We’re almost there. Extended returns are due Friday, October 15th (for most – saving certain federally declared disaster areas). So, bear with us a little this week as we handle a bunch of last-minute things for the last-minute people. But today, I thought I’d take up a different topic. Monthly benefits from Social Security used to join pensions and savings … Read More
Taxes for Teens: What Connecticut Parents Need to Teach Their First-Time Filers
Last week I talked about smart ways to launch your financial life for young people. And you know what is kind of hilarious? I forgot to talk about TAXES for teens. Yes, yes I did. So, I’m fixing that today. Before I do: one more reminder that October 15th is the deadline for extended federal tax returns for 2020 (for … Read More
Emelia Mensa EA, CPA, CGMA’s Four Keys To Shape Your Financial Future During College
I wish I had been smarter about money when I was younger. (You too?) Now, when I observe the power of compounding interest, and the kinds of possibilities available to those who have accumulated an asset base (however “small” it might seem) … I realize now that I wasn’t as smart back then as I thought I was. But there’s … Read More
Fixing Your Credit Score: How Connecticut Spenders Can Build Better Credit
We’re nearing the end of “extension season” around here at Emelia Mensa CPA … and it’s been a doozy. With so many changes thrown at us, word on the tax professional street is there are going to be a lot of very tired and very grateful CPAs and tax pros after October 15th. (Which, after all, *is* the deadline for … Read More
Buying a homeowner’s Insurance Policy: The What and the Why for Connecticut Homeowners
Click on the news right now and you’ll see: floods, storms, fires consuming whole states. And that’s not even taking into account the everyday crime from thieves or vandals that usually dominates the news. Seeing and hearing all of that, it’s easy to look around your four walls and think, “Boy, a lot can happen to all this.” Yes, it … Read More
Taxes & Timeshare Points: A Guide for Connecticut Timeshare Owners
Labor day rushes up on me every year. There’s a corporate tax deadline on the 15th of September to keep me busy and focused (not to mention estimated taxes for June 3 through August 31 are also due on the 15th) … but the truth of the matter is that the beginning of fall means that my team and I … Read More
The Case Against Connecticut Residents Not Paying Federal Taxes
What a fantastical dream — to pay no taxes. Now … would it surprise you if I said most American households (including many households) enjoyed that very dream in 2020 because they ended up not paying federal taxes – not a single dime? Last year’s insanely rocky economy and subsequent federal relief efforts led to “an extraordinary increase” in the … Read More
Connecticut Real Estate Investors: The 1031 Tax Deferral May Be Changing
It’s getting harder and harder to brace ourselves for the ongoing images of human struggle. They just keep coming. No matter your position on what’s happening, either nationally or abroad, the possibility of disaster touching us — that is out of our control — is very real. But even a step back from disaster, most of us have a hard … Read More
Emelia Mensa EA, CPA, CGMA’s Introductory Thoughts About The Proposed Infrastructure Bill
Over the weekend, we were “treated” to heartbreaking images. No matter how any person feels about our involvement as a nation in Afghanistan, the human toll of that involvement — and now our seemingly hurried departure — can affect the hardest of hearts, if you let it. And this is part of the problem in our Information Age. We’re in … Read More
Emelia’s Tips for Protecting Personal Assets
You’ve probably got a story to tell. The one about how you got to where you are today. It probably involves lots of hard work and sacrifice. And money. Last I checked, people weren’t giving away their homes and cars. And I bet that you put locks on that house and car… and firewalls and passwords on your investment accounts. … Read More