Mar 19, 2018
Our friends at Barton Associates, the Locum Tenens Experts, wanted to compile a tax guide to provide their contractors with a summary of the basic tax rules affecting them. Founded in 2001, Barton Associates is a leading locum tenens staffing company serving...
Mar 16, 2018
by Matt Kolcum, Carr Healthcare Realty Real estate is the second highest expense behind payroll for most healthcare practices. The benefits of capitalizing during lease negotiations can include a healthy raise through increased profitability, reduced debt, a nicer...
Mar 2, 2018
From IRS NEWS – Issue IR-2018-32 The Internal Revenue Service today advised taxpayers that in many cases they can continue to deduct interest paid on home equity loans. Responding to many questions received from taxpayers and tax professionals, the IRS said that...
Mar 1, 2018
March 15, 2018, is the deadline for filing 2017 S-Corp and partnership tax returns, or extensions, 2018 S-Corp elections, and 2018 Section 475 elections. Don’t forget! Don’t think you can file in time? 2017 S-Corp and partnership extensions give six additional...
Feb 10, 2018
For 2017, the standard deduction for a single individual is $6,350 and for a married couple is $12,700. A person will benefit by itemizing once allowable deductions exceed the applicable standard deduction. Itemized deductions include state and local income taxes (or...
Feb 4, 2018
The IRS announced that the standard mileage rate will increase to 54.5 cents per business mile driven in 2018. That is an increase of one cent from the 53.5 cents allowed in 2017. According to the IRS, “Taxpayers always have the option of calculating the...
Jan 18, 2018
As part of the new tax rules that took effect 1/1/18, the standard deduction jumped to $12k for single individuals and $24k for married couples. Additionally, the combined deduction for state and local income taxes and real estate taxes is now capped at $10k. Other...
Dec 28, 2017
As I’ve given more thought to the recent tax law changes, it has become apparent to me that married couples with a small or no mortgage on their homes will have a difficult time itemizing their deductions starting in 2018. With the standard deduction increasing to...
Dec 26, 2017
On Friday, December 22nd, President Trump signed the Tax Cuts and Jobs Act of 2017 into law. Here are some 9 steps to consider taking prior to 12/31/17 and then during 2018 to minimize your federal tax liability. Prior to 12/31/17, pay all of your 2017 state taxes...
Dec 22, 2017
Just this week the House and Senate both voted on and passed the Tax Cuts and Job Act. With President Trump’s signature, expected in the next week, this tax bill will be enacted into law. Considered to be the largest tax reform in 30 years, this new tax law is...
Dec 21, 2017
With the year-end upon us, many investors see it as the time to rebalance their investment portfolios. However, savvy investors need to be aware of just when the timing is “right” or “wrong” to make that buy or sell trade happen. Mutual funds are required by law to...
Dec 20, 2017
Just want to give you this one quick recommendation as the year winds down to save some taxes. Now that it appears there is a very good chance there will be tax law changes enacted into law for 2018, there is one deduction that is essentially being eliminated in 2018...
Dec 15, 2017
Recently, a client sent us the question “Can I pay for my child’s private school tuition using his 529 plan?”. Unfortunately, the answer is no. Tax free distributions from a 529 plan can only be used for post-secondary education expenses. However, there is...
Dec 11, 2017
With the year-end quickly approaching and time running out on whether or not a major tax overhaul will be enacted before December 31, year-end tax planning has become a big question mark in recent weeks. However, with the Senate passing the “Tax Cuts and Job Act” by...
Nov 30, 2017
Most working professionals have access to a 401(k) plan or a 403(b) plan at work. Amounts contributed to these plans generally reduce your taxable earnings and always grow tax deferred. You can contribute up to $18,500 into a 401(k) or 403(b) plan through salary...
Nov 30, 2017
With the end of the 2017 calendar year quickly approaching, reviewing your specific tax situation may be tax-wise to help reduce your income taxes as well as possible underpayment of tax penalties. Year-end planning techniques to reduce your taxable income or increase...
