…
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2023 Tax Limits Affecting BusinessesSmall BusinessTax
January 30, 2023

2023 Tax Limits Affecting Businesses

A range of 2023 tax limits affecting businesses have increased more than…
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Standard Mileage Rate for 2023Small Business
January 30, 2023

Standard Mileage Rate for 2023

The optional standard mileage rate for 2023 is increasing from 2022. The…
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tax-breaks-for-children-attending-collegeEducationTax
January 25, 2023

Tax Breaks for Children Attending College

Our January 16, 2023 blog post focused on tax-preferred ways to save…
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Retain Employees with Education BenefitsEducationTax
January 16, 2023

Tax-Preferred Ways to Save for College

Do you have children or grandchildren headed to college? You may want…
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Save More for RetirementRetirement
January 9, 2023

Save More for Retirement

In the waning hours of the 117th Congress, a large government funding bill was…
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Unclaimed Tax Refunds in ConnecticutTax
December 29, 2022

Unclaimed Tax Refunds in Connecticut

Recently, the State of Connecticut has been cleaning up its old computer…
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Avoid Tax Surprises from Investment ChangesStock marketTax
December 19, 2022

How to Cut Taxes for Investors

The overall stock market has been down during 2022 but there have…
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Employee Retention Tax CreditEmployee Retention Tax CreditSmall BusinessTax
December 13, 2022

Employee Retention Tax Credit: Facts and Myths

By now, we have been in contact with most/all of our business…
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Tax Effects of Charitable DonationsTax
December 13, 2022

Tax Effects of Charitable Donations

The holiday season is here, and you may be planning to donate…
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When do I need to pay nanny taxTax
November 11, 2022

When do I need to pay nanny tax?

You’ve probably heard of the “nanny tax,” but may not have thought…
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How will inflation affect my taxesTax
November 11, 2022

How will inflation affect my taxes?

The effects of inflation are all around. You’re probably paying more for…
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How to Survive an IRS AuditTax
October 10, 2022

How to Survive an IRS Audit

IRS audit rates are historically low, according to a recent Government Accountability…
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Year-End Ideas to Save TaxesTax
October 10, 2022

Individuals: Year-End Ideas to Save Taxes

Now that fall is officially here, it’s a good time to review…
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spouses responsible for taxesTax
October 4, 2022

Are both spouses responsible for taxes?

When a married couple files a joint tax return, are both spouses…
Rich Pavano
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Tax Deadlines for BusinessesSmall BusinessTax
September 26, 2022

2022 Q4 Tax Deadlines for Businesses

Here are some of the key tax-related deadlines affecting businesses and other…
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Tax Credit Hiring Targeted GroupsTax
September 26, 2022

Tax Credit for Hiring Targeted Groups

In today’s tough job market and economy, the Work Opportunity Tax Credit…
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Taxes for High Income EarnersTax
September 19, 2022

Taxes for High Income Earners

There are two particular taxes for high income earners — a 3.8%…
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deduct home office expensesTax
September 12, 2022

Do I qualify for home office deductions?

Are you a business owner working from home? An entrepreneur with a…
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when-website-costs-can-be-deductedSmall BusinessTax
August 22, 2022

When Website Costs Can be Deducted

While most businesses now have websites, the IRS hasn’t issued formal guidance…
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Tax Breaks for Small BusinessesSmall BusinessTax
August 16, 2022

Tax Breaks for Small Businesses

Sometimes, bigger isn’t better: There are tax breaks for small businesses that…
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2022 IRA contributionUncategorized
August 8, 2022

Avoid Early Withdrawal Tax Penalty

When you take withdrawals from your traditional IRA, you probably know that…
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adjust your withholdingTax
August 4, 2022

When should you adjust your withholding?

