Blog Archives

How a Connecticut ‘C’ Corporation can claim the Neighborhood Assistant Act Credit

Posted in Tax News on September 14, 2012

Connecticut ‘C’ Corporations can avail themselves to the Connecticut Neighborhood Assistance Act Credit. The concept of the credit is to promote funding for tax exempt and municipal organizations by providing a Connecticut income tax credit for ‘C’ Corporations. Click…

Tagged with: C Corporation, Connecticut, Connecticut Income Tax, Connecticut Tax Credit, CT, CT C Corporation, CT DRS, Energy Conservation Programs, Form NAA-002, Income Tax, Income Tax Credit, Neighborhood Assistance Act, tax credit, Tax Exempt Organizations

The Biggest Loser….The Self-Employed in Connecticut

Posted in Tax News on March 20, 2012

The Biggest Loser is a TV show where contestants attempt to lose the most weight for cash prizes. Full Disclosure: I don’t watch the show and I have only seen short clips of it. I don’t proclaim to fully understand…

Tagged with: C Corporation, CHET, Connecticut, Connecticut Higher Education Trust, Connecticut Income Tax, Connecticut Self-Employed, CT, Income Tax, Incorporting, Internal Revenue Service, ira, IRS, Limited Liability Company, LLC, Partnership, S Corporation, S Election, Self-Employed, SEP, Simplified Employee Pension, Social Security Tax, Sole Proprietor, Sub S Election, Subchapter S Election, Taxpayer, The Biggest Loser

Why a Growing Business Should Elect Subchapter S Filing Status

Posted in Tax News on August 4, 2011

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…

Tagged with: Asset Sale, BIG Tax, Built-In Gains Tax, C Corporation, Capital Gains, Capital Loss, Connecticut, Connecticut Corporation, Corporation, CT, Double Tax, Estate, Form 2553, Goodwill, Income Tax, S Corporation, S Election, Shareholder, Small Business Owner, Stock, Stock Sale, Stockholders, Subchapter S Election

What is Reasonable Compensation and Why Closely Held Business Owners Should Be Concerned

Posted in Tax News on April 21, 2011

This is a big issue with the IRS and closely held C corporations right now. The focus is whether or not the owners-employees, as well as family members, are reducing their profits through large salaries and bonuses.

Tagged with: Bonus, C Corporation, Closely Held Business, Compensation, Dividends, Family Members, Internal Revenue Service, IRS, Owner-Employee, Reasonable Compensation, Salary

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

Branford, CT 203.208.0572
Manchester, CT 860.646.2465
Niantic, CT 860.739.5459
Storrs, CT 860.429.7885

Blog Archives

How a Connecticut ‘C’ Corporation can claim the Neighborhood Assistant Act Credit

Why a Growing Business Should Elect Subchapter S Filing Status

What is Reasonable Compensation and Why Closely Held Business Owners Should Be Concerned

Search

Links

Latest News

Categories

Get Free Tax Tips

Branford, CT 203.208.0572 Manchester, CT 860.646.2465 Niantic, CT 860.739.5459 Storrs, CT 860.429.7885

Blog Archives

How a Connecticut ‘C’ Corporation can claim the Neighborhood Assistant Act Credit

The Biggest Loser….The Self-Employed in Connecticut

Why a Growing Business Should Elect Subchapter S Filing Status

What is Reasonable Compensation and Why Closely Held Business Owners Should Be Concerned

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

Search

Links

Latest News

Categories

Get Free Tax Tips

Branford, CT 203.208.0572
Manchester, CT 860.646.2465
Niantic, CT 860.739.5459
Storrs, CT 860.429.7885