Each year a few of our bookkeeping clients will have grown to a size where it makes sense for me to recommend that they file as an S Corp. Filing an election to have your LLC or Corporation taxed as an S Corp is a move that can have a lot of benefits, but you may cause problems for yourself by making that election too early and not running it properly.  S Corps, Payroll, and Reasonable Compensation The most common issues I find with new clients coming to me as S Corps involve payroll. Many S Corp owners have not been paying themselves a salary. This decision has left their businesses ineligible for a Payroll Protection Program loan and left them open to the risk of a Reasonable Compensation Audit.  What business owners often do not know before speaking with me is that you are required t... 06/18/2020

People stop filing their taxes for many reasons, and at this point I’ve probably heard just about every reason. Someone once told me that they prepare their taxes by hand (don’t do that) and their dog ate it before they could mail it in. As someone who specializes in Taxpayer Representation here in Hartford County, Connecticut, I will meet with many people each year who are ready to come back into compliance. Some of the more common reasons involve challenges from being self-employed or divorced, coping with the death of a spouse or loved one, or other mental or physical health challenges. Those reasons can become relevant later in the process. Whatever your reason may be, it’s time to get this taken care of. When one of our local clients comes in to see me, or I speak to one of our rem... 04/13/2020

Calls from the IRS I’d be surprised if someone told me they haven’t gotten a scam call from “The IRS”. Some people found these calls annoying, others found them laughable, but enough people found them convincing for scammers to collect millions of dollars.While many people made fun of the calls, there were also many news stories about how to protect yourself from scammers. One point I heard many times was that “the IRS never makes phone calls”. The IRS’s favorite method of communication is by mail, but saying that the IRS never makes calls is an oversimplification.A call will never be their initial contact to you, but if you don’t get your mail it may seem like their initial contact. Our office in Windsor Locks, Connecticut, received about a half dozen calls from IRS employees last mont... 04/06/2020

While in college my mother shared a memory about her father sitting at their kitchen table doing their taxes on paper with a pen (using a pencil with an eraser meant that you were planning on making a mistake).The concept of using a computer to prepare a tax return only really became common practice in the late 90s. Today over 90% of returns are filed electronically. Of that remaining 10%, the majority are still done using a computer, they’re just mailed in rather than being e-filed. Just because it’s a relatively new concept, doesn’t mean it’s a good idea to still be sitting at your table with a pen and paper. Fortunately, this isn’t a problem for most but, for the ones that it is, it’s a big enough problem for me to want to write about it. While I’ll meet with a few hundred clients ea... 03/30/2020

Yesterday the Treasury Secretary made an announcement. Within minutes articles were being published and many of them were inaccurate or misleading. With how rapidly the news cycle flows these days many skim something or only half understand it and off they go to publish an article.To date, no official policies have been set and no guidance from the IRS has been issued. Based on the Secretary’s comments, what is expected is that the filing deadline of April, 15 will not change but the payment deadline will be extended into July. This won’t have an impact on those expecting refunds. However, if you owe, you will likely have extra time to pay your balance due if you need it. That’s the only aspect we expect to happen. There’re still several areas that remain unclear.What about the 4/15 and... 03/18/2020

Avoid These Kitchen Contractors in Windsor Locks, CT – Connecticut   Avoid These Kitchen Contractors in Windsor Locks, CT – Connecticut Your kitchen may be outdated, or you may feel as though you need something new and exciting in your home; either way, it is time to search for kitchen contractors in Windsor Locks. Finding kitchen contractors won’t be difficult, but determining which contractor you will hire for the kitchen remodel can sometimes be challenging. You want quality and craftsmanship in your kitchen, not a mess of mistakes attempted to be hidden. Unfortunately, there are many kitchen contractors that aren’t professional and can put you and your home’s value at risk. To avoid working with an unsafe kitchen contractor, follow these four steps, and feel confident that you will ... 09/05/2011

Dangerous Bathroom contractors in Windsor Locks, CT – Connecticut   Dangerous Bathroom contractors in Windsor Locks, CT – Connecticut Your bathroom may be outdated, or you may feel as though you need something new and exciting in your home; either way, it is time to search for Bathroom contractors in Windsor Locks. It is simple finding Bathroom contractors, but deciding which contractor you will hire for the bathroom remodel can sometimes be difficult. You want quality craftsmanship in your new bathroom, not numerous mistakes attempted to be hidden. Unfortunately, there are many dangerous Bathroom contractors that can put you and your home’s value at risk. To avoid working with an dangerous bathroom contractor, follow these four steps, and feel confident that you will soon be working wi... 09/05/2011

Celebrate Valentine's Day ALL Year!   If you buy this home it will be Valentine's Day everyday!  You'll be living in romance everyday with 4 bedrooms and 2 baths in a whopping 2296 square feet located at 202 elm street windsor locks Connecticut 06095.  With a 2 car attached garage this love nest has it all.  Priced at $239,900, this love nest is perfect for young love birds!  Did I mention that the taxes are only $2,634 per year!  Call now because this romantic hottie won't last long! 860-202-6145 08/30/2009