Crowdfunding has become one of the most common ways for families, small businesses, and communities to support people in need. Whether it’s helping a neighbor with medical bills, assisting a local business after a fire, or supporting a friend experiencing hardship, GoFundMe and similar platforms make giving quick and easy. But when tax season arrives, […]
Are GoFundMe Donations Tax Deductible? Read More »
Key Takeaways Retirement contribution limits are increasing across 401(k), IRA, and other plans beginning in 2026. Higher caps offer business owners more room for tax-advantaged savings and stronger retention tools for top employees. New rules require certain high-income employees to make catch-up contributions as Roth (after-tax) contributions. Reviewing plan design and contribution strategy before year-end
2026 Inflation Adjustments to Retirement Limits Read More »
Key Takeaways A major tax change is coming: student loan forgiveness under IDR becomes taxable again starting January 1, 2026, unless Congress extends current relief. Borrowers nearing the 20- or 25-year forgiveness point could face thousands, or even tens of thousands, in unexpected federal taxes. Increased taxable income may reduce eligibility for key credits such
The Student Loan Forgiveness Tax Change That Could Blindside You in 2026 Read More »
Key Takeaways The IRS remains open during the shutdown, but processing refunds and correspondence is significantly slower. Businesses should expect cash-flow disruptions if clients rely on government contracts or regulated industries. SBA loan delays could affect refinancing, expansion, or new equipment purchases. Benefit and insurance premiums may rise due to uncertainty in federal oversight. Proactive
Your Business & the Government Shutdown Read More »
Key Takeaways The IRS has released inflation-adjusted increases for more than 60 tax provisions for Tax Year 2026 (returns filed in 2027). The standard deduction for married filing jointly rises to $32,200, and other filing statuses also get meaningful increases. Top marginal tax rate stays at 37%, but bracket thresholds shift upward. Other key changes: larger AMT exemptions, boosted estate exclusion, higher credits
New Tax Brackets, Bigger Deductions, and More: Inside the 2026 IRS Adjustments Read More »
Key Takeaways Nearly half of IRS employees were furloughed on October 8, 2025, as the government shutdown entered its second week. The agency continues to process electronic filings and payments, but most other operations, including audits and taxpayer assistance, are paused. Extension filers with October 15 deadlines must still submit returns and payments on time, even though IRS
What the IRS Shutdown Means for Connecticut Businesses Read More »
Key Takeaways Paper refund checks are history. As of September 30, 2025, the IRS began phasing out paper refund checks in favor of electronic payments, making refunds faster, safer, and more reliable. Taxpayers should act now. Double-check your direct deposit details through your IRS Online Account or tax return to avoid refund delays and help family
The IRS Has Gone Paperless Read More »
Key Takeaways Roth-only catch-ups begin in 2026. Under the SECURE 2.0 Act, employees earning more than $145,000 will be required to make all catch-up contributions to a Roth account, meaning taxes are paid now instead of later. Higher contribution limits for ages 60-63. Starting in 2025, eligible savers can contribute up to $11,250, giving business owners
The Roth Catch-Up Rule: What Business Owners Should Know Read More »
Key Takeaways The IRS is cracking down on bad tax advice. Connecticut business owners should be cautious of social media “hacks” and AI-generated tips which can lead to rejected claims, audits, and IRS penalties of up to $5,000 per false filing. AI tools can’t replace professional judgment. Chatbots don’t understand your business structure, cash flow,
Don’t Fall for Fake Tax Advice Read More »
As summer winds down, these final months give business owners a chance to do more than close the books; they provide an opportunity to reduce taxes, strengthen cash flow, and prepare for what’s ahead. Here are five key tax areas where Connecticut businesses can benefit from a proactive year-end review. Estimated Tax Payments If your
Five Year-End Tax Strategies Every Connecticut Business Should Consider Read More »
For small and mid-sized businesses, every decision about payroll and staffing carries extra weight. One area that often gets overlooked, but can cause major headaches down the road, is worker classification. Whether someone should be treated as an employee or an independent contractor isn’t just a matter of preference. It’s a legal distinction with real tax and compliance implications.
The Hidden Costs of Misclassifying Workers in Connecticut Read More »
Attracting and keeping great employees is tougher than ever. Competitive pay is important, but it’s no longer enough on its own. Today’s workers, especially younger generations, want benefits that support their health, growth, and overall quality of life. For business owners, that means reviewing benefits regularly through two lenses: what employees value and how those benefits
Smart Benefits: Balancing What Employees Want with What the IRS Allows Read More »