The Tax Cuts and Jobs Act (“TCJA”) almost doubled the Standard Deduction. For 2022, Single filers can claim $12,950, Head of Household $19,400 and Married Filing Jointly $25,900. Additionally, the maximum amount that can be deducted for state and local…
This article is original content written by Thomas Scanlon, CPA, CFP® of Manchester, CT. The IRS requires business taxpayers to report amounts paid as non-employee compensation on Form 1099-NEC. The non-employee compensation will be reported in box one of…
Subchapter S corporations (“Sub S”), partnerships, limited liability companies (“LLC’s”) and estates and trusts issue form K-1s. This form documents the stockholders, partners, members or beneficiaries share of their profit or loss from the entity. Don’t wait for this form…
This article is original content written by Thomas Scanlon, CPA, CFP® of Manchester, CT. Do you have an IRS issue and you can’t seem to get it resolved? You’re not alone. Back in the day, if you had an…
This article is original content written by Thomas Scanlon, CPA, CFP® of Manchester, CT. Estate Planning can get tricky. One tool that is frequently used is a trust. Many trusts are set up as revocable (“rev”) trusts. This means the…
