Manchester, CT 860.646.2465 • Niantic, CT 860.739.5459 • Storrs, CT 860.429.7885
Posts Tagged ‘Depreciation’
What’s the Difference in Capital Gains Taxes?
Capital Assets
Capital assets are generally those held for investment. Stocks, bonds and mutual funds are some examples. If there is a gain on the sale of these assets, a capital gains tax is due.
The Difference Between The Standard Mileage Method and Actual Expenses
The Internal Revenue Service (“IRS”) allows taxpayers to choose between the Standard Mileage Method and Actual Expenses.
Standard Mileage Method The IRS allows taxpayers to deduct a standard mileage method for business travel. The current allowance is for 55.5 cents per mile. This allowance is updated periodically to reflect changes in gas prices and other changes. Keep in mind this allowance is just for business travel. … Continue reading »
The Difference Between an Asset Sale and a Stock Sale
Closely Held Businesses looking to negotiate a sale of their business will either do an Asset Sale or a Stock Sale.
Asset Sale
With an asset sale, the buyer is buying the assets of the business. These assets will be identified in the purchase and sale agreement. They may include accounts receivable, inventory and fixed assets including office furniture, machinery and vehicles. Additionally they may include intangible assets like customer lists, … Continue reading »
The Difference Between a C Corporation and a Subchapter S Corporation
Business owners can maintain their corporation as a regular or "C" Corporation. Alternatively, if they are eligible, they may want to make a Subchapter S Election. Both are treated as separate legal entities. Here are the differences however:
C Corporation
While a C Corporation is a separate legal entity, it is also a separate taxable entity. The corporation will pay income taxes on any … Continue reading »
How to File a Personal Property Tax Declaration in Connecticut
All Connecticut business owners that own personal property must file a Personal Property Tax Declaration by November 1, 2011.
Failure to file this declaration or filing late will result in a penalty equal to 25% of the assessed value of the property.