When you filed your federal tax return this year, were you surprised…
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save taxes using the kiddie tax strategyTax
July 21, 2022

Save Taxes Using the Kiddie Tax Strategy

Can you save taxes using the “kiddie tax” strategy? Called income shifting,…
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tax consequences of M&AM&ATax
July 12, 2022

How a Merger or Acquisition Will Be Taxed

Are you considering merging with or acquiring another business? If yes, it’s…
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2022 Standard Mileage RateSmall Business
June 29, 2022

2022 Standard Mileage Rate Increases

Business owners are aware that the price of gas is historically high,…
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Tax Deadlines for BusinessesSmall BusinessTax
June 29, 2022

Tax Deadlines for Businesses Q3 2022

Here are some of the key tax deadlines for businesses and other…
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social security wage base for 2024Tax
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
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Roth conversionRetirementTax
June 6, 2022

Stock market downturn a good time for Roth conversion?

Is a stock market downturn a good time for a Roth conversion?…
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Tax Rules for Hobby Turned BusinessSmall BusinessTax
May 23, 2022

Tax Rules for Hobby Turned Business

You may have dreamed of turning a hobby into a regular business,…
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Tax Breaks for Eligible CaretakersTax
May 17, 2022

Tax Breaks for Eligible Caretakers

Taking care of an elderly parent or grandparent may provide more than…
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received an IRS noticeTax
May 10, 2022

Have you received an IRS notice?

Business owners: Have you received a notice from the IRS? If you…
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File Your Tax Return EarlyTax
April 26, 2022

Revised Tax Limits for Your 2022 Return

Now that the April 18 tax filing deadline has passed, it is…
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2022-business-meals-deductionRestaurantsTax
April 18, 2022

2022 Business Meals Deduction is 100%

The federal government is helping to pick up the tab for certain…
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2024 Tax Brackets and Federal Income Tax RatesUncategorized
April 13, 2022

Three Questions After Your Return is Filed

After your 2021 tax return has been successfully filed with the IRS,…
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How Job Loss Affects TaxesTax
April 4, 2022

How Job Loss Affects Taxes

Despite the robust job market, there are still some people losing their…
Rich Pavano
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Why accelerate taxable incomeSmall BusinessTax
March 22, 2022

Business owners: Why accelerate taxable income?

Typically, businesses want to delay recognition of taxable income into future years…
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Does your business offer a retirement plan?RetirementSmall Business
March 14, 2022

Does your business offer a retirement plan?

Does your business offer a retirement plan? If not, now might be…
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Reduce Your Tax Bill With an IRARetirementTax
March 7, 2022

Reduce Your Tax Bill With an IRA

If you’re getting ready to file your 2021 tax return, and your…
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2022 gift tax returnTax
March 1, 2022

Do I need to file a gift tax return?

If you made large gifts to your children, grandchildren or other heirs…
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Tax Considerations of Sole ProprietorsSmall BusinessTax
February 24, 2022

8 Important Tax Considerations of Sole Proprietors

In business for yourself as a sole proprietor? Or, planning to start…
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Tax Limit Increases for BusinessesSmall BusinessTax
February 14, 2022

Tax Limit Increases for Businesses

Many tax limits that affect businesses are annually indexed for inflation, and…
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Save for Retirement with IRAsRetirement
February 8, 2022

Save for Retirement with IRAs

Traditional IRAs and Roth IRAs have been around for decades and the…
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avoid Tax Identity TheftTax
January 31, 2022

Help Avoid Tax Identity Theft and File Early

The IRS opened the 2021 individual income tax return filing season on…
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when-business-start-up-expenses-can-be-deductedSmall BusinessTax
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,…
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employees receive tipsRestaurantsTax
January 17, 2022

Do your employees receive tips?

If you’re an employer of a food and beverage business where your…
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deduct student loan interestStudent Loans
January 11, 2022

Can I deduct student loan interest?

