Resources
At AAG Tax & Accounting LLC, we believe knowledge is power. Our Resources page is designed to help you stay organized, informed, and confident with expert guidance on taxes, bookkeeping, payroll, and financial management.
2025 Tax Year
What Is a Backdoor Roth IRA? A Tax Strategy for High-Income Earners
A Backdoor Roth IRA allows high-income earners to fund a Roth IRA even when their income exceeds the limits for direct contributions. This strategy involves making a non-deductible contribution to a traditional IRA and then converting those funds to a Roth IRA, often...
2025 Tax Preparation Checklist
For Returns Filed in 2026 — Personal & Business Tax Planning Staying organized throughout the year is one of the best ways to reduce stress and avoid surprises during tax season. Whether you’re filing as an individual, self-employed professional, or business...
Business Tax Highlights for 2025
✅ 100% Bonus Depreciation Is Back Businesses can fully deduct the cost of qualifying property in the year it’s placed in service. The bonus depreciation provision has been restored and made permanent, giving companies stronger upfront tax relief for equipment,...
Child Tax Credit — 2025 Tax Year (Filed in 2026)
Credit Amounts Maximum Child Tax Credit: Up to $2,200 per qualifying child under age 17 for the 2025 tax year. Refundable Portion (Additional Child Tax Credit): Up to $1,700 per child if your credit exceeds your tax liability. Who Qualifies To claim the Child Tax...
Key Highlights for the 2025 U.S. Tax Year
Key highlights for the 2025 U.S. tax year (returns filed in 2026) that individuals and businesses should be aware of: 📊 Standard Deductions & Brackets Standard deduction increases help reduce taxable income:• $15,000 for single filers• $30,000 for married filing...
Federal Energy Tax Credits for 2025
Residential (Homeowner) Energy Credits — EXPIRING Residential Clean Energy Credit (Section 25D) Offers a 30% tax credit for the cost of qualified clean energy installations in a home (e.g., solar panels, wind turbines, geothermal heat pumps, fuel cells, and battery...
2025 Tax Year Highlights – One Big Beautiful Bill
File Your 2025 Return in 2026 – Key Takeaways for Individuals and Businesses For Individuals 1. Higher Standard Deduction $15,750 for single filers $31,500 for married filing jointly $23,625 for head of household 2. Extra Deductions for Workers & Seniors Certain...
What Is the Earned Income Tax Credit & Who Qualifies
What Is the EITC? The Earned Income Tax Credit (EITC) is a refundable federal tax credit designed to benefit low- to moderate-income workers and families. It can reduce the taxes you owe and increase your refund — even if you don’t owe any tax. Maximum Credit...
Federal Tax Credits for Individuals — 2025 Tax Year
👶 Family & Dependents Child Tax Credit (CTC) – Helps families with qualifying children; up to ~$2,200 per child. Additional Child Tax Credit (ACTC) – Refundable portion of the CTC (up to ~$1,700 per child). Earned Income Tax Credit (EITC) – Refundable credit for...
Understanding 401(k) Tax Benefits: What You Need to Know Before Tax Season
Newington, CT — As tax season approaches, many individuals are reviewing ways to reduce taxable income and boost retirement savings. One of the most effective strategies is contributing to a traditional 401(k) retirement plan, which offers valuable tax benefits now...
One Big Beautiful Bill Explained
By Laura Halferty, Charley Jensen, Thomas Molins, Jay Simpson, Charles Hutchison & Caroline Rice07.08.2025 On July 4, President Trump signed into law the One Big Beautiful Bill Act (Bill), which was approved by the Senate and House earlier in the week. The 870...
Tax Resources
Tax Year Organizer: Your Complete Filing Checklist
Preparing for tax season doesn’t have to feel overwhelming. Whether you're filing as an individual, contractor, or business owner, having the right documents ready can save time, reduce stress, and help ensure you receive every deduction and credit you’re eligible...
How to Fill Out the W-4 Form: A Clear Guide from AAG Tax & Accounting LLC
Why the W-4 Form Matters When you begin a new job or experience a life change (marriage, new child, side income, etc.), the W-4 form must be completed so your employer knows how much federal income tax to withhold from your pay. While the old system used allowances,...
