If you have business-related debt that is uncollectible or worthless, you may be able to take a “bad debt” deduction to cut your losses. But, not surprisingly, there are a few hoops to jump through. Business or nonbusiness? Business bad debts generate ordinary losses; nonbusiness bad debts are reported as short-term capital losses. The latter can be […]
Your Bad Business Debts May Be Deductible Read More »
Do you invest money outside of tax-advantaged retirement plans? If you do, you may be able to reduce your 2019 tax bill by selling some investments ― you just need to carefully select which investments you sell. Balance gains and losses If you’ve sold investments at a gain this year, consider selling some losing investments to absorb the gains.
Save on Your 2019 Taxes on your Investments Read More »
Many people prefer to pass assets to their heirs during their lifetimes, to help family members, to reduce the size of their taxable estates, or simply to see their loved ones enjoy the gifts. If you are considering lifetime gifts, you need to know that the type of assets you give can produce substantially different
The Importance of Tax Planning Before Making Gifts to Loved Ones Read More »
We recently finished filing the final extended tax returns for our clients, and now it is time to start looking toward the 2019 tax filing season. (No rest for the weary!) With all the changes that took place for the 2018 filing season with the passage of the Tax Cuts and Jobs Act (TCJA), you’d
2019 Tax Forms: What to Expect Read More »
Many high school students can’t wait until they are “grown-ups” and can finally do all the fun things grown-ups get to do like go on vacations, drive nice cars and live in fancy houses. Except, well, that’s not quite how things typically end up. For hundreds of students at Cheshire High School, they learned a
Helping Students Get a Dose of Financial Reality Read More »
There are a few things in life that cause a universal, often paralyzing, sense of dread. A family call in the middle of the night. Knowing you must have a difficult conversation with someone. An IRS letter saying you are being audited. While we can’t offer much relief for the first two, we can help
What You Need to Know about an IRS Audit Read More »
Fall is definitely here and now is a great time to start thinking about your year-end business tax planning. There are a variety of things you may want to consider, or at least look into, before the end of the year, so you can make adjustments now to reduce the taxes you have to pay
It’s Time for Some Year-End Tax Planning Read More »
Most business owners know that offering employees benefits can be a good way to differentiate your company and keep your team intact. But many are surprised to learn just how important these benefits are! According to a survey from the Society for Human Resource Management (SHRM), a whopping 92% of employees said that benefits are
It’s All About the Benefits! Read More »
Starting a new business, whether your first or one of many, is always fraught with challenges. One of those is choosing the correct business entity, which is now more important than ever due to the Tax Cuts & Jobs Act (TCJA). Each structure has its advantages and disadvantages, and it is important to choose the
Choosing the Right Entity for Your New Business Read More »
When Governor Lamont signed the budget bill earlier this summer, quite a few changes were made to our sales and use taxes. Here is a breakdown of what changed. Exemptions Eliminated: On January 1, 2020, some items currently exempted from sales and use taxes will be taxed, including safety apparel, specified parking spaces, dry cleaning
CT Tax Law Changes Signed into Law with New Budget Bill Read More »
Bailey Scarano is very proud to announce that the recipient of this year’s Alan P. Bailey and Michael J. Schaefer Memorial Accounting Scholarship is Branford High School graduating senior, Hannah Antonino. Hannah is a stellar student but also dedicated to improving her community through her participation in the Excel and Exchange clubs at her school.
Bailey Scarano Awards Local Student with Scholarship Read More »
Life is full of ups and downs, many of which can greatly impact your taxes for the year in which the milestone takes place. Here are just a few events that have tax implications for which you should be prepared. Starting a New Job When you start any new job, you should make any necessary
Major Life Changes Ahead? Know the Tax Implications Read More »