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Joseph Carollo, CPA, Financial Advisor

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Joseph Carollo, CPA, Financial Advisor

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07/22/2026

Picking up a summer side gig is a great way to boost your savings, pay down debt, or create some extra breathing room in your budget. But one habit that can save you a lot of stress come tax time? Tracking your income as you go.

Many side gigs do not withhold taxes the way a traditional paycheck does, which means it is easy to have a great summer of earning and then face an unpleasant surprise when tax season rolls around.

Here is what to keep in mind: At the end of the tax year, you might get a W-2, 1099-NEC, 1099-MISC, or 1099-K based on your work and pay. Even without a form, you may need to report income. As you get paid, be sure to keep a record of the date the payment was received, the amount you were paid, who paid you, and the purpose of the payment.

Keeping a simple record throughout the summer is one of the easiest ways to stay ahead of it. If you have questions about your tax situation or want help putting together a simple game plan for the rest of the year, give us a call. We are happy to help.

07/20/2026

One payroll term every business owner should know is “accrual.” Accruals can seem confusing at first, but understanding how they work can help keep your records accurate, organized, and easier to manage.

Swipe for a quick breakdown.

And as always, do not hesitate to contact our team if you need help with payroll or bookkeeping. We’re here to support your business.

07/17/2026

As a business owner, financial information is one of the most valuable tools available to you. From managing day-to-day operations to evaluating long-term opportunities, understanding the numbers behind a business can lead to better decisions and stronger financial outcomes.

So, with that in mind, our team wanted to share a few key business accounting terms for you to be aware of.

🔵Revenue: Total income generated from selling products or services before expenses are deducted.
🔵Gross Profit: Gross profit equals revenue minus the direct costs required to provide your product or service.
🔵Net Income: The amount remaining after all business expenses are deducted from revenue.
🔵Cash Flow: The total amount of money moving into and out of a business.
🔵Accounts Receivable: Accounts receivable represent money owed to your business by customers.
🔵Accounts Payable: Accounts payable represent money a business owes to vendors and suppliers.

While understanding some of these key business accounting terms can be crucial, it cannot replace the knowledge and expertise of professional business tax preparers, like our team.

That said, if you need assistance with business tax matters, please do not hesitate to reach out to our team. We are here to be a resource for you.

07/16/2026

Summer is a great time to earn a little extra, but it is also the perfect time to pause and check in on where you stand with your taxes. A quick review while income is still coming in is a lot easier than scrambling to catch up at the end of the year.

Here is what to do: Think of this as a 10-minute tax-temperature check while income is still coming in. A quick review now can help you avoid a surprise balance due, reduce underpayment risk, build a simple habit of setting aside the right amount of taxes per paycheck, and feel more confident heading into the rest of the year.

Think of it as a 10-minute investment now that can save you from a much bigger headache later. If you would like help walking through a simple mid-year tax check-in or putting together a game plan for the rest of the year, give us a call. We are happy to help.

07/15/2026

The dog days of summer are here, and we are just stopping by to say hello!

We hope you’re soaking up the sun, catching a cool breeze, or maybe even catching a nap or two on a sunny beach.

Remember, if there is anything our team can help you with before the season winds down, please do not hesitate to reach out. We are always here and happy to connect whenever you need us.

07/13/2026

Strong financial knowledge can be a powerful asset for any business owner. Whether you're monitoring performance, planning for the future, or making strategic decisions, understanding key financial concepts can help you navigate your business with greater confidence.

To help, we're sharing several business accounting terms that are worth knowing.

⚪Working Capital: The difference between current assets and current liabilities.
⚪Cost of Goods Sold (COGS): Cost of goods sold includes the direct costs associated with producing or delivering products and services.
⚪Profit Margin: Profit margin measures the profit remaining from each dollar of revenue after expenses are paid.
⚪Break-Even Point: The break-even point is the level of sales required to cover all of a business’s expenses.
⚪Budget: A budget is a financial plan that shows income and costs to help business owners manage their finances.
⚪Depreciation: Depreciation represents the decrease in value of an asset due to age and regular wear and tear from use.

