Payroll Tax Compliance TipsMedium-Sized BusinessPayrollTax
April 8, 2025

Payroll Tax Compliance Tips

Staying compliant with payroll tax laws is critical for small businesses. Mistakes…
Rich Pavano
Love0
Tax Advantages of Stock LossesStock marketTax Planning
March 31, 2025

Tax Advantages of Stock Losses

Have you ever invested in a company, only to watch its stock…
Rich Pavano
Love0
2024 Gift Tax Deadline ApproachingGift TaxTax
March 18, 2025

2024 Gift Tax Deadline Approaching

The 2024 gift tax return deadline is approaching – April 15. If…
Rich Pavano
Love0
Navigating Business Loss LimitsMedium-Sized BusinessSmall BusinessTax
March 11, 2025

Navigating Business Loss Limits

If an individual taxpayer incurs substantial business losses, complex federal income tax…
Rich Pavano
Love0
Maximizing Home Office DeductionsHome Office DeductionsMedium-Sized BusinessSmall Business
March 7, 2025

Maximizing Home Office Deductions

As a business owner, you may be able to reduce your taxable…
Rich Pavano
Love0
Understanding Itemized Tax DeductionsTaxTax DeductionsTax Planning
February 26, 2025

Understanding Itemized Tax Deductions

Understanding itemized tax deductions can be complex. For example, if you couldn't…
Rich Pavano
Love0
Lower Taxes with IRA ContributionsInvestmentsRetirement
February 18, 2025

Lower Taxes with IRA Contributions

If you’re getting ready to file your 2024 tax return and your…
Rich Pavano
Love0
Heavy Vehicle DeductionsMedium-Sized BusinessSmall BusinessTax
February 10, 2025

Heavy Vehicle Deductions

New and used heavy vehicle deductions can lead to significant tax savings…
Rich Pavano
Love0
2025 Business Tax UpdatesMedium-Sized BusinessSmall BusinessTax
February 4, 2025

2025 Business Tax Updates

A variety of tax-related limits that affect businesses are indexed annually based…
Rich Pavano
Love0
Understand Required Minimum DistributionsInvestmentsRetirement
January 27, 2025

Understand Required Minimum Distributions

Once you reach age 73, tax law requires you to begin taking…
Rich Pavano
Love0
Boost Retirement Savings in 2025401(k) PlanRetirement
January 21, 2025

Boost Retirement Savings in 2025

Saving for retirement is a crucial financial goal and a 401(k) plan…
Rich Pavano
Love0
Optimize Local Travel DeductionsTax
January 8, 2025

Optimize Local Travel Deductions

Understanding how to deduct transportation costs and optimize local travel deductions could…
Rich Pavano
Love0
C Corporation Pros and ConsEntity SelectionMedium-Sized Business
December 30, 2024

C Corporation Pros and Cons

When deciding on the best structure for your business, one option to…
Rich Pavano
Love0
Inflation Impacts Federal Tax BreaksTaxTax Planning
December 12, 2024

Inflation Impacts Federal Tax Breaks

Inflation impacts federal tax breaks and can be significant. While recent inflation…
Rich Pavano
Love0
Managing Medicare Premium CostsMedical ExpensesTax
December 10, 2024

Managing Medicare Premium Costs

Medicare health insurance premiums can add up to big dollars — especially…
Rich Pavano
Love0
Reduce Self-Employment Tax BurdenSelf-EmployedTax
November 19, 2024

Reduce Self-Employment Tax Burden

Owning a growing, unincorporated small business can be financially rewarding, but it…
Rich Pavano
Love0
2025 Retirement Plan Contribution Limits401(k) PlanRetirement
November 12, 2024

2025 Retirement Plan Contribution Limits

What are the 2025 retirement plan contribution limits you and your employees…
Rich Pavano
Love0
Year-End Tax Strategies for IndividualsTaxTax Planning
November 4, 2024

Year-End Tax Strategies for Individuals

It’s not too late to begin implementing year-end tax strategies for individuals…
Rich Pavano
Love1
Tax Credit for Electric VehiclesElectric VehiclesTax
November 1, 2024

Tax Credit for Electric Vehicles

Electric vehicles (EVs) have become increasingly popular. According to Kelley Blue Book…
Rich Pavano
Love1
ACA Health Coverage Reporting RequirementsHealth CareMedium-Sized BusinessSmall Business
October 21, 2024

ACA Health Coverage Reporting Requirements

Employee health coverage is a significant part of many companies’ benefits packages.…
Rich Pavano
Love1
Should Your Business Separate Real Estate Ownership?Real EstateTax Planning
October 16, 2024

Should Your Business Separate Real Estate Ownership?

