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2020 401(k) Contribution Limit Changes

2020 401(k) Contribution Limit Changes

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 […]

Give Your Taxes Attention 365 Days A Year

Give Your Taxes Attention 365 Days A Year

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 […]

2020 IRS Inflation Adjustments

2020 IRS Inflation Adjustments

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, […]

Charitable Gifts: Getting the Paperwork Right

Charitable Gifts: Getting the Paperwork Right

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 […]

CT Tax Law Changes Impacting CT Breweries

CT Tax Law Changes Impacting CT Breweries

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 beverage distributors has been amended […]

Do You Need Interruption Insurance?

Do You Need Interruption Insurance?

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. […]

401(k) and IRA Contribution Limit Increases in 2019

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 […]

Know The Advantages of S Corporations

Know The Advantages of S Corporations

S corporations are entities that can pass corporate income, losses, deductions and credits through to shareholders for federal tax purposes. This article will outline the advantages and considerations you should take when considering becoming an S corporation. Shareholders report the flow-through of income and losses on their personal tax returns and are assessed a tax […]

Capital Gains and Losses: How Do They Work?

Capital Gains and Losses: How Do They Work?

A capital gain is a profit, made when you as an individual or business sell a capital asset such as investments or real estate for a higher cost than its purchase price. A capital loss is incurred when there’s a decrease in the capital asset value compared with its purchase price. Almost everything you own […]

Feeling Overwhelmed with Payroll Regulations

Feeling Overwhelmed with Payroll Regulations

Your company is growing, and now you have an office full of employees and the questions that come along with that responsibility, such as figuring out each person’s tax liability based on their W-4 forms and calculating overtime for nonexempt staff. If you are feeling overwhelmed, consider outsourcing this task to a third-party provider? Not […]

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