This article is original content written by Thomas Scanlon, CPA, CFP® of Manchester, CT. 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.…
This article is original content written by Thomas Scanlon, CPA, CFP® of Manchester, CT. A Roth Conversion is when funds are taken out of an IRA and converted into a Roth IRA. This conversion results in taxable income. Here are 4…
This article is original content written by Thomas Scanlon, CPA, CFP® of Manchester, CT. Many employers will offer a 401(k) to their employees. A 401(k) plan offers many advantages to employees. The biggest advantage is tax-deferred investing. These accounts are not…
The Tax Cuts and Jobs Act (“TCJA”) almost doubled the Standard Deduction. Beginning in 2021, Single filers can claim $12,550, Head of Household $18,800 and Married Filing Jointly $25,100. Additionally, the maximum amount that can be deducted for state and…
Health Savings Accounts (HSAs) are a tax efficient way to pay for health care. To establish a HSA you need to be eligible. Taxpayers are eligible if: They are not on Medicare and; They are enrolled in a High…
