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Tax-Effective Ways to Take Cash from Your CorporationMedium-Sized BusinessTax
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Tax-Effective Ways to Take Cash from Your Corporation

If you want to withdraw cash from your closely held corporation at…
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Need to file a gift tax returnGift TaxTax
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Need to file a gift tax return?

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Filing Taxes Jointly or SeparatelyTax
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Filing Taxes Jointly or Separately

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Tax-Effective Ways to Take Cash from Your CorporationSmall BusinessTax
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Qualified Small Business Corporation Eligibility

Operating your small business as a Qualified Small Business Corporation (QSBC) could…
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New Beneficial Ownership Information Reporting for Small BusinessesBeneficial Ownership Information ReportingSmall Business
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New Beneficial Ownership Information Reporting for Small Businesses

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Penalty Tax for Early IRA WithdrawalsInvestmentsTax
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Penalty Tax for Early IRA Withdrawals

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How the Kiddie Tax Affects ChildrenKiddie TaxTax
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How the Kiddie Tax Affects Children

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2024 Standard Mileage RateMedium-Sized BusinessMileage
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Voluntary Disclosure Program for ERC ClaimsEmployee Retention Tax CreditMedium-Sized Business
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Voluntary Disclosure Program for ERC Claims

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Taxes When Retiring to Another StateRetirementTax
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Taxes When Retiring to Another State

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Taxes Related to a Company CarMedium-Sized BusinessSmall Business
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Taxes Related to a Company Car

The use of a company car is one of the most appreciated…
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How does business vehicle depreciation work?Business Vehicle DepreciationSmall Business
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How does business vehicle depreciation work?

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2024 Tax Brackets and Federal Income Tax RatesUncategorized
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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
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Are scholarships taxable?

With the rising cost of college, many families are in search of…
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Pros and Cons of a Like-Kind Exchange in Real EstateTax
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Tax Effects of Renting Vacation Home

Many Americans own a vacation home or aspire to purchase one. If…
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How Social Security Benefits are TaxedSmall Business
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What is the social security wage base for 2024?

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Avoid Tax Surprises from Investment ChangesInvestmentsTax
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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
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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
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Tax Concerns of Divorcing Business Owners

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Employee Retention Tax Credit Processing StoppedEmployee Retention Tax CreditSmall Business
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Employee Retention Tax Credit Processing Stopped

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inflation and depreciating business assetsSec. 179 deductionSmall Business
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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
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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 Expenses

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Tax Consequences of Guaranteeing a LoanSmall Business
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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
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Operating Your Business as an LLC

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IRA for Nonworking SpouseRetirement
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IRA for Nonworking Spouse

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Tax Breaks for Nursing Home LivingTax
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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
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Beware of Tax Scams

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2023 Q3 Tax Deadlines for BusinessesSmall BusinessTax
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2023 Q3 Tax Deadlines for Businesses

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What is the Trust Fund Recovery Penalty?

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Are business start-up expenses deductible?

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You may think you don’t need to make any estate planning moves…
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Minimize Net Investment Income Tax

High-income taxpayers face a regular income tax rate of 35% or 37%.…
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Be Careful When Hiring Independent Contractors

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How to Ensure Reasonable Compensation

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Retain Employees with Education Benefits

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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 taxable?

You generally must pay federal tax on all income you receive but…
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2023 Q3 Tax Deadlines for BusinessesTax
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2023 Q2 Tax Deadlines for Businesses

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Tax Advantages of Hiring Your Child

Summer is around the corner so you may be thinking about hiring…
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Claim Losses on Devalued StockStock marketTax
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Claim Losses on Devalued Stock

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deduct home office expensesTax
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Can I deduct home office expenses?

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Still time for 2022 IRA contribution?

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Current Child Tax Credit Rules

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What is MyCTSavings?

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2023 Tax Limits Affecting Businesses

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How to Cut Taxes for Investors

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Employee Retention Tax Credit: Facts and Myths

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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 tax?

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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 Audit

IRS audit rates are historically low, according to a recent Government Accountability…
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Individuals: Year-End Ideas to Save Taxes

Now that fall is officially here, it’s a good time to review…
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Are both spouses responsible for taxes?

When a married couple files a joint tax return, are both spouses…
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2022 Q4 Tax Deadlines for Businesses

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Taxes for High Income Earners

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deduct home office expensesTax
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Do I qualify for home office deductions?

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Tax Breaks for Small Businesses

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Avoid Early Withdrawal Tax Penalty

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adjust your withholdingTax
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Save Taxes Using the Kiddie Tax Strategy

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How a Merger or Acquisition Will Be Taxed

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2022 Standard Mileage Rate Increases

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Will I be taxed on my Social Security benefits?

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Tax Rules for Hobby Turned Business

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Tax Breaks for Eligible Caretakers

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Have you received an IRS notice?

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Three Questions After Your Return is Filed

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How Job Loss Affects Taxes

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Business owners: Why accelerate taxable income?

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Does your business offer a retirement plan?

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Reduce Your Tax Bill With an IRA

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Do I need to file a gift tax return?

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Help Avoid Tax Identity Theft and File Early

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When Business Start-Up Expenses Can be Deducted

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Do your employees receive tips?

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Can I deduct student loan interest?

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Can I deduct medical expenses on my tax return?

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Participating in Your Employer 401(k) Plan401(k) PlanTax
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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 Base

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Buying or Selling a Business? Beware of Tax Consequences.

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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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Am I eligible for a Health Savings Account?

Given the escalating cost of health care, there may be a more…
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Is your business the victim of embezzlement?

If your business is the victim of embezzlement, you may be able…
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3 Tax Breaks for Small Businesses

The week of September 13-17 has been declared National Small Business Week…
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As we approach the holidays and the end of the year, many…
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Am I eligible for a casualty loss deduction?

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Sales Tax Relief for Sellers of MealsRestaurantsTax
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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
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Tax Consequences of Divorce for Business Owners

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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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How much tax will I pay from inheriting property?

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Are you a trader or investor?

Do you have significant investment-related expenses, including the cost of subscriptions to…
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Am I eligible for the qualified business income deduction?

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Third Quarter Tax Deadlines for Businesses

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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 Payments: Are You Eligible?

Eligible parents will soon begin receiving payments from the federal government. The…
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Reduce the Net Investment Income Tax

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Many businesses use independent contractors to help keep their costs down. If…
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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 Workers

Before the COVID-19 pandemic hit, the number of people engaged in the…
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What is reasonable compensation for corporate business owners? Owners of incorporated businesses…
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The new American Rescue Plan Act (ARPA) provides eligible families with an…
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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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April 14, 2020

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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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…
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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…
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CARES ActTax
April 1, 2020

Summary of the CARES Act and FAQs

On March 27, 2020 the CARES Act was signed into law by…
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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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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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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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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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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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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…
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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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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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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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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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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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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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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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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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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…
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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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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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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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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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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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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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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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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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2024 Standard Mileage RateUncategorized
January 21, 2019

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

This year, the optional standard mileage rate used to calculate the deductible…
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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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