If you are an entrepreneur and have heard about the qualified business income deduction (also called Section 199A), you may be asking yourself if it could help you to save on taxes. Many business owners, or prospective business owners have a desire to form an LLC because it can save money on taxes. It is […]
Last tax season, many taxpayers found it to be more beneficial to take the standard deduction and forgo itemized deductions due to tax law changes. Then again, some felt their expenses exceeded standard deduction amounts. This year, we advise all taxpayers to take a hard look at their expenses to determine whether taking a standard […]
Where did 2019 go? It feels like we just finished filling out our 2018 tax returns and now it’s almost time to do the same for 2019. Are you ready? Is your business? To help you begin planning for tax season, we have compiled comprehensive documents for individuals and businesses: Year-End Tax Planning for Businesses […]
Every year, the IRS takes a fresh look at contribution limits and makes changes as they see necessary. Below are some of the more significant changes for the 2020 tax year you should be aware of: 1. Contribution limits for employees who participate in 401(k) plans, 403(b) plans, most 457 plans and the federal government’s […]
Numerous tax experts agree that effectively addressing your tax liability requires planning and attention throughout the entire year. Business owners who reap the most benefits consider their taxes year-round, rather than waiting to focus on tax payments just a few weeks before the filing date. A typical small business can qualify for roughly a dozen […]
The IRS has recently published their inflation adjustments for various tax items for the 2020 tax year. Below is an overview of the adjustments that apply to a wide range of taxpayers. 1. In 2020, the standard deduction for married filing jointly will increase $400 to $24,800. For single taxpayers and married individuals filing separately, […]
If you offer gifts or money to qualified organizations eligible to receive tax-deductible charitable contributions, you must have a bank record or written communication from the charity for any monetary contributions and get a written acknowledgment from the charity for any single donation of $250 or more. The key rules you should remember about donations […]
Kevin Harris CPA, Tax Manager As of June 26, 2019, Connecticut Governor Ned Lamont signed a $43.4 billion budget for the 2020 and 2021 fiscal years. Included in this budget are specific items that will directly impact the brewing industry. 1. Alcoholic Beverages Tax Effective July 1, 2019, the alcoholic beverages tax imposed on alcoholic […]
Depending on business size, interruption insurance policy costs could range from $750 to $10,000 or more. If you have passed on insurance due to cost, consider this: Today there are a greater number of earthquakes, storms, floods and heatwaves damaging businesses in major ways. Since 1970, the number of disasters has more than quadrupled worldwide. […]
This year, The IRS has announced cost of living adjustments that will affect dollar limitations for pension plans and other retirement-related items for the 2019 tax year. This article breaks down these adjustments to help you plan ahead. The contribution limit for employees who participate in 401(k), 403(b), most 457 plans, and the federal government’s […]