Does your business require real estate for its operations? Or do you…
Rich Pavano
Love1
Extra Taxes for High Income EarnersTaxTax Planning
October 7, 2024

Extra Taxes for High Income Earners

There are two extra taxes for high income earners: the 3.8% net…
Rich Pavano
Love1
Maximizing Home Office DeductionsTax
October 4, 2024

Home Office Tax Deductions

If you work from a home office, you probably want to know…
Rich Pavano
Love1
2024 Q4 tax deadlines for businessesMedium-Sized BusinessSmall BusinessTax
September 23, 2024

2024 Q4 Tax Deadlines for Businesses

Here are some of the key 2024 Q4 tax deadlines for businesses…
Rich Pavano
Love1
How Real Estate Gains Are TaxedReal EstateTax Planning
September 16, 2024

How Real Estate Gains Are Taxed

Let’s say you own real estate that has been held for more…
Rich Pavano
Love1
tax-free income opportunitiesTaxTax Planning
September 11, 2024

Tax-Free Income Opportunities

Believe it or not, there are ways to collect tax-free income and…
Rich Pavano
Love0
Working Remotely May Have Tax ConsequencesRemote WorkTax
September 10, 2024

Working Remotely May Have Tax Consequences

Many employees began working remotely during the pandemic and continue doing so…
Rich Pavano
Love0
NOL Carryforwards Extended for Connecticut BusinessesMedium-Sized BusinessSmall Business
August 29, 2024

NOL Carryforwards Extended for Connecticut Businesses

Connecticut Governor Ned Lamont signed legislation extending the NOL carryforwards for Connecticut…
Rich Pavano
Love0
Is Cash or Accrual Accounting Best for Your Business?AccountingMedium-Sized BusinessSmall Business
August 20, 2024

Is Cash or Accrual Accounting Best for Your Business?

Your businesses may have a choice between using the cash or accrual…
Rich Pavano
Love0
Tax Issues Regarding DivorceDivorceTax
August 13, 2024

Tax Issues Regarding Divorce

Taxes are probably the farthest thing from your mind if you are…
Rich Pavano
Love0
How Construction Companies Can Claim the Work Opportunity Tax CreditConstructionTax
August 12, 2024

How Construction Companies Can Claim the Work Opportunity Tax Credit

The Work Opportunity Tax Credit (WOTC) is a federal tax credit available…
Rich Pavano
Love0
Use Estate Planning to Save Income TaxesEstate planningTax Planning
August 6, 2024

Use Estate Planning to Save Income Taxes

The current estate tax exemption amount ($13.61 million in 2024) has led…
Rich Pavano
Love0
How Construction Companies Can Benefit from the Work Opportunity Tax CreditConstructionTax
July 25, 2024

How Construction Companies Can Benefit from the Work Opportunity Tax Credit

The Work Opportunity Tax Credit is a federal tax credit available to…
Rich Pavano
Love0
IRS Lowers Audit TargetTax
July 22, 2024

IRS Lowers Audit Target

The IRS is taking a significant step to focus its auditing efforts…
Rich Pavano
Love0
Save Taxes with Qualified Charitable DistributionsQualified Charitable DistributionTax Planning
July 19, 2024

Save Taxes with Qualified Charitable Distributions

If you’re a philanthropic individual who is also obligated to take required…
Rich Pavano
Love0
Borrowing from Your Business for Personal ExpensesMedium-Sized BusinessSmall Business
July 8, 2024

Borrowing from Your Business for Personal Expenses

If you own a closely held corporation, have you considered borrowing from…
Rich Pavano
Love0
2024 Q4 tax deadlines for businessesMedium-Sized BusinessSmall BusinessTax
July 8, 2024

2024 Q3 Tax Deadlines for Businesses

Here are some of the key tax-related 2024 Q3 tax deadlines for…
Rich Pavano
Love0
Final Overtime Exemptions RuleMedium-Sized BusinessOvertimeSmall Business
June 27, 2024

Final Overtime Exemptions Rule

Effective July 1, 2024, the final Overtime Exemptions Rule was released by…
Rich Pavano
Love0
Tax Complications of Selling Mutual FundsInvestmentsTax
June 26, 2024

Tax Complications of Selling Mutual Funds

Investing in mutual funds or interested in putting some money into them?…
Rich Pavano
Love0
How Social Security Tax is CalculatedTax
June 20, 2024

How Social Security Tax is Calculated

Employees, self-employed individuals and employers all pay Social Security tax, and the…
Rich Pavano
Love0
Converting from a C to an S CorporationEntity SelectionMedium-Sized Business
May 30, 2024

Converting from a C to an S Corporation

Choosing the right business entity has many implications, including the amount of…
Rich Pavano
Love0
Buying the Assets of a BusinessM&AMedium-Sized Business
May 30, 2024

Buying the Assets of a Business

After experiencing a downturn in 2023, merger and acquisition activity in several…
Rich Pavano
Love0
Hobby Income or Business IncomeHobbyTax
May 28, 2024

Hobby Income or Business Income

Do you have a hobby you would like to turn into a…
Rich Pavano
Love0
When is an inheritance taxed?Estate planningTax
May 22, 2024

When is an inheritance taxed?

Many people are genuinely grateful for inheritances. However, sometimes an inheritance can…
Rich Pavano
Love0
Tax Considerations When Adding a New PartnerMedium-Sized BusinessTax Planning
May 20, 2024

Tax Considerations When Adding a New Partner

There are tax considerations when adding a new partner to a partnership.…
Rich Pavano
Love0
Postpone deductions and accelerate incomeMedium-Sized BusinessTax Planning
May 7, 2024

Postpone Deductions and Accelerate Income?

Businesses usually want to delay recognition of taxable income into future years…
Rich Pavano
Love0
Understanding Itemized Tax DeductionsMedium-Sized BusinessSec. 179 deduction
April 17, 2024

Coordinate Section 179 and Bonus Depreciation

Your business should generally maximize current year depreciation write-offs for newly acquired…
Rich Pavano
Love0
2024 Q4 tax deadlines for businessesMedium-Sized BusinessTax
April 8, 2024

2024 Q2 Tax Deadlines for Businesses

Here are some of the 2024 Q2 tax deadlines for businesses and…
Rich Pavano
Love0
How Social Security Benefits are TaxedTax
March 26, 2024

How Social Security Benefits are Taxed

Are Social Security benefits always free from federal income tax? Unfortunately, that’s…
Rich Pavano
Love0
What to do with unused 529 college savings529 PlanEducation
March 18, 2024

What to do with unused 529 college savings?

With the high cost of college, many parents begin saving with 529…
Rich Pavano
Love0
Pros and Cons of a Like-Kind Exchange in Real EstateReal Estate
March 11, 2024

Pros and Cons of a Like-Kind Exchange in Real Estate

A like-kind exchange, also known as a 1031 exchange (referring to Section…
Rich Pavano
Love0
Extra Taxes for High Income EarnersMedium-Sized BusinessTax
March 6, 2024

Tax-Effective Ways to Take Cash from Your Corporation

If you want to withdraw cash from your closely held corporation at…
Rich Pavano
Love0
2024 Gift Tax Deadline ApproachingGift TaxTax
February 19, 2024

Need to file a gift tax return?

