Tax and Financial Planning Calendar for August 2019

Month Income Taxes Saving and Investing AUGUST Returns on extension are no longer due 8/15.  For 2018, you have until 10/15 to file returns that have been put on extension. Work through a Tax Projection to avoid any surprises next winter, especially with the new tax...

Here’s the 411 on Who Can Deduct Car Expenses on Their Tax Returns

From IRS News – Tax Tip July 29, 2019 Taxpayers who have deducted the business use of their car on past tax returns should review whether or not they can still claim this deduction. Some taxpayers can. Some cannot. Here’s a breakdown of which taxpayers can claim...

Save the Date – Sept 27 Annual Client Event

Please join us for our annual fall client event on Friday, Sept. 27 at Cafe Escadrille from 11 am – 4 pm. This year we expanded the focus of our annual financial and practice management summit to include two groups of healthcare professionals: For Mental Health...

Still Waiting For Your Refund?

Did you file your tax return this spring and are still waiting for your refund? The IRS issues more than 9 out of 10 refunds in fewer than 21 days. However, it’s possible that some tax returns require further review and take longer to process. Some common...

Interesting Metrics for Personal Tax Returns – 2018 vs. 2017

2018 was the first year that incorporated the majority of the tax law changes resulting from the Tax Cuts and Jobs Act of 2017 (TCJA) enacted just prior to the end of 2017.  While many taxpayers were very concerned with the loss of certain tax deductions that had...

You’ve Got Questions ~ We’ve Got The Answer: Family Loans

Q: My parents would like to give me a loan of $150k. How can we structure this loan so that we are in compliance with any rules from the IRS? A: To structure a loan in compliance with the IRS rules, you need to take the following steps: • Prepare a written loan...

What To Do If Your 401(k) Account Value Declines

From CBS Interactive/ By Steve Vernon  Have you ever opened your 401(k) account statement and stressed out because the balance has declined? Don’t panic. Instead, try these strategies to address the inevitable stock market fluctuations that will occur during your...

Refinancing This Summer? Buying A New Home?

Don’t forget these 10 points when considering and selecting your lender and loan officer: 1. Research the lender and loan officer to ensure they are a good fit for you. 2. What is their knowledge, experience, and commitment to service? 3. Are they local and respected...

This Summer, Work Through Your 2019 Tax Projection

As we shared this winter in an article called Why Is Your Tax Refund Smaller for 2018 (written by Shira Schoenberg and including quotes from Andrew Schwartz CPA), many individuals were surprised that they had smaller tax refunds or owed more in federal income taxes...

Ten Considerations When Selecting Your Lender and Loan Officer

By Guest writer Bob Cahill – Leader Bank     Research the lender and loan officