Maximizing Savings: Understanding Sales Tax Exemptions for Manufacturers

As a manufacturing company, you’re likely familiar with the sales tax exemptions available for machinery and tools used in your production process. However, did you know that there are also exemptions for utilities? Considering utilities often represent a significant cost within manufacturing, understanding and leveraging this exemption can lead to substantial savings for eligible businesses, […]
Navigating Taxes on Real Estate Gains

If you own real estate that has been held for more than a year and sell it for a profit, you might expect to pay the typical 15% or 20% federal income tax rate that applies to long-term capital gains. This could also apply if your real estate ownership is through a pass-through entity like […]
Optimizing Your Working Capital: Strategies for Success

Effective management of working capital is crucial for the success of any business. Yet, recent findings from The Hackett Group, a leading digital transformation and AI strategy consulting firm, reveal a concerning trend: businesses are not managing their working capital as efficiently as in the past. The study shows a decline in all aspects of […]
Essential Tax Responsibilities When Closing Your Business

Despite improvements in various economic sectors this year, rising living costs and other economic factors have led many businesses to close. If you’re facing this situation, we can assist you with managing the various tax responsibilities involved. Filing the Final Tax Return When closing a business, you must file a final federal income tax return […]
Uncovering Hidden Gems: The Connecticut Angel Investor Tax Credit

In the bustling world of investment opportunities, there’s a gem hidden in plain sight: the Connecticut Angel Investor Tax Credit. This often-overlooked tax credit presents a compelling option for both budding entrepreneurs and seasoned investors alike, akin to the thrill of Shark Tank. If you’re a startup in need of seed capital or an individual […]
Nonprofits: Act Thoroughly on Audit Findings

External audits play a crucial role in ensuring your nonprofit’s stakeholders that your financial statements are accurately presented according to U.S. Generally Accepted Accounting Principles (GAAP). They are also instrumental in preventing occupational fraud. Audit reports often contain recommendations that organizations should act on to mitigate risks or concerns identified during the audit. Ignoring these […]
Inflation Increases 2025 Amounts for Health Savings Accounts

The IRS has recently issued the 2025 inflation-adjusted amounts for Health Savings Accounts (HSAs). These annual adjustments, based on inflation, are announced earlier than other inflation-adjusted amounts to give employers adequate time to prepare for the upcoming year. Fundamentals of HSAs At Accavallo & Company, we understand the importance of HSAs in your financial planning. […]
2024 Q3 Tax Calendar: Key Deadlines for Businesses and Employers

As we move into the third quarter of 2024, it’s important for businesses and employers to be aware of key tax-related deadlines. Below is a list of significant dates to keep in mind. Note that this list may not cover all applicable deadlines for your specific situation, so it’s advisable to consult with a tax […]
Boosting Organizational Resilience and Productivity through Cross-Training

Elite athletes train intensively to excel in their specific sport, yet they also engage in cross-training. For instance, a sprinter doesn’t just run; they also lift weights, swim, and cycle. This holistic approach strengthens all major muscle groups, reducing the risk of injury and enhancing performance in their primary discipline. Similarly, cross-training employees in your […]
Four Bookkeeping Pitfalls for Small Businesses to Avoid

Accurate bookkeeping is essential for operating a successful small business. Inadequate bookkeeping practices can lead to significant, long-lasting consequences. Here are four common pitfalls — and how to avoid them with the right knowledge and tools. 1. Commingled Bank Accounts Maintaining a dedicated bank account for business transactions is crucial. Using personal accounts for business […]