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Why Every Week is "Shark Week" for the Self-Employed in Connecticut

This is "Shark Week" on the Discovery Channel.  We are (not so gently) reminded not to swim with the sharks. For the self-employed in Connecticut, every week is "Shark Week".  A self-employed person is...

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1099 Reporting Guidelines

January 31, 2011 is the deadline to furnish Form 1099-MISC to recipients.  The 1099-MISC form is used to report more than two dozen types of payments that must be claimed as income by the recipient....

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Why Every Sole Proprieter Should Convert to a LLC

We live in litigious society.  Businesses that are organized as sole proprietorships are taking on unnecessary risks. One way to manage these risks is to form a Limited Liability Company ("LLC").  The...

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Why Every Week is "Shark Week" for the Self-Employed in Connecticut – Updated

This week is Shark Week on the Discovery Channel.  Last year, we told you how every week is "Shark Week" for the self-employed in Connecticut.  Now, a year later, there is even more blood in the water....

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The Difference Between an LLC and a Subchapter S Corporation

Startup businesses are often considering either a Limited Liability Company ("LLC") or a Subchapter S Corporation.  Here are the differences: LLC The primary reason to have an LLC or a Subchapter S...

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The Biggest Loser….The Self-Employed in Connecticut

The Biggest Loser is a TV show where contestants attempt to lose the most weight for cash prizes. Full Disclosure: I don't watch the show and I have only seen short clips of it. I don't proclaim to...

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4 Reasons to File Form 1099

1) Payments made to independent contractors. Payments to independent contractors over $600 need to be issued a Form 1099-Miscellaneous.  This form needs to be issued to all unincorporated vendors.  An...

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4 Reasons All Employers Should Offer a Roth 401(k) Plan

1) The Roth 401(k) Plan Has a Higher Contribution Limit that a Roth IRA Taxpayers can contribute up to $5,000 per year into a Roth IRA. Taxpayers over age 50 can contribute an additional ‘catch-up’...

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6 Reasons Small Business Owners Should Meet With Their CPA Before Year-End

There are a host of reasons small business owners should meet with their CPA.  Here are 6 of them:   1) Method of Accounting Smaller business can usually file their tax returns on the cash basis of...

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5 Easy Steps to File Your 1099′s….Guaranteed

  It’s time for business owners to file their 1099′s.   Here are 5 Easy Steps to do this:     1) Determine who you will be Required to File a 1099 For Form 1099 is due to any independent contractor...

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Where’s My K-1?

This question is asked frequently during tax season. I suspect it will be asked even more this tax season. There will likely be even more delays this year than in past years. Congress passed The...

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How to Form an LLC and Protect Your Assets

  A Sole-Proprietorship Many self-employed people will run their business as a sole-proprietorship. They are very easy to set up and cost very little to form. First, decide on a name. For example,...

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How a Small Partnership Can Get The Failure to File Penalty Waived

Face it, no one likes to get letter from the Internal Revenue Service (“IRS”). This is particularly true when you are being assessed a penalty. The IRS has many different penalties.  One penalty they...

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How to File Your FBAR and Sleep (Well) at Night

The Report of Foreign Bank and Financial Accounts (“FBAR”) Form TD F 90-22.1 is used to report an interest in foreign financial accounts.  Who Must File Any U.S. person with a financial interest or...

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Why Some Small Businesses Should NOT be an LLC

The Limited Liability Company (“LLC”) certainly has become a popular form of business entity. If there is only one member (owner) then setting up these entities has become a breeze. Just go online,...

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Why You Need Form W-9 Now to Complete Form 1099 Later

1099 Filing Requirements Businesses have a responsibility to file Form 1099-MISC to all unincorporated businesses that they pay more than $600 to annually.  An unincorporated business is a...

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5 Easy Steps to Opening a Business in Connecticut

  1) Meet With Your CPA and Attorney The first step is to meet with your CPA and Attorney. Your CPA should be able to review your business plan and provide feedback. Additionally, your CPA should be...

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3 Easy Steps to Rent Your Real Estate to Your Business

    Many business owners will eventually buy a building and then rent it to their business. This can be an appropriate strategy for many.  If you are planning on being in business for an extended...

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How to File Your Form 1099′s and Avoid IRS Penalties

Determine Who Needs to Be Issued a 1099 A Form 1099 needs to be issued to any unincorporated business that you paid $600 or more.  An unincorporated business includes Limited Liability Companies...

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4 Reasons NOT to Wait for Your K-1

    Subchapter S corporations (“Sub S”), partnerships, limited liability companies (“LLC’s”) and estates and trusts issue form K-1′s. This form documents the stockholders, partners, members or...

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