If you made large gifts to your children, grandchildren or others last…
Rich Pavano
Love0
Filing Taxes Jointly or SeparatelyTax
February 13, 2024

Filing Taxes Jointly or Separately

If you’re married, you may wonder if you should be filing taxes…
Rich Pavano
Love0
Extra Taxes for High Income EarnersSmall BusinessTax
February 7, 2024

Qualified Small Business Corporation Eligibility

Operating your small business as a Qualified Small Business Corporation (QSBC) could…
Rich Pavano
Love0
NOL Carryforwards Extended for Connecticut BusinessesBeneficial Ownership Information ReportingSmall Business
January 31, 2024

New Beneficial Ownership Information Reporting for Small Businesses

Beginning on January 1, 2024, new Beneficial Ownership Information (BOI) Reporting for…
Rich Pavano
Love0
Penalty Tax for Early IRA WithdrawalsInvestmentsTax
January 22, 2024

Penalty Tax for Early IRA Withdrawals

If you’re facing a serious cash shortfall, one possible solution is to…
Rich Pavano
Love0
How the Kiddie Tax Affects ChildrenKiddie TaxTax
January 16, 2024

How the Kiddie Tax Affects Children

You may wonder how the kiddie tax affects children. It can cause…
Rich Pavano
Love0
Optimize Local Travel DeductionsMedium-Sized BusinessMileage
January 9, 2024

2024 Standard Mileage Rate

The optional 2024 standard mileage rate used to calculate the deductible cost…
Rich Pavano
Love0
Voluntary Disclosure Program for ERC ClaimsEmployee Retention Tax CreditMedium-Sized Business
January 4, 2024

Voluntary Disclosure Program for ERC Claims

As part of its continuing fight against questionable Employee Retention Credit (ERC)…
Rich Pavano
Love0
Taxes When Retiring to Another StateRetirementTax
December 29, 2023

Taxes When Retiring to Another State

When you retire, you may think about moving to another state —…
Rich Pavano
Love0
Taxes Related to a Company CarMedium-Sized BusinessSmall Business
December 20, 2023

Taxes Related to a Company Car

The use of a company car is one of the most appreciated…
Rich Pavano
Love0
Reduce Your 2023 Tax BillTax
December 11, 2023

Reduce Your 2023 Tax Bill

There may still be time to reduce your 2023 tax bill. Here…
Rich Pavano
Love0
How does business vehicle depreciation work?Business Vehicle DepreciationSmall Business
November 27, 2023

How does business vehicle depreciation work?

Do you use an automobile in your trade or business? If so,…
Rich Pavano
Love0
Year-End Tax Strategies for IndividualsUncategorized
November 21, 2023

2024 Tax Brackets and Federal Income Tax Rates

The IRS recently announced 2024 tax brackets and federal income tax rates…
Rich Pavano
Love0
Are scholarships taxable?EducationTax
November 14, 2023

Are scholarships taxable?

With the rising cost of college, many families are in search of…
Rich Pavano
Love0
Pros and Cons of a Like-Kind Exchange in Real EstateTax
November 7, 2023

Tax Effects of Renting Vacation Home

Many Americans own a vacation home or aspire to purchase one. If…
Rich Pavano
Love0
How Social Security Benefits are TaxedSmall 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…
Rich Pavano
Love0
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…
Rich Pavano
Love0
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…
Rich Pavano
Love0
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…
Rich Pavano
Love0
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…
Rich Pavano
Love0
Inflation Impacts Federal Tax BreaksSec. 179 deductionSmall Business
September 18, 2023

Inflation and Depreciating Business Assets

The Tax Cuts and Jobs Act liberalized the rules for depreciating business…
Rich Pavano
Love0
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…
Rich Pavano
Love0
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…
Rich Pavano
Love0
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…
Rich Pavano
Love0
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…
Rich Pavano
Love0
IRA for Nonworking SpouseRetirement
August 7, 2023

IRA for Nonworking Spouse

When one spouse in a married couple is not earning compensation, the…
Rich Pavano
Love0
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…
Rich Pavano
Love0
Beware of Tax ScamsTaxTax Scams
July 24, 2023

Beware of Tax Scams

Beware of tax scams. “Thousands of people have lost millions of dollars…
Rich Pavano
Love0
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…
Rich Pavano
Love0
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…
Rich Pavano
Love0
Penalty Tax for Early IRA WithdrawalsSmall BusinessTax
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
Love0
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…
Rich Pavano
Love0
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…
Rich Pavano
Love0
Reduce Your 2023 Tax BillTax
June 22, 2023

