Blog Archives

4 Reasons NOT to Wait for Your K-1

Subchapter S corporations (“Sub S”), partnerships, limited liability companies (“LLC’s”) and estates and trusts issue form K-1’s. This form documents the stockholders, partners, members or beneficiaries share of their profit or loss from the entity.  Don’t wait for this form


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3 Proven Reasons a Connecticut Business Owner Should Meet With Their CPA Before Year-End

Another year will end soon.  There is (very) little tax planning that can be done after the year-end.  With the maximum federal income tax bracket of 39.6% and the maximum State of Connecticut income tax bracket of 6.5% there is


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3 Proven Reasons a Connecticut Business Owner Should Elect Subchapter S

    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


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Why The New Medicare Tax May Cost You More Money

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


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The Difference Between a C Corporation and a Subchapter S Corporation

Business owners can maintain their corporation as a regular or “C” Corporation. Alternatively, if they are eligible, they may want to make a Subchapter S Election. Both are treated as separate legal entities. Here are the differences however: C Corporation


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