|ACCOUNTANTS CPA HARTFORD, LLC of CONNECTICUT
William Brighenti, Certified Public Accountant, Certified QuickBooks ProAdvisor
46 Mildrum Road, Berlin, Connecticut 06037
Telephone: (860) 828-3269 Email: [email protected]
ACCOUNTING AND TAX TIPS
Are you a big fish in a small pond to the IRS? Are you aware that you can elect to be taxed as a C Corporation or as an S Corporation, even though your business is legally a sole proprietorship, limited liability company, or a partnership? Are you subject to double taxation as a C Corporation? Do you wish to pay yourself a salary as an owner of a business? Call Accountants CPA Hartford, LLC of Connecticut to discuss the right elections for you.
Did you know that you could reduce your taxable income for 2009 by as much as $49,000 ($98,000 if your spouse is a member or shareholder of the business) by setting up a SEP (Simplified Employee Pension Plan) IRA for your business? If you have not filed your tax returns for 2008 yet, you could still reduce your taxable income by as much as $46,000 ($92,000 with spouse). Call Accountants CPA Hartford, LLC of Connecticut now for assistance.
Section 179 allows active operating businesses to deduct as much as $250,000 in purchases of machinery, equipment, and fixtures; however, there are certain limitations in the use of this deduction in the current year. Do you know what these limits are and how to structure your company in order to take full advantage of this deduction? If not, please contact Accountants CPA Hartford, LLC of Connecticut so that we can discuss with you on how to maximize this deduction in your current year.
There are a combination of strategies to help improve the control of monies and to prevent fraud in your business. If you decide to allow multiple users access to the QuickBooks data file, you may want to turn on the QuickBooks Audit Trail feature. The Audit Trail feature lets you keep a record of who makes what changes to the QuickBooks data file. Unless the Audit Trail is turned on, the end user can enter a transaction, and then delete it before saving the file. Call Accountants CPA Hartford, LLC for more info.
Are you in a high tax bracket? Have you considered hiring a family member as an employee? Wages paid to family members working in your business are, of course, deductible, and so are the costs of their medical insurance. However, you need to be aware of all of the IRS conditions in order for these wages and benefits to be deductible. Do you know what they are? Accountants CPA Hartford, LLC of Connecticut does.
If you are a contractor, do you know that you should have two methods of accounting for tax purposes: one for your short-term contracts; and another for your long-term contracts. Did your present tax advisor set these methods up for you to favorably defer your tax liability? Accountants CPA Hartford, LLC of Connecticut knows which methods are best for tax deferral.
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