Minimize Net Investment Income Tax

High-income taxpayers face a regular income tax rate of 35% or 37%.…
Rich Pavano
Love0
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…
Rich Pavano
Love0
Tax Consequences of RetirementRetirementTax
May 22, 2023

Tax Consequences of Retirement

Getting ready to retire? If so, you’ll soon experience changes in your…
Rich Pavano
Love0
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…
Rich Pavano
Love0
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…
Rich Pavano
Love0
What to do with unused 529 college savingsSmall BusinessStudent Loans
May 3, 2023

Retain Employees with Education Benefits

One popular fringe benefit is an education assistance program that allows employees…
Rich Pavano
Love0
Use Estate Planning to Save Income TaxesEstate planningTax
April 25, 2023

Estate Planning: How Tax Basis Works

A common question for people planning their estates or inheriting property is:…
Rich Pavano
Love0
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…
Rich Pavano
Love0
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…
Rich Pavano
Love0
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…
Rich Pavano
Love0
2024 Gift Tax Deadline ApproachingGift TaxTax
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
Love0
Tax Advantages of Stock LossesStock marketTax
March 13, 2023

Claim Losses on Devalued Stock

Have you purchased stock in a company that later dropped in value?…
Rich Pavano
Love0
Maximizing Home Office DeductionsTax
March 6, 2023

Can I deduct home office expenses?

Many people began working from home during the COVID-19 pandemic — and…
Rich Pavano
Love0
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…
Rich Pavano
Love0
Lower Taxes with IRA ContributionsRetirementTax
February 22, 2023

Still time for 2022 IRA contribution?

If you’re getting ready to file your 2022 tax return, and your…
Rich Pavano
Love0
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…
Rich Pavano
Love0
Is Cash or Accrual Accounting Best for Your Business?Entity SelectionSmall 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
Love0
MyCTSavingsRetirement
February 1, 2023

What is MyCTSavings?

MyCTSavings is a new retirement program sponsored by Connecticut’s Retirement Security Authority.…
Rich Pavano
Love0
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…
Rich Pavano
Love0
Optimize Local Travel DeductionsSmall Business
January 30, 2023

Standard Mileage Rate for 2023

The optional standard mileage rate for 2023 is increasing from 2022. The…
Rich Pavano
Love0
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…
Rich Pavano
Love0
What to do with unused 529 college savingsEducationTax
January 16, 2023

Tax-Preferred Ways to Save for College

Do you have children or grandchildren headed to college? You may want…
Rich Pavano
Love0
2025 Retirement Plan Contribution LimitsRetirement
January 9, 2023

Save More for Retirement

In the waning hours of the 117th Congress, a large government funding bill was…
Rich Pavano
Love0
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…
Rich Pavano
Love0
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…
Rich Pavano
Love0
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…
Rich Pavano
Love0
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…
Rich Pavano
Love0
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…
Rich Pavano
Love0
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…
Rich Pavano
Love0
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…
Rich Pavano
Love0
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…
Rich Pavano
Love0
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
Love0
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…
Rich Pavano
Love0
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…
Rich Pavano
Love0
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%…
Rich Pavano
Love0
Maximizing Home Office DeductionsTax
September 12, 2022

Do I qualify for home office deductions?

Are you a business owner working from home? An entrepreneur with a…
Rich Pavano
Love0
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…
Rich Pavano
Love0
Heavy Vehicle DeductionsSmall BusinessTax
August 16, 2022

Tax Breaks for Small Businesses

Sometimes, bigger isn’t better: There are tax breaks for small businesses that…
Rich Pavano
Love0
Lower Taxes with IRA ContributionsUncategorized
August 8, 2022

Avoid Early Withdrawal Tax Penalty

When you take withdrawals from your traditional IRA, you probably know that…
Rich Pavano
Love0
adjust your withholdingTax
August 4, 2022

When should you adjust your withholding?