Every Tax Deadline Your Business or Personal Return Needs to Know
Why Deadlines Matter Keeping up with tax deadlines isn’t just about avoiding penalties—it’s about maintaining financial stability and planning confidence. Missed filings or payments can lead to interest, late-filing fines, or even loss of credits and refunds. With our...
What type of entity should I set up for my business?
Paying yourself as a Single-Member LLC By default, an LLC with one owner (either an individual or spouses who file taxes jointly) is considered a disregarded entity for tax purposes. Therefore, it is taxed as a Sole Proprietorship. An LLC’s business income, losses,...
What is reasonable compensation for an S corporation?
If you’re considering taking an S Corporation election, it’s important that you review what obligations are involved in keeping an S Corporation viable. An important part of this review includes an evaluation of the reasonable compensation requirement. What is an S...
7 Reasons the IRS Will Audit You
An IRS audit is an examination or review of your information and accounts to ensure you're reporting things correctly, following the tax laws, and that your reported tax amount is correct. In other words, the IRS is simply double-checking your numbers to make sure you...
Tax Tips for Crypto Investors
If you’re like millions of Americans, you may have discovered trading cryptocurrencies can be fun and, if you’re lucky, profitable. Figuring out how to pay your taxes on all those profits? That’s a different story. In the past decade, crypto has exploded in...
How Employers Can Reimburse Health Insurance Costs—And Stay IRS-Compliant
Employers can reimburse employees for some healthcare-related costs. The key is following IRS regulations. Small business health insurance costs are rising every year, and employers are on the lookout for ways to reduce their own costs and also partner with their...
6 Common Tax Deductions For The Self-Employed
1. Credit Card Interest If you made business purchases on your credit card, you might be able to deduct credit card interest on your Form 1040 federal tax return. The IRS considers qualified business purchases as ones that are “ordinary and necessary” for the...
What Is the Capital Gains Tax Rate?
A capital gain is when you sell an investment or an asset for a profit. When you realize a capital gain, the proceeds are considered taxable income. The amount you owe in capital gains taxes depends in part on how long you owned the asset: Long-term capital gains are...
Is Social Security Income Taxable?
The simplest answer is yes: Social Security income is generally taxable, though whether or not you have to pay taxes on your Social Security benefits depends on your income level. If you have other sources of retirement income, such as a 401(k) or a part-time job,...
The Self-Employed and Retirement Savings
Self-employed people can still save for retirement – and benefit from valuable tax breaks – even if they don't have a job with a 401(k). Whether you're starting your own business, freelancing on the side to earn some extra income or you lost your job and are doing...
11 Tips to Make Your Charitable Donation Count!
Making a charitable donation is not only a chance to make a difference: it's also an excellent way to reduce your tax burden for the year. The tax benefit is considered a compelling reason for making charitable deductions: more than two-thirds of high-net-worth donors...
Previous Tax Year Resources
2024 Tax Year
Efficient Home Improvement and Residential Clean Energy Property Credit
Updates to frequently asked questions about the Energy Efficient Home Improvement Credit (§ 25C) and the Residential Clean Energy Property Credit (§ 25D) These FAQs are being issued to provide general information to taxpayers and tax professionals as expeditiously as...
Calendar year 2024 changes that will affect your 2025 tax filing
Highlights of changes in Revenue Procedure 2023-24 The tax year 2024 adjustments described below generally apply to income tax returns filed in 2025. The tax items for tax year 2024 of greatest interest to most taxpayers include the following dollar amounts: The...
2023 Tax Year
2024 Federal & State Tax Updates
Many companies are required to report information to FinCEN about the individuals who ultimately own or control them. FinCEN began accepting reports on January 1, 2024. Learn more about Beneficial Ownership requirements at the FinCEN website or by viewing the Small...
Business Beneficial Ownership Requirements
Many companies are required to report information to FinCEN about the individuals who ultimately own or control them. FinCEN began accepting reports on January 1, 2024. Learn more about Beneficial Ownership requirements at fincen.gov/boi. You can also view this PDF to...
2024 CT Income Tax Change
Governor Ned Lamont today announced that three significant tax relief measures will take effect in Connecticut at the start of 2024, and among them are the largest income tax reduction ever enacted in state history, an increase in a tax credit targeting the...
