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How to Check Your Connecticut Small Business Profitability Midyear
Quick Answer: A midyear review of small business profitability is a strategic financial assessment that compares your year-to-date revenue and expenses against your initial annual goals. Doing this diagnostic check in June or July allows business owners to...
How to Stop a Levy on Your Connecticut Bank Account After an IRS Notice
Quick Answer: You stop an IRS levy or wage garnishment by acting fast, confirming what the IRS is trying to collect, and getting into a formal resolution before more money is taken. Depending on your situation, that can mean requesting a hearing, setting up...
How Does Equipment Depreciation Work For Assets Connecticut Business Owners Throw Away?
Quick Answer: When small business owners discard broken equipment without updating their fixed asset listing, they create "ghost assets." These paper-only items cause businesses to continuously overpay on local property taxes and miss out on lump-sum...
Emelia Mensa, CPA’s Playbook to Choosing the Right Entity Type For Business Success
Quick Answer: Selecting the optimal entity type for business success requires matching your corporate structure to the specific legal risks and tax rules of your industry. A mismatched framework can leave your personal savings vulnerable to sector-specific...
Is Student Loan Forgiveness Taxable for Connecticut Taxpayers in 2026?
Quick AnswerStudent loan forgiveness may count as taxable income in 2026 if the forgiven balance does not qualify for a separate federal exclusion. Long-term income-driven repayment forgiveness is the main area where borrowers may face a tax bill. Public Service...
The Emelia Mensa, CPA Guide to Minimizing Credit Card Processing Fees For Small Business Owners
Quick Answer: Small business owners can minimize credit card processing fees by switching from a flat-rate provider to an interchange-plus plan, which passes the true wholesale cost of a swipe straight to you. You can trim costs even further by routing...
How Does The Employer Credit For Family and Medical Leave Work for Connecticut Small Businesses?
Quick Answer: The employer credit for family and medical leave provides small businesses a federal tax credit worth 12.5% to 25% of qualified leave costs. In 2026, you can claim this credit on actual wages paid during FMLA leave or on commercial insurance...
What Happens If I Pay My Quarterly Taxes Late? Connecticut IRS Tax Resolution Help
Quick AnswerIf you pay quarterly estimated taxes late, the IRS may charge an underpayment penalty based on the amount you should have paid, when it was due, and how long it stayed unpaid. Paying late is still usually better than waiting until you file, but it...
How To Hire An Intern For The Summer For Your Connecticut Business
Key TakeawaysPaid summer interns must be classified as W-2 temporary employees rather than 1099 independent contractors because they operate under your direct supervision. To legally hire an unpaid intern, your program must pass the strict DOL "Primary...