When you filed your federal tax return this year, were you surprised…
Rich Pavano
Love0
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,…
Rich Pavano
Love0
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…
Rich Pavano
Love0
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,…
Rich Pavano
Love0
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…
Rich Pavano
Love0
How Social Security Benefits are TaxedTax
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
Love0
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?…
Rich Pavano
Love0
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,…
Rich Pavano
Love0
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…
Rich Pavano
Love0
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…
Rich Pavano
Love0
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…
Rich Pavano
Love0
Year-End Tax Strategies for IndividualsUncategorized
April 13, 2022

Three Questions After Your Return is Filed

After your 2021 tax return has been successfully filed with the IRS,…
Rich Pavano
Love0
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
Love0
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…
Rich Pavano
Love0
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…
Rich Pavano
Love0
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…
Rich Pavano
Love0
2024 Gift Tax Deadline ApproachingTax
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
Love0
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…
Rich Pavano
Love0
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…
Rich Pavano
Love0
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…
Rich Pavano
Love0
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,…
Rich Pavano
Love0
employees receive tipsRestaurantsTax
January 17, 2022

Do your employees receive tips?

If you’re an employer of a food and beverage business where your…
Rich Pavano
Love0
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…
Rich Pavano
Love0
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,…
Rich Pavano
Love0
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…
Rich Pavano
Love0
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…
Rich Pavano
Love0
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?…
Rich Pavano
Love0
Pros and Cons of a Like-Kind Exchange in Real EstateTax
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
Love0
Boost Retirement Savings in 2025401(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…
Rich Pavano
Love0
Payroll Tax Compliance TipsSmall BusinessTax
October 29, 2021

2022 Social Security Wage Base

The Social Security Administration recently announced that the 2022 Social Security wage…
Rich Pavano
Love0
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…
Rich Pavano
Love0
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.…
Rich Pavano
Love0
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…
Rich Pavano
Love0
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…
Rich Pavano
Love0
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…
Rich Pavano
Love0
2024 Gift Tax Deadline ApproachingTax
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
Love0
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,…
Rich Pavano
Love0
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…
Rich Pavano
Love0
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…
Rich Pavano
Love0
operating your business as an LLCSmall Business
August 17, 2021

Should I operate as an LLC?

Perhaps you operate your small business as a sole proprietorship and want…
Rich Pavano
Love0
tax-will-i-pay-from-inheriting-propertyTax
August 9, 2021

How much tax will I pay from inheriting property?

If you’re planning your estate, or you’ve recently inherited assets, you may…
Rich Pavano
Love0
Tax Complications of Selling Mutual FundsTax
August 5, 2021

Are you a trader or investor?

Do you have significant investment-related expenses, including the cost of subscriptions to…
Rich Pavano
Love0
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…
Rich Pavano
Love0
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…
Rich Pavano
Love0
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…
Rich Pavano
Love0
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…
Rich Pavano
Love0
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…
Rich Pavano
Love0
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…
Rich Pavano
Love0
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…
Rich Pavano
Love0
Employees or independent contractorsTax
May 25, 2021

Employees or independent contractors?

Many businesses use independent contractors to help keep their costs down. If…
Rich Pavano
Love0
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…
Rich Pavano
Love0
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…
Rich Pavano
Love0
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…
Rich Pavano
Love0
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…
Rich Pavano
Love0
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…
Rich Pavano
Love0
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…
Rich Pavano
Love0
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…
Rich Pavano
Love0
Flexible spending arrangementsMedical Expenses
December 8, 2020

Employees: A Few Reminders About Flexible Spending Arrangements

Many employees take advantage of the opportunity to save taxes by placing…
Rich Pavano
Love0
How is the interest you earn on EE bonds taxed?Tax
November 23, 2020

How is the interest you earn on EE bonds taxed?

