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3 Proven Tax Smart Moves For Small Business to Save Money

Posted in Tax News on December 1, 2013

1) Adopt a Retirement Plan A business has several different retirement plans it could adopt. The most common plan is the 401(k) plan. With a 401(k) plan the employee is allowed to defer on a pre-tax basis up to $17,500…

Tagged with: 401(k) Plan, Accounts Payable, Accounts Receivable, Cash Basis, Fixed Assets, Income Tax, Inventory, Machinery, Profit Sharing Plan, Real Estate, Section 179, Small Business, Taxable Income, vehicles

3 Proven Reasons a Small Business Should Consider a SEP Retirement Plan

Posted in Tax News on March 3, 2013

A Simplified Employee Pension (SEP) is an employer sponsored retirement plan. Here are 3 proven reasons to consider this plan.

Tagged with: 401(k) Plan, Employee, Form 5305-SEP, Form 5500, Form W-2, Income Tax, Income Tax Deductions, Profit Sharing Plan, retirement plan, Retriment, Self-Employed, SEP, Simplified Employee Pension, Tax Deduction, Third Party Adminstrator, TPA, Vesting

6 Reasons Small Business Owners Should Meet With Their CPA Before Year-End

Posted in Tax News on December 17, 2012

There are a host of reasons small business owners should meet with their CPA. Here are 6 of them: 1) Method of Accounting Smaller business can usually file their tax returns on the cash basis of accounting. The taxable…

Tagged with: Accelerated Deprection, accrual basis, Bonus, C Corporation, Cash Basis, CPA, Estimated Taxes, Income Tax, Income Tax Penalty, income tax planning, Limited Liability Company, LLC, Partnership, Profit Sharing Plan, retirement plan, S Corporation, S Election, Section 179, SEP, SIMPLE Plan, Simplified Employee Pension, Sole Proprietorship, Stockholder, Subchapter S Election, Tax Penalty, Withholding, Year- End Tax Planning

Why The New Medicare Tax May Cost You More Money

Posted in Tax News on June 26, 2012

Current Medicare Tax Currently taxpayers pay 1.45% Medicare Tax on their earned income. This is from a W-2 for employees and net-income from self-employed individuals. The employee pays this amount and the employer matches it, therefore they remit 2.9% to…

Tagged with: 401(k), Affordable Care Act, annuities, Capital Gains, Dividends, Employee, Employer, Form W-2, Health Care Reform, Income Tax, income tax withholding, Interest, ira, Married Filing Jointly, Medicare Tax, Municipal Bonds, Passive Income, Pension, primary residence, Principal Residence, Profit Sharing Plan, Royalties, Self-Employed, Single, Sub S, Subchapter S, Subchapter S Corporation, tax-free bonds, Unearned Income Medicare Contribution Tax, Withholding

The Importance of Beneficiary Designations

Posted in Tax News on April 28, 2011

When was the last time you checked your beneficiary designations for your retirement accounts that were established years ago? Beneficiaries are the individuals or entities (such as a charity) that you name to receive these assets upon your death. You…

Tagged with: 401(k) Plan, Attorney, Beneficiary, Beneficiary Designation Form, Charity, Contingent Beneficiary, CPA, Designated Beneficiary, Divorce, Estate Planning, ira, Married, Notarized, Primary Beneficiary, Profit Sharing Plan, Qualified Retirement Plan, Remarried, Retirement Accounts, retirement plan, Single, Spouse, Will

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