Tax Planning & Compliance
The 3 stages of homeownership (and their tax breaks)
A home is the single most valuable asset in many people’s possession. So it’s important to always remain aware of the tax impact of homeownership. The good news is that, at each of the three general stages of owning a home, an important tax break is available: 1. Buying/owning: Mortgage interest deductions. One of the biggest […]
Department of Revenue Requirement to "Certify Your Tax Status"
Many companies located in Massachusetts have received an email this week from the Department of Revenue (“DOR”) informing them of a requirement to “certify their tax status” on line via the DOR WebFile site before April 1. The purpose of obtaining this certification is to allow the DOR to publish a list of businesses qualifying […]
Caught while falling off the fiscal Cliff – Congress passes a solution
CONGRESS PASSES A SOLUTION; PRESIDENT SIGNS INTO LAW After extensive debate, the Senate and House of Representatives passed the “American Taxpayer Relief Act” on January 1, 2013, which was signed into law by the President on January 2. The new legislation contains provisions impacting both commercial and individual taxpayers. Business Tax Provisions: The Research and […]
Calculating the tax effects of a crisis averted: The American Taxpayer Relief Act of 2012
History will show that 2013 began not with a bang, but with a sigh — of relief. That was the reaction of many Americans when Congress pulled up just short of the “fiscal cliff” and passed the American Taxpayer Relief Act of 2012 (ATRA). The law should send taxpayers reaching for their calculators to ascertain […]
Reverse mortgages can be helpful (but risky, too)
Reverse mortgages may once have been considered a financial tool primarily for elder care planning. However, these products have slowly been finding a niche for themselves in the broader consumer finance market. If you or a loved one is considering one of these loans, it’s important to know what you’re getting into. How they work […]
3 tax tips for the self-employed
With the job market in many areas as uncertain as the economy itself, more and more people are turning to self-employment. If you count yourself among them, here are three tips to consider: 1. Learn your liability. Self-employed individuals are liable for self-employment tax, which means they must pay both the employee and employer portions […]
Payroll tax cut extended through 2012
Congress passed an extension of the 2% payroll tax cut that had been scheduled to expire at the end of February. The extension means 160 million working Americans will continue to pay social security tax on their wages at a 4.2% rate for the rest of 2012, rather than at a 6.2% rate. Because Republicans […]
Congress Approves 1099 Repeal Bill But at a Cost to Some Taxpayers
On April 5, 2011, the Senate approved a bill to repeal controversial expanded information reporting on Form 1099 for certain businesses and rental property expense payments. To offset the cost of lost revenues from the repeal, the bill also increases the recapture amount of health care credit overpayments. President Obama is expected to sign the […]