W2 Scams – Hey, you in today?

Posted by JCB on Jan 7, 2019 in Advice The IRS is once again warning taxpayers, employers, and tax professionals to be on guard against the latest wave of W-2 scams. This has become one of the more dangerous email scams for tax administration. The emails appear to be from an executive or organization leader to a payroll or human resources employee. It may start with a simple,”Hey, you in today?” By the end of the...
read more

Inflation Adjusted Amounts for 2019

Posted by JCB on Jan 7, 2019 in Advice Each year, a number of provisions in the Internal Revenue Code (IRC) are adjusted for inflation. The IRS recently released the inflation adjusted amounts for 2019. The following chart highlights a number of these adjustments, as they compare to the 2018 and 2017 amounts. See the attached listing of IRA and 401(k) limits, standard deduction amounts and other adjusted amounts. 2019 Inflation...
read more

Tax Transcript Scam – November 2018

Posted by JCB on Jan 7, 2019 in Advice The IRS is warning the public of a surge of fraudulent emails impersonating the IRS and using tax transcripts as bait to entice users to open documents containing malware. The scam is especially problematic for businesses whose employees might open the malware because this malware can spread throughout the network and potentially take months to successfully remove. This well-known malware, known...
read more

CT Pass-Through Entity Tax (New for 2018)

Posted by JCB on Jan 7, 2019 in Advice The state of CT passed a “new” tax on small business entities (S corps and Partnership returns) starting in 2018.  Prior to this tax, the entity would give the owner(s) a K-1 and then the owner(s) would pay the CT income tax when the personal tax return was filed.  The new tax mandates the entity to pay the tax on the income.  Connecticut will then give that owner credit for the tax...
read more

2019 Standard Mileage Rate

Posted by JCB on Jan 7, 2019 in Advice The IRS has released the 2019 standard mileage rates for taxpayers to use in computing the deductible costs of operating an automobile for business, charitable, medical, or moving expense purposes. The following chart reflects the new 2019 standard mileage rates compared to the 2017 and 2018 tax year standard mileage rates. 2019 2018 2017 Business rate per mile* 58.0¢ 54.5¢ 53.5¢ Medical and...
read more

Self Employed Tax Considerations

Posted by JCB on Nov 15, 2018 in Advice Self-employed individuals have their own tax considerations.  If you’re self-employed, consider the following tax-saving ideas Self Employed Tax Guide and give us a call to see how we can help you implement whats right for you and your...
read more

2018 Tax Change Highlights

Posted by JCB on Oct 31, 2018 in Advice Tax year 2018 comes with more changes than taxpayers have seen in decades. Virtually everyone will see a different tax bill than they did last year.  From large increases in standard deductions to the elimination of personal exemptions, the landscape has changed dramatically.  Take a look at some of the changes 2018 Tax...
read more

We Can Help You Address the Issues that Keep You Up at Night

Posted by JCB on Dec 11, 2017 in Advice Where will your business be in five years? Would strategic budget cuts in some areas improve your company’s health? Are there ways you can boost revenue? If you’re nearing retirement, is there a buyer or successor in the wings? These are the kinds of questions that keep many business owners up at night. Fortunately, as your CPA, we can probably help you sleep a little easier. Our firm is made up...
read more

How Do Taxes Affect Your Financial Picture?

Posted by JCB on Oct 28, 2017 in Advice Do you know how much you’re paying in taxes? You may have a sense of what you spend on income taxes, but have you also considered the taxes you pay on utilities, gasoline, cigarettes and alcohol, hotel stays and numerous other items? The CPA profession’s Total Tax Insights™ calculator (www.totaltaxinsights.org) can put these numbers in perspective, enabling you to make better informed financial...
read more

Let Us Help You Leverage What You Can Learn from Your Tax Return

Posted by JCB on Oct 10, 2017 in Advice What does your tax return say about your financial situation? The fact is, the paperwork you file each year offers excellent information about how you are managing your money—and about areas where it might be wise to make changes in your financial habits. If you have questions about your financial situation, remember that we can help. Our firm is made up of highly qualified and educated...
read more