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How the New Tax Law May Impact You

Posted in Tax News on December 31, 2010

On December 17, 2010, President Obama signed the tax bill into law after months of negotiations, and to our benefit, this law will be in effect for the next two years. Enactment of this tax law confirms that individuals at…

Tagged with: Adjusted Gross Inome, AGI, Alternative Minimum Tax, AMT, Capital Gains Tax, Charity, Donations, Education Credit, Exemptions, Flexible Spending Accounts, FSA, Income Tax, ira, Long Term Capital Gains, Payroll Taxes, President Obama, Qualified Dividends, Sales Tax, Self-Employed, Social Security Tax, State Income Tax, Tax Brackets, Tax Cuts

The Difference between an Employee and an Independent Contractor

Posted in Tax News on November 5, 2010

Employers must make a determination whether someone who works for them is an employee or an independent contractor. To assist them with this, the IRS has issued the “Twenty Factor Test”. Here are the tests an employer applies in order…

Tagged with: Certificate of Insurance, Classify Workers, Employee, Employer, Federal Unemployment Tax, Form 1099, Health Insurance, Independent Contractor, Internal Revenue Service, IRS, Medicare Taxes, Qualified Retirement Plan, Social Security Tax, State Unemployment Tax, Subcontractor, Twenty Factor Test, Vacation Time, Workers Compensation Insurance

Why Every Week is "Shark Week" for the Self-Employed in Connecticut

Posted in Tax News on July 30, 2010

This is “Shark Week” on the Discovery Channel. We are (not so gently) reminded not to swim with the sharks. For the self-employed in Connecticut, every week is “Shark Week”. A self-employed person is someone who runs their business as…

Tagged with: 401(k) Plan, Business Owner, C Corporation, Connecticut, Corporation, Discovery Channel, General Partnership, Great White, Hammer Head, Income Tax, ira, Jaws, Limited Liability Company, LLC, Qualified Retirement Plan, Self-Employed, SEP, Shark Week, Single Member LLC, Social Security Tax, Sole Proprietorship, State Income Tax, Subchapter S Corporation, tax planning

Tax Breaks for Hiring Your Child

Posted in Tax News on June 4, 2010

Does your child need a job this summer? Do you own a business and need some summertime help? If so, consider hiring your child. There may be some exceptional tax benefits for you. If you own an unincorporated business and…

Tagged with: C Corporation, Corporation, Employee, Income Tax, LLC, Single Member LLC, Social Security Tax, Sole Proprietorship, Subchapter S Corporation

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