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...
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,...
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...