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3 Proven Reasons a Connecticut Business Owner Should Elect Subchapter S

Posted in Tax News on September 29, 2013

Business owners of corporations will by default have a “C” Corporation. If they are eligible and they elect, they could be a Subchapter S (“Sub S”) corporation. An eligible Sub S corporation meets the following…

Tagged with: Asset Sale, Business Owner, C Corporation, Connecticut Business Owner, Connecticut Business Owners, double taxation, Estates, Form 2553, Income Tax, Internal Revenue Service, IRS, Medicare Tax, Reasonable Compensation, S Corporation, Shareholders, Social Security Tax, Stock Sale, Sub S, Subchapter S Corporation, Trusts

3 Easy Steps to Rent Your Real Estate to Your Business

Posted in Tax News on July 29, 2013

Many business owners will eventually buy a building and then rent it to their business. This can be an appropriate strategy for many. If you are planning on being in business for an extended period of time why…

Tagged with: Arms Length Transaction, Balance Sheet, Bank Loan, Bank Loan Covenant, Cash Flow, Financial Statements, Gross Lease, Income Statement, Income Tax, Income Tax Returns, Internal Revenue Service, IRS, Lease Agreement, Limited Liability Company, LLC, Loan Covenants, Market Rent, mortgage, Net Lease, Personal Financial Statement, Real Estate, Rental Income, Rental Real Estate, Self-Employed, Social Security Tax, Wages

Happy Tax Freedom Day 2013 to Connecticut Taxpayers

Posted in Tax News on May 12, 2013

Tax Freedom Day for the country was on April 18, 2013. This is the day when, on average, taxpayers have paid all of their taxes for the year and now begin to keep what they earn. Tax Freedom Day…

Tagged with: 50 Shades of Tax Deductions, American Taxpayer Relief Act, Certified Public Accountant, Connecticut, Connecticut Sales tax, Connecticut Taxpayers, CPA, CT Sales Tax, Federal Deficit, Happy Hour, Income Tax, income tax planning, Property Tax, Sales Tax, Social Security Tax, Tax Foundation, tax freedom day, tax planning

5 Easy Steps to File Your 1099’s….Guaranteed

Posted in Tax News on January 6, 2013

It’s time for business owners to file their 1099’s. Here are 5 Easy Steps to do this: 1) Determine who you will be Required to File a 1099 For Form 1099 is due to any independent contractor who is unincorporated…

Tagged with: Contractor, Form 1096, Form 1099, Form 1099-MISC, Form W-9, General Partnership, Identidy Fraud, Income Tax, Independent Contractor, Internal Revenue Service, IRS, Landlords, Limited Liability Company, LLC, Partnership, Real Estate, Social Security Number, Social Security Tax, Sole Proprietorship, Sub Contractor, Tax Identification Number, Twenty Factor Test, Unemployment Tax, Workers Compensation

Why the Fiscal Cliff is Fiscally Irresponsible

Posted in Tax News on December 3, 2012

The Federal Government and the country are set to go off the Fiscal Cliff on New Year’s Day. The term Fiscal Cliff refers to number of laws that if they remain unchanged, could result in significant tax increases…

Tagged with: Affordable Care Act, Bush Era Tax Cuts, Capital Gains, Captial Gains Tax, Congress, credit rating, deficit, disposable income, estate tax, Federal Estate Tax, Federal Estate Tax Exclusion, fiscal cliff, GDP, gross domestic product, Income Tax, Itemized Deductions, medicare surtax, New Years Day, Obama Care, Payroll Tax Cut, Personal Exemption, Qualified Dividends, Recession, Sequestration, Social Security, Social Security Tax

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