Helping Connecticut Residents Understand the Purpose of Life Insurance

As the old joke goes, the only two guarantees in life are death and taxes. In these updates, I obviously spend a lot of time talking about taxes. And these past 12 months, no matter how things have landed for those of you in or near our local community … the other part of that axiom has been staring us … Read More

Emelia MensaHelping Connecticut Residents Understand the Purpose of Life Insurance

Buying a House in Connecticut During this Housing Shortage

Buying a house right now is painful. Very painful. Inventory is at a historic low, and prices are skyrocketing. I have some thoughts — and while this is admittedly not within my direct “wheelhouse” … I think it will help as we move through the spring and summer real estate seasons. But before I get there, a few tax things … Read More

Emelia MensaBuying a House in Connecticut During this Housing Shortage

Big Earned Income Tax Credit Changes for all Connecticut Filers in 2021

I have to apologize to all of my clients for the sheer volume of tax-centric writing I’ve been doing the last few weeks and months. Normally, I like to write on other topics (in addition to the tax-related stuff) … but I cannot emphasize enough how massively and significantly the tax code has been impacted by all this new legislation … Read More

Emelia MensaBig Earned Income Tax Credit Changes for all Connecticut Filers in 2021

Key Healthcare Changes From ARPA For Connecticut Taxpayers

Last week marked the one year anniversary of the CARES Act (stimulus round 1). This was such a monstrous piece of legislation, it’s still being unraveled. It made “Obamacare” (ACA) and the “Trump Tax Cuts” (TCJA) seem like junior league tweaks. We had not before seen a bill so massive and comprehensive in its changes to the tax code  … … Read More

Emelia MensaKey Healthcare Changes From ARPA For Connecticut Taxpayers

How COV-19 Affected Annual RMD for Connecticut Retirees

With a third round of “stimmy” (as the kids say) hitting bank accounts for the past week, 90MM+ Americans (including some of us) are once again flush with cash. It remains to be seen what this will do for the economy, but combined with what seems to be a slow-but-steady sense of “reopening” in places that have been heretofore fairly … Read More

Emelia MensaHow COV-19 Affected Annual RMD for Connecticut Retirees

The NFT Craze, Explained By Emelia Mensa EA, CPA, CGMA

Events are happening fast in tax world, and we are VERY busy here at Emelia Mensa CPA. But this is a good thing — we’ve been preparing for this season all year, and we love to serve. We knew that there would be unexpected curve balls this year, but “rewriting the tax code for tax returns that have already been … Read More

Emelia MensaThe NFT Craze, Explained By Emelia Mensa EA, CPA, CGMA

The New Stimulus Update and Tax Issues for Connecticut Filers

The “American Rescue Plan” has been finalized and signed. And there are things about the new stimulus update our clients should know. While I normally write weekly, there is information in this strategy note that you need to know about now that might even impact how you proceed in the following days. As of this writing, the president has signed … Read More

Emelia MensaThe New Stimulus Update and Tax Issues for Connecticut Filers

Third Stimulus Package Update For All Connecticut Taxpayers

Despite what you might think, being a tax accountant is NEVER boring. We have all kinds of fun amusements that keep us going. We play little games like: “Guess The New Tax Law That Will Change Returns That Have Already Been Filed” — catchy title, I know, and we get to play it all the time. For instance, this new … Read More

Emelia MensaThird Stimulus Package Update For All Connecticut Taxpayers

Post-Stimulus Taxes for 2020

I mentioned last week the key provisions of the “American Rescue Plan,” while it was just proposed legislation. Now that the House has passed it, there is more meat on those bones. I’ll run it all down for you once it’s been signed by the President, but the key provisions are what I indicated: An expansion of individual stimulus checks … Read More

Emelia MensaPost-Stimulus Taxes for 2020

Debunking Estate Plan Myths For Connecticut Taxpayers (Part 2)

We’re diving in, with sleeves rolled up, with a bunch of our area tax preparation clients in creating the best tax return possible for their 2020. Get on our list here: https://waterbury-cpa.com/schedule/ But here at Emelia Mensa, CPA we’re also keeping an eye on the Congressional conversation around the “American Rescue Plan” (or Stimulus Round 3) presented by Biden. Lots … Read More

Emelia MensaDebunking Estate Plan Myths For Connecticut Taxpayers (Part 2)