New for tax year 2023
The Inflation Reduction Act extended certain energy related tax breaks and indexed for inflation the energy efficient commercial buildings deduction beginning with tax year 2023. For tax year 2023, the applicable dollar value used to determine the maximum allowance of...
Important New Reporting Requirement for U.S. Businesses
Beginning on January 1, 2024, most U.S. companies will be required to report ownership information to the Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Department of the Treasury. To comply with the new Act – called the Corporate Transparency Act...
Credits for new clean vehicles purchased in 2023 or after
If you place in service a new plug-in electric vehicle (EV) or fuel cell vehicle (FCV) in 2023 or after, you may qualify for a clean vehicle tax credit. At the time of sale, a seller must give you information about your vehicle's qualifications. Sellers must also...
Solar Tax Credit: What It Is and How It Works In 2024
If you installed solar panels, you may be in line for a tax break when you file your return. The U.S. government offers a solar tax credit that can reach up to 30% of the cost of installing a system that uses the sun to power your home. View the entire article on...
20 Popular Tax Deductions and Tax Breaks for 2023-2024
Tax benefits are generally broken into two major categories: tax deductions and tax credits. As you examine programs that could potentially apply to you, it's a good idea to know the differences in how tax savings can work. In short, a credit gives you a...
7 Tax To-Dos Before End-of-Year
As we near the end of 2023, a little bit of planning could help you find ways to reduce what you owe in taxes come April. Here are seven things to consider. 1. Check your filing status Big life changes such as births, deaths and marriages can greatly affect your tax...
2023-2024 Tax Brackets and Federal Income Tax Rates
There are seven federal income tax rates and brackets in 2023 and 2024: 10%, 12%, 22%, 24%, 32%, 35% and 37%. Your taxable income and filing status determine which rates apply to you. The U.S. federal tax rates will remain the same until 2025 as a result of the Tax...
Important 2024 tax filing dates
The IRS has set the following deadlines for the upcoming tax season: January 29, 2024: IRS begins accepting turns. January 16, 2024: Fourth quarter estimated payments due for the tax year 2022. January 31, 2024: Employers must mail W-2 forms. 1099-NEC, 1099-K &...
2022 Tax Year
CT Paid Leave FAQ: What Employees and Employers Need to Know
Connecticut’s Paid Leave program gives eligible workers the ability to take paid time off for important life events without losing income. Whether you’re an employee planning time away or an employer trying to stay compliant, understanding the basics can save stress...
IRS provides tax inflation adjustments for tax year 2022
Highlights of changes in Revenue Procedure 2021-45: The tax year 2022 adjustments described below generally apply to tax returns filed in 2023. The tax items for tax year 2022 of greatest interest to most taxpayers include the following dollar amounts: The standard...
Important 2023 tax dates
The IRS has set the following deadlines for the upcoming tax season: January 2023 – IRS begins accepting turns. January 17, 2023 – Fourth quarter estimated payments due for the tax year 2022. February 1, 2023 – Employers must mail W-2 forms. April 18, 2023 – Tax...
Helpful Tax Tools & Resources
Stay organized and informed with downloadable checklists, FAQs, and filing guides designed to make your life easier.
Tax Year Organizer
Use this printable checklist to gather everything you need for your tax appointment—income forms, deductions, credits, and other important documents. Designed to keep your filing process organized and stress-free.
How to Fill Out Form W-4
Need help adjusting your withholdings? This step-by-step guide breaks down how to complete your W-4 so you can avoid surprises at tax time and match your tax payments to your income.
Tax Filing Deadlines
Stay on top of key federal and Connecticut tax deadlines, including quarterly estimates, business returns, and individual filings. Updated regularly to help you avoid penalties and last-minute stress.
Take the stress out of your books, taxes, and finances–contact us today.
New Clients
Welcome! We’d love to learn more about your tax or accounting needs. Start by filling out our consultation request form so we can recommend the right services and get to know your goals.
Existing Clients
Already working with us? Schedule your next meeting online by clicking the button below.
Please note: Returning clients will need to log in to your AAG Tax Portal through TaxDome to upload your documents. If you're booking a virtual appointment, you will have to call to setup your appointment.