Many people have Series EE savings bonds that were purchased many years…
Rich Pavano
Love0
Withdraw Cash from Your Closely Held CorporationUncategorized
November 18, 2020

5 Strategies to Withdraw Cash from Your Closely Held Corporation

Owners of closely held corporations are often interested in easily withdrawing money…
Rich Pavano
Love0
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…
Rich Pavano
Love0
individual liability when filing a joint tax returnTax
October 14, 2020

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

If you file a joint tax return with your spouse, you should…
Rich Pavano
Love0
estate planning income taxesTax
October 7, 2020

Estate Planning: Be Sure to Plan for Income Taxes

As a result of the current estate tax exemption amount ($11.58 million…
Rich Pavano
Love0
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
Love0
Tax Breaks for Your Children’s EducationTax
September 14, 2020

Maximize Tax Breaks for Your Children’s Education

Despite the COVID-19 pandemic, students are going back to school this fall,…
Rich Pavano
Love0
PPP Loan Updates as of July 16, 2020COVID-19
July 16, 2020

PPP Loan Updates as of July 16, 2020

The PPP Loan Program has been extended to August 8, 2020. If you…
Rich Pavano
Love0
catch-up retirement contributionsCOVID-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
Love0
Paycheck Protection Plan LoansCOVID-19
May 5, 2020

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

Paycheck Protection Plan ("PPP") Loans Update May 4, 2020  **Please read for…
Rich Pavano
Love0
COVID-19 IRS reliefCOVID-19
April 14, 2020

COVID-19: IRS Announces More Relief and Details

In the midst of the coronavirus (COVID-19) pandemic, Americans are focusing on…
Rich Pavano
Love0
Buying or selling a businessSmall Business
April 3, 2020

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

Here is an update on the Paycheck Protection Plan (PPP) loans, including…
Rich Pavano
Love0
SBA Loans for Small BusinessesSmall Business
April 1, 2020

SBA Loans for Small Businesses Affected by Current Economic Conditions

There are two types of SBA loans available: Emergency loans or Paycheck Protection…
Rich Pavano
Love0
CARES ActTax
April 1, 2020

Summary of the CARES Act and FAQs

On March 27, 2020 the CARES Act was signed into law by…
Rich Pavano
Love0
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,…
Rich Pavano
Love0
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…
Rich Pavano
Love0
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…
Rich Pavano
Love0
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…
Rich Pavano
Love0
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…
Rich Pavano
Love0
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…
Rich Pavano
Love0
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…
Rich Pavano
Love0
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…
Rich Pavano
Love0
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…
Rich Pavano
Love0
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…
Rich Pavano
Love0
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,…
Rich Pavano
Love0
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…
Rich Pavano
Love0
Taxes Related to a Company CarTax
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
Love0
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…
Rich Pavano
Love0
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.…
Rich Pavano
Love0
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…
Rich Pavano
Love0
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…
Rich Pavano
Love0
Should Your Business Separate Real Estate Ownership?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
Love0
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…
Rich Pavano
Love0
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…
Rich Pavano
Love0
Beware of Tax ScamsTax
October 9, 2019

Be Alert for Tax Scams

“Thousands of people have lost millions of dollars and their personal information…
Rich Pavano
Love0
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…
Rich Pavano
Love0
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.…
Rich Pavano
Love0
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…
Rich Pavano
Love0
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…
Rich Pavano
Love0
How the Kiddie Tax Affects ChildrenTax
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
Love0
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…
Rich Pavano
Love0
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…
Rich Pavano
Love0
How Social Security Tax is CalculatedTax
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…
Rich Pavano
Love0
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…
Rich Pavano
Love0
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…
Rich Pavano
Love0
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…
Rich Pavano
Love0
Save Taxes with Qualified Charitable DistributionsTax
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…
Rich Pavano
Love0
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,…
Rich Pavano
Love0
Adjust WithholdingTax
June 4, 2019

Do You Need to Adjust Your Withholding?

Due to the massive changes in the Tax Cuts and Jobs Act…
Rich Pavano
Love0
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…
Rich Pavano
Love0
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,…
Rich Pavano
Love0
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…
Rich Pavano
Love0
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…
Rich Pavano
Love0
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…
Rich Pavano
Love0
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…
Rich Pavano
Love0
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…
Rich Pavano
Love0
Year-End Tax Strategies for IndividualsTax
March 2, 2019

Self-Employment Tax: Are LLC Members Liable?

Limited liability company (LLC) members commonly claim that their distributive shares of…
Rich Pavano
Love0
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…
Rich Pavano
Love0
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…
Rich Pavano
Love0
Optimize Local Travel DeductionsUncategorized
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
Love0
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…
Rich Pavano
Love0