Blog Archives

How to Choose A Business Entity Type – Part 1

Posted in Small Business on June 17, 2021

This article is original content written by Thomas Scanlon, CPA, CFP® of Manchester, CT. Choice of Business Entity We are frequently asked by clients starting a business, what type of entity they should be. Here we will address Sole Proprietorships…

Tagged with: Federal Tax ID Number, Limited Liability Company, LLC, Operating Agreement, Sole Proprietor, Sole Proprietorship

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…

Tagged with: Attorney, Business Plan, Buy-Sell Agreement, Certified Public Accountant, Connecticut, Connecticut Department of Revenue Services, Connecticut Labor Department, Connecticut Sales tax, Corporation, CT DOL, CT DRS, CT Withholding, Form REG-1, Form SS-4, Form UC-1A, Forrest Gump, Health Insurance, Income Tax, Internal Revenue Service, IRS, Life Insurance, Limited Liability Company, LLC, Sales Tax, Sole Proprietor, Stockholders, Subchapter S Corporation, Subchapter S Election, Tax Identification Number, Withholding, Workers Compensation

How to File Your Form 1099’s and Avoid IRS Penalties

Posted in Tax News on December 22, 2013

Determine Who Needs to Be Issued a 1099 A Form 1099 needs to be issued to any unincorporated business that you paid $600 or more. An unincorporated business includes Limited Liability Companies (LLC’S), Partnerships and Sole Proprietors. Additionally, a 1099…

Tagged with: 1099 Mismatch, Connecticut Taxpayers, Federal Tax Identification Number, Form 1040, Form 1096, Form 1099, Form 1120, Form 1120S, Form CT-1096, Form W-9, Income Tax, Independent Contract, Internal Revenue Service, IRS, IRS Notice, Legal Services, Limited Liability Company, LLC, Partnership, Schedule C, schedule E, Sole Proprietor, Subcontract, Tax Penalty, TIN, Underground Economy

Why Some Small Businesses Should NOT be an LLC

Posted in Small Business on June 9, 2013

The Limited Liability Company (“LLC”) certainly has become a popular form of business entity. If there is only one member (owner) then setting up these entities has become a breeze. Just go online, fill out some forms, pay the registration…

Tagged with: C Corporation, Connecticut Department of labor, Connecticut Taxpayers, corporate tax return, Corporation, Estimated Tax, Form 1040, Form 1040-ES, Form 1120, form 1120-S, form 940, Form 941, Form CT-1040-ES, Form W-2, Form W-3, Income Tax, Limited Liability Company, LLC, Payroll Tax, S Corporation, Schedule C, Single Member LLC, Sole Proprietor, Subchapter S Corporation, Workers Compensation

4 Reasons All Employers Should Offer a Roth 401(k) Plan

Posted in Tax News on November 6, 2012

1) The Roth 401(k) Plan Has a Higher Contribution Limit that a Roth IRA Taxpayers can contribute up to $5,000 per year into a Roth IRA. Taxpayers over age 50 can contribute an additional ‘catch-up’ contribution of $1,000 for…

Tagged with: 401(k) Plan, Earned Income, Form W-2, Income Tax, Limited Liability Company, LLC, Partnership, Retirement, retirement plan, Retirement Planning, Roth 401(k) Plan, roth ira, Self-Employed, Sole Proprietor, Sole Proprietorship, Tax-Deferred, Tax-Free, Wages

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

Blog Archives

How to Choose A Business Entity Type – Part 1

5 Easy Steps to Opening a Business in Connecticut

How to File Your Form 1099’s and Avoid IRS Penalties

Why Some Small Businesses Should NOT be an LLC

4 Reasons All Employers Should Offer a Roth 401(k) Plan

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

Blog Archives

How to Choose A Business Entity Type – Part 1

5 Easy Steps to Opening a Business in Connecticut

How to File Your Form 1099’s and Avoid IRS Penalties

Why Some Small Businesses Should NOT be an LLC

4 Reasons All Employers Should Offer a Roth 401(k) Plan

Search

Links

Latest News

Categories

Get Free Tax Tips

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