If you’re paying back college loans for yourself or your children, you…
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Can I deduct medical expenses on my tax return?Medical ExpensesTax
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,…
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Tax Deadlines for BusinessesSmall BusinessTax
December 27, 2021

Tax Deadlines for Businesses Q1 2022

Here are some of the key tax deadlines for businesses and other…
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Three Ways to Reduce Your 2021 TaxesSmall BusinessTax
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Three Ways to Reduce Your 2021 Taxes

Don’t let the holiday rush keep you from considering these three ways…
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Tax Strategies for Stock Market InvestorsStock marketTax
December 15, 2021

Tax Strategies for Stock Market Investors

Year-end is a good time to plan to save taxes by carefully…
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Minimize net investment income taxTax
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…
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Cryptocurrency Transactions Getting Scrutiny by IRSCryptocurrencyTax
November 30, 2021

Cryptocurrency Transactions Getting Scrutiny by IRS

Cryptocurrency (crypto), is it a unit of account? A store of value?…
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Tax Effects of Renting Vacation HomeTax
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…
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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…
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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…
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tax consequences of M&AM&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…
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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.…
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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…
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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…
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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…
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2022 gift tax returnTax
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…
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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,…
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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…
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Tax Concerns of Divorcing Business OwnersSmall 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…
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operating your business as an LLCSmall Business
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Should I operate as an LLC?

Perhaps you operate your small business as a sole proprietorship and want…
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tax-will-i-pay-from-inheriting-propertyTax
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How much tax will I pay from inheriting property?

If you’re planning your estate, or you’ve recently inherited assets, you may…
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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…
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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…
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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…
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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…
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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…
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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…
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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…
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Minimize 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…
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Employees or independent contractors?

Many businesses use independent contractors to help keep their costs down. If…
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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…
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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…
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Year-End Ideas to Save TaxesTax
May 5, 2021

Two New Tax Changes Affecting Individuals

In recent months, there have been a number of tax changes that…
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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…
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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…
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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…
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Current Child Tax Credit RulesTax
April 6, 2021

Improved Child Care Tax Credit Available

The new American Rescue Plan Act (ARPA) provides eligible families with an…
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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…
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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…
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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…
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Taxes for High Income EarnersTax
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…
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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…
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Standard Mileage Rate for 2023Small Business
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2021 Standard Mileage Rate Decreases

The 2021 standard mileage rate used to calculate the deductible costs of…
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Flexible spending arrangementsMedical Expenses
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Employees: A Few Reminders About Flexible Spending Arrangements

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

Many people have Series EE savings bonds that were purchased many years…
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health savings account right for your small businessMedical Expenses
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Is a health savings account right for your small business?

Small business owners are well aware of the increasing cost of employee…
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Withdraw Cash from Your Closely Held CorporationUncategorized
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5 Strategies to Withdraw Cash from Your Closely Held Corporation

Owners of closely held corporations are often interested in easily withdrawing money…
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Tax Concerns of Divorcing Business OwnersTax
November 2, 2020

Four Tax Issues for Divorcing Couples to Understand

When a couple is going through a divorce, taxes are probably not…
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individual liability when filing a joint tax returnTax
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What is your individual liability when filing a joint tax return?

If you file a joint tax return with your spouse, you should…
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estate planning income taxesTax
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Estate Planning: Be Sure to Plan for Income Taxes

As a result of the current estate tax exemption amount ($11.58 million…
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Homebuyers: Can you deduct seller-paid points?

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

Despite the COVID-19 pandemic, students are going back to school this fall,…
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Return economic impact paymentsCOVID-19
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Who is required to return their Economic Impact Payments?

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

The PPP Loan Program has been extended to August 8, 2020. If you…
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catch-up retirement contributionsCOVID-19
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Do you qualify for a “coronavirus-related distribution”?

