Did you know that CT provides tax incentives to hire new employees in small businesses?

The Qualified Small Business Job Creation Tax Credit Program provides incentives to Connecticut’s small businesses to hire new full-time employees. Under this program Connecticut-based businesses with less than fifty employees are eligible for a $200 per month tax credit for each new full-time employee they hire. Below are the guidelines for the program, a link to the application and the contact. more…

January 31st is the deadline to furnish Form 1099- Misc. to recipients.

The 1099-MISC form is used to report more than two dozen types of payments that must be claimed as income by the recipient. This category includes payments made by businesses as fees to attorneys, service providers and freelancers. Other types of payments covered by the 1099-MISC include reimbursement for auto expenses, awards and bonuses, commissions, prizes and vacation allowances for non-employees. 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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This week is Shark Week on the Discovery Channel.  Last year, we told you how every week is "Shark Week" for the self-employed in Connecticut.  Now, a year later, there is even more blood in the water. more…

January 31, 2011 is the deadline to furnish Form 1099-MISC to recipients.  The 1099-MISC form is used to report more than two dozen types of payments that must be claimed as income by the recipient.  This category includes payments made by businesses as fees to attorneys, service providers, and freelancers.  Other types of payments covered by the 1099-MISC include reimbursement for auto expenses, awards and bonuses, commissions, prizes, and vacation allowances for nonemployees.  A payer of rents and royalties must also file this tax document. more…