Of course, learning the basics is only one piece of the puzzle. Working with experienced tax professionals can provide the guidance and expertise needed to support your business goals.

Need assistance with business taxes or accounting matters? Our team is always available as a resource and would be happy to help.

07/10/2026

July is a month that celebrates boldness, and history has shown us time and again that what once seemed impossible can often be the goal or dream most worth pursuing.

It can be easy to look at a big goal and talk yourself out of it before you even begin. The competition feels too steep, the timing feels off, or the path forward feels unclear. But most of the breakthroughs we celebrate today, whether in business, science, or everyday life, started with someone who refused to be stopped by what seemed out of reach.

As we move through this month, we want to hear from you: What is one goal in your business that once felt impossible but you are now ready to pursue? Feel free to share it in the comments. We would love to cheer you on!

07/09/2026

If you picked up a summer side gig, one of the most important questions to ask yourself right now is whether taxes are being withheld from your pay. For many gig workers and independent contractors, the answer is no, and that can lead to a bigger-than-expected tax bill if nothing is set aside along the way.

If taxes aren't withheld from your pay, act now. Set money aside or make estimated payments immediately. Employees (W-2) have taxes like federal income tax, Social Security, and Medicare withheld. Contractors (1099) usually don't auto-deduct their own taxes and must pay them through quarterly estimated payments.

Unsure which you are? Check your pay stubs. If it lists federal income tax or Social Security/Medicare, you're a W-2 employee. If your full pay is listed with no taxes withheld, you may be a contractor.

A quick check of your pay stub now can tell you a lot about where you stand and what you may need to set aside for the rest of the summer. If you have questions about estimated taxes or want help putting together a simple plan, give us a call. We are happy to walk you through your options.

07/08/2026

Most business owners know that financial data plays an important role in running a successful company. Whether you're monitoring day-to-day performance or evaluating future opportunities, having a clear understanding of your numbers can help support informed decision-making.

That's why we're sharing a few business accounting terms that are worth revisiting. See below for a few key accounting terms:

⚫Equity: Equity represents the owner's interest in the business after deducting liabilities from assets.
⚫Debt-To-Equity Ratio: This ratio compares debt financing to the equity an owner holds in a business.
⚫Reconciliation: Reconciliation is the process of comparing a business's financial records to ensure they match supporting third-party documentation, such as bank statements.
⚫Retained Earnings: Retained earnings are profits that remain in the business rather than being distributed to owners.
⚫Liquidity: Liquidity measures how easily a business can meet short-term obligations using available assets.
⚫Return On Investment (ROI): ROI measures the return generated from an investment relative to its cost.

Whether you have questions about tax strategy, business growth, or day-to-day financial decisions, our team is here to provide guidance and support. If there's ever anything we can help you navigate, don't hesitate to reach out. We're always happy to be a resource.

07/06/2026

Do you fully understand the differences between a tax credit and a tax deduction? If not, don’t feel bad. Many Americans are in the same boat, according to a Tax Foundation survey.

The poll found that nearly two out of three respondents did not know whether a $1,000 deduction or a $1,000 credit was more beneficial. So today, we wanted to answer that question and offer some additional context on each term.

🔹What Tax Deductions Are - Deductions can reduce an individual’s taxable income, indirectly decreasing the amount of taxes owed or increasing the refund amount (if applicable). Most people take the standard deduction, which offers a blanket reduction of taxable income based on filing status.

🔹What Tax Credits Are - Credits can reduce the amount an individual owes the government, with the credit(s) subtracted from the individual’s tax bill. Compared to deductions, credits often have more impact, including in the scenario outlined above.

We hope you found this overview helpful. And as always, know that if you have any general tax questions or need personal accounting guidance, we’re here to help. Give us a call today and we can connect

Address

674 Glastonbury Turnpike
Portland, CT
06480

Opening Hours

Monday	9am - 5pm
Tuesday	9am - 5pm
Wednesday	9am - 5pm
Thursday	9am - 5pm
Friday	9am - 5pm

Website

https://www.carollofinancial.com/

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