Insights and News
CironeFriedberg is a leading CPA firm serving middle market, privately held and family owned businesses and high-net-worth individuals. Our experienced staff provides a full range of tax, audit and accounting, and business advisory services in Connecticut and neighboring Dutchess, Putnam, and Westchester counties in New York.
Changes to the Electric Vehicle Tax Credit
Are you eligible for a tax credit for your electric vehicle? You might be if you bought a new, qualified, plug-in electric vehicle (EV) in 2022 or earlier. Changes to the electric vehicle tax credit were made under the Inflation Reduction Act. There are new income limits for taxpayers to obtain the tax credit effective on 1/1/23. Federal adjusted gross […]
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The Importance of Tax Planning
The purpose of tax planning before your fiscal year end is to minimize your tax liability. An experienced tax CPA will scrutinize your revenue, expenses and business processes to ensure that you are taking maximum advantage of all applicable opportunities to minimize your tax liability and take advantage of all tax savings programs. That is why tax planning is as […]
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Important January and February Tax Deadlines
As you head into a new year, mark these dates on your calendar. There are tax deadlines for both individuals and businesses early in the year. Important 2023 Tax Deadlines and Dates for Individual Filers Individual Filers are employees, retirees, self-employed individuals, independent contractors, and gig or contract workers. Be sure to work closely with your CPA to understand how […]
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What To Know About Fringe Benefits and Taxes
You can generally deduct the amount you pay your employees for the services they perform. The pay may be in cash, property or services. It may include wages, salaries, bonuses, commissions or other noncash compensation such as vacation allowances and fringe benefits. A fringe benefit is a form of pay for the performance of services beyond your employees’ normal rate […]
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Funding Marital Gift and Credit Shelter Trusts
Baby boomers are inheriting their parents’ wealth, and their children are receiving funds transferred through a variety of trusts established under their parents’ estates. You may find yourself responsible for managing the wealth transfer process. In the past, banks and trust companies were tasked with dealing with estates, but these days, individuals are taking on the jobs of executors and […]
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Home Sellers’ Profit Exclusions Aren’t One-Time Opportunities
The tax code authorizes “exclusions” that allow home sellers to completely sidestep federal and state income taxes on sizable portions of their profits when they unload their principal residences. The profit exclusions are as much as $500,000 for married couples who file joint returns and $250,000 for single filers and couples who file separate returns. So says Julian Block, an attorney and […]
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CironeFriedberg Welcomes New CPA
CironeFriedberg Welcomes New CPA CironeFriedberg, LLP, is pleased to welcome Zev Kizelnik, CPA, to our team as a senior tax manager. In this role, he will manage complex tax engagements for business and individual clients. Kizelnik brings 14 years of tax and accounting experience preparing and reviewing federal and multi-state tax returns for individuals, partnerships, corporations and non-profits as […]
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Advising Business Owners During Volatile Economic Times
The landscape of accounting and taxation has been very dynamic over the past several years. Tax reform, the adoption of digital currency, pandemic-induced debt, supply chain disruptions and workforce changes are layered upon an already complex and regulated industry. The purpose of tax planning before you are in the throes of tax season is to minimize your tax liability. At […]
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Capital Gains Tax Rates
Long-Term Capital Gains Tax Rates Long-term capital gains tax is a tax on gains from the sale of capital assets held for more than a year. The long-term capital gains tax rates are 0%, 15% or 20% depending on a combination of your taxable income and filing status. While the capital gains tax rates did not change for 2022, the […]
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