You hate writing checks to the Internal Revenue Service on April 15. But what can you do now to trim this year’s tax bill? In this article, we will provide strategies to limit your tax obligations and reduce the chance of an unpleasant surprise. Last year, if you may have owed money to the IRS, […]
Fourth Annual MahoneySabol 5K at the Travelers Championship to take place on April 27, 2019. Local accounting firm supports The Hospital for Special Care through title sponsorship of 5K race Glastonbury, Conn., (April 3, 2019) – MahoneySabol, a regional certified public accounting firm based in Connecticut, has partnered with the Travelers Championship to host their […]
Rules regarding expensing and deduction are complex and managers should keep an eye on the latest rules to ensure their businesses are in compliance and are taking full advantage of the provisions. This article can be used as a reference to the newest expensing rules. First off, businesses can immediately expense more under the new […]
Payable-on-death (POD) accounts are a type of bank account that, at the owner’s death, allow the remaining money in the account to pass directly to the beneficiaries named by the account owner, offering an easy way to keep money out of probate. What are the benefits to payable-on-death accounts? This article will break it down. […]
As your child prepares to go off to college and you are considering applying for a student loan, what do you need to know in order to offer them advice as they get ready to head to college? Let’s take a closer look. Shop around for a loan Don’t take the first loan you’re offered. […]
It is important to prepare your financial statements in accordance with an accounting framework that’s appropriate for your business. Most of the time, you’ll opt for a CPA to produce your financial statements because getting an accountant’s blessing is especially useful when you are applying for more credit from a bank. This is important for […]
How do you get from the dream to fundraising to business plan to opening? Successful business owners recount how their meetings with potential investors helped them revise their business plan, refining the numbers and focusing on the culture they wanted to create. First and foremost, lay the proper groundwork before launch. Develop a plan so […]
Did you know that it’s been estimated that fewer than one in three Americans have what’s called a living will or advance health care directive? If you find yourself on life support, who will make decisions for you? Living wills are important because they detail how you would like to be cared for if you […]
You may be trying to wrap your head around how to figure out basis of property that you receive as a gift. There are many things to consider including the adjusted cost basis to the donor just before they made the gift to you, the fair market value (FMV) at the time you were gifted, […]
Did you know that the Tax Cuts and Jobs Act made changes to deductions for business expensed meals? In fact, it eliminated the deduction for any expenses related to activities that formally could be considered entertainment, amusement or recreation. You’ll be happy to hear that under this revised rule, you may continue to deduct 50 […]