As you may have heard, the Coronavirus Aid, Relief and Economic Security…
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Paycheck Protection Plan LoansCOVID-19
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Paycheck Protection Plan (“PPP”) Loans: May 4, 2020 Update

Paycheck Protection Plan ("PPP") Loans Update May 4, 2020  **Please read for…
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COVID-19 IRS reliefCOVID-19
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COVID-19: IRS Announces More Relief and Details

In the midst of the coronavirus (COVID-19) pandemic, Americans are focusing on…
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PPP Loans are Active as of 9:00 a.m. on April 3

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SBA Loans for Small BusinessesSmall Business
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SBA Loans for Small Businesses Affected by Current Economic Conditions

There are two types of SBA loans available: Emergency loans or Paycheck Protection…
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Employee Retention Tax CreditTax
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Work Opportunity Tax Credit Extended Through 2020

If you’re a business owner, be aware that a recent tax law…
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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,…
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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…
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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…
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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…
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2022 gift tax returnTax
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…
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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…
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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…
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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…
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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…
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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…
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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…
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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…
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Taxes for High Income EarnersTax
January 28, 2020

Increased Tax Limits That Affect Businesses for 2020

An array of tax limits that affect businesses are annually indexed for…
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Standard Mileage Rate for 2023Tax
January 28, 2020

2020 Standard Mileage Rate Decreases

The optional 2020 standard mileage rate used to calculate the deductible costs…
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Tax Effects of Charitable DonationsTax
January 23, 2020

Are charitable gifts deductible on my tax return?

Many taxpayers make charitable gifts — because they’re generous and they want…
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avoid 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…
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catch-up retirement contributionsTax
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,…
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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…
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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…
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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…
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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…
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2023-limits-for-health-savings-accountsTax
December 10, 2019

Can I Get a Tax Break for Medical Expenses?

As we all know, medical services and prescription drugs are expensive. You…
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Three Ways to Reduce Your 2021 TaxesTax
December 10, 2019

Three Tax-Saving Strategies Before Year-End

Good news! You may still have time to reduce your liability. Here…
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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…
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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.…
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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…
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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…
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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…
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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…
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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…
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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…
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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…
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2022 gift tax returnTax
October 9, 2019

Make the Most of Gift Tax Exclusion Rules

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

Be Alert for Tax Scams

“Thousands of people have lost millions of dollars and their personal information…
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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…
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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…
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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.…
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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…
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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…
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pros and cons of a C corporationTax
August 28, 2019

Is S Corporation Status Right for Your Business?

Operating a business as an S corporation may provide many advantages, including…
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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…
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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…
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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…
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tax consequences of M&ATax
July 16, 2019

Tax Implications of Mergers and Acquisitions

If you’re considering buying or selling a business — or you’re in…
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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.…
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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…
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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…
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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…
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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…
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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…
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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…
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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,…
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Adjust WithholdingTax
June 4, 2019

Do You Need to Adjust Your Withholding?

Due to the massive changes in the Tax Cuts and Jobs Act…
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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…
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Business Expenses You Can’t Write-OffTax
May 14, 2019

Business Expense Deductions Can Be Complicated

If you read the Internal Revenue Code (and you probably don’t want…
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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,…
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Unclaimed Tax Refunds in ConnecticutTax
May 8, 2019

Where is My 2018 Tax Refund?

It’s that time of year when many people who filed their tax…
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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…
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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…
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tax consequences of M&ATax
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…
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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…
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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…
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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…
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2022 gift tax returnTax
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…
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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…
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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,…
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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…
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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…
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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…
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Tax Breaks for Small BusinessesTax
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…
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2024 Tax Brackets and Federal Income Tax RatesTax
March 2, 2019

Self-Employment Tax: Are LLC Members Liable?

Limited liability company (LLC) members commonly claim that their distributive shares of…
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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…
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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…
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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…
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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…
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charitable donationsTax
February 5, 2019

Get Proof for 2018 Charitable Donations

If you’re like many Americans, letters from your favorite charities have been…
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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,…
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Standard Mileage Rate for 2023Uncategorized
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…
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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…
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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…
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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…
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Adjust WithholdingUncategorized
January 7, 2019

TCJA: Items Impacting Individual Taxpayers

Now that 2019 has begun, there isn’t too much you can do…
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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…
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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…
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Three Ways to Reduce Your 2021 TaxesUncategorized
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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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…
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