How long have you been in business and how did you get started?

The Main Pub has been in business for 31 years and we got started when my father turned a one room “Gin Mill” into a full service restaurant, lounge and bar.  He took a chance and just tried to treat everyone right. I grew up in the business and became the owner in 2004.  I got started as a bartender then went on to learn the ins and outs of running a successful restaurant. more…

Let’s say you want to combine a vacation with your business travel and possibly deduct a few expenses on your tax return.  Can you do this and not have the IRS look unfavorably at these deductions.  Yes, some business travel costs are considered legitimate expenses—you just have to be careful and document everything correctly.  more…

The State of Connecticut recently increased the state income tax rates.  Oh, and they made them retroactive to the beginning of 2011.  Don't you Connecticut income taxpayers just love this? more…

The primary reason to make the Subchapter S filing status election is to have a single federal income tax when the business is eventually sold. 

If the corporation is not an S corporation and the company assets are sold, there will be a double tax on sale.  The first tax will be at the corporation level.  A regular or C corporation will pay a tax on the gain on the sale of its assets.  The second tax will be when net proceeds are paid to the shareholders.

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