Nov 30, 2017
It’s not too late to cut your 2017 tax bill. Prior to Dec. 31st: Increase your 401(k) and 403(b) contributions if you haven’t been contributing at the maximum rate all year. This year you can put away up to $18,500 ($24,500 if 50 or older) into...
Nov 28, 2017
These days, most 401k and 403b plans give their participants the option of contributing to the “traditional” version or the “Roth” version. With the traditional version, the amount you contribute reduces your taxable income in the current year,...
Nov 15, 2017
Contributing to a retirement plan is one of the best tax shelters available to you during your working years. Recently, the IRS announced that some of the retirement savings limits will increase for 2018. Employer Sponsored Plans Most working professionals have...
Nov 8, 2017
Most years, the government bumps up the maximum Social Security taxes that you can pay. For 2018, the maximum wage base jumps to $128,700, an increase of $1,500, or 1.2%, over the max of $127,200 that was in place for 2017. The Social Security Administration predicts...
Nov 1, 2017
Month Income Taxes Saving and Investing November Need to make applicable elections in connection with employer’s flexible spending account Good time to make semi-annual donation of clothing and household items to charitable organizations. Don’t forget to...
Oct 4, 2017
Whether you live in an area affected by the recent hurricanes, or you have family or friends who live there, the IRS provides guidance to victims of Hurricanes Harvey, Irma and Maria. Special tax relief and assistance is available to taxpayers in the Presidential...
Oct 4, 2017
In the aftermath of the horrific damage in Florida, Texas and the Caribbean caused by the recent hurricanes, there are multiple ways to provide charitable relief to those in need. One way is by contributing stock gifts to 501(c)(3) organizations that are helping in...
Oct 4, 2017
If you change jobs, you need to submit a W-4 form with your new employer. What seems like a very straightforward form can often result in a surprisingly large overpayment or balance due when you file your taxes the following year. Some underlying issues with the W-4...
Oct 4, 2017
From IRS News Bulletin- 2017-112: The Internal Revenue Service issued a warning that tax-related scams continue across the nation even though the tax filing season has ended for most taxpayers. People should remain on alert to new and emerging schemes involving the...
Oct 4, 2017
By Attorney Neil Cohen, guest contributor You have until January 2, 2018 to file your portability election. What does that mean and why is it important? If your spouse or one of your parents died after December 31, 2010 and no federal estate tax return was filed for...
Sep 13, 2017
As you may have heard, Equifax, one of the nation’s three leading credit reporting agencies, announced last week that they had a major data breach from May through July. The hackers accessed over 143 million consumers’ information, including Social Security numbers,...
Aug 15, 2017
Students and teenagers often get summer jobs which can be a great way to earn extra spending money or to save for later. Here are some additional top tips from the IRS for people with summer jobs: New Employees. When a person gets a new job, they need to fill out...
Aug 2, 2017
It’s only August which means there is still plenty of time to do some reading before Labor Day. Why not take this opportunity to read some business management books before life gets busy again in September? I’m pleased to share with you some of my...
Jul 13, 2017
Many healthcare professionals are employed based on the academic calendar, and therefore, switch jobs or employers around July 1st. No matter when you change jobs, you need to submit a W-4 form with your new employer to determine how much taxes will be withheld from...
Jun 20, 2017
Want to make sure you’re taking steps to reduce your tax burden for 2017? Do you have self-employment income, multiple sources of income, a job change or unexpected income in 2017? If so, our Mid-Year Tax Projection Service will help! We’ll calculate a mid-year tax...
Jun 20, 2017
The IRS wants to help parents of working children avoid the headaches and costs of preparing tax returns for their kids who won’t earn enough to be taxed. All you need to do is have your child write the word “Exempt” in Box 7 of the Form W-4 that is...
Jun 20, 2017
The IRS still offers tax credits up to $7,500 on all-electric and plug-in hybrid cars that you would claim on your 2017 tax return. The vehicle must: weigh less than 14,000 pounds, have at least four wheels, be propelled to a significant extent by an electric motor...
Jun 20, 2017
With the summer travel season nearly upon us, here are some tips and rules about deducting business travel expenses: Travel expenses are the ordinary and necessary expenses of traveling away from home for your business, profession, or job. You are traveling away from...
Jun 20, 2017
by Andrew D. Schwartz, CPA, Founder of The MDTAXES Network At some point during each tax season, there is a moment when I notice a recurring trend or theme that is unique and fascinating to that specific tax season. So what is this year’s most interesting trend?...
Jun 20, 2017
Wisdom isn’t the only benefit you get with age. Starting the year you turn 50, you can make these additional “catch-up” contributions towards your retirement accounts: Up to $6,000 more for 401(k), 403(b), SARSEP, or governmental 457(b) Up to $3,000 more for SIMPLE...
Jun 20, 2017
It can be difficult to discern fact from fiction when dealing with landlords. A misunderstanding of these key issues can have serious consequences for your practice. The following information should help dispel some common myths and prevent costly mistakes in your...
Jun 12, 2017
Don’t forget! Second Quarter 2017 Estimated Tax Payments are due 12June 15.
Jun 7, 2017
The IRS wants to help parents of working children avoid the headaches and costs of preparing tax returns for their kids who won’t earn enough to be taxed. All you need to do is have your child write the word “Exempt” in Box 7 of the Form W-4 that is...
Jun 1, 2017
With the summer travel season nearly upon us, here are some tips and rules about deducting business travel expenses: Travel expenses are the ordinary and necessary expenses of traveling away from home for your business, profession, or job. You are traveling away from...
May 24, 2017
Considering the purchase of a new fuel-efficient car in 2017? If you are, the IRS still offers tax credits up to $7,500 on all-electric and plug-in hybrid cars that you would claim on your 2017 tax return. The IRS defines the vehicle requirements as follows: “This is...
May 19, 2017
Before summer kicks in, take a look at your asset allocation of all your retirement and non-retirement accounts, and consider rebalancing your accounts.
May 8, 2017
At some point during each tax season, there is a moment when I notice a recurring trend or theme that is unique and fascinating to that specific tax season. So what is this year’s most interesting trend? For the 2017 tax season, what I found most fascinating is...
May 1, 2017
With the April 15th deadline still a recent memory, most of us probably still have our tax records piled up somewhere in our homes. Why not take this opportunity to shred all the documents that you no longer need to keep? How long do you need to hold onto your tax...
Apr 20, 2017
By Mike Bohigian, CPA As we approach the final stretches of tax season and the looming April 18th filing deadline, we wanted to share some observations from the past couple months working with our clients. One general observation we’ve had as a firm is the interesting...
Apr 8, 2017
Dentistry is what you do, and money is what you make. But unless you keep an eye on overhead, just making ends meet might be hard enough. In this Yankee Dental Congress edition of the Dentist Money™ Show, Reese Harper welcomes CPA Andrew Schwartz who works with...
Apr 2, 2017
Good news for procrastinators. The IRS is giving everyone a few extra days to complete their 2016 federal income returns this year. According to the IRS: The filing deadline to submit 2016 tax returns is Tuesday, April 18, 2017, rather than the traditional April 15...
Mar 29, 2017
Want to know the status of your tax refund? Check out these helpful links: For your US return: use the “Where’s My Refund” on the IRS.gov website https://www.irs.gov/refunds For MA return: use the “Check your refund status” n the MA Dept....
Mar 28, 2017
Mark your calendars. The New England Graduate Accounting Studies Conference, Inc. (NEGASC) has invited Andrew Schwartz CPA to present to other CPAs and accounting professionals at their annual conference. NEGASC 2017 will be held at the University of St. Joseph,...
Mar 17, 2017
March Savings Tip: Use your tax refund to pay off credit cards or other debts, fund an IRA, and/or invest.
