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5 Easy Steps to Opening a Business in Connecticut

Posted in Small Business on June 17, 2021

This article is original content written by Thomas Scanlon, CPA, CFP® of Manchester, CT.   1) Meet With Your CPA and Attorney The first step is to meet with your CPA and Attorney. Your CPA should be able to review your…

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The 5 Most Common Itemized Deductions

Posted in Tax News on September 8, 2011

Mortgage Interest—Many taxpayers can deduct their mortgage interest on their residence.  However, there is a limitation on this.  The interest on a primary residence can only be deducted on up to $1,000,000 mortgage and $100,000 line of credit.  Points paid…

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Overview of the Tax Provisions in the 2010 Small Business Jobs Act

Posted in Tax News on December 8, 2010

The recently enacted 2010 Small Business Jobs Act includes a wide-ranging assortment of tax breaks and incentives for small business paid for with various revenue raisers. Here’s a brief overview of the tax changes in the new law.

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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…

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Three Things a Business Owner Needs to Calculate their Tax Credit for Health Care Premiums

Posted in Small Business, Tax News on October 8, 2010

The recent health care reform has allowed eligible businesses to claim a credit for premiums paid for health insurance. For 2010, the maximum credit is 35% of the employer’s premium.

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