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 […]
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 […]
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 […]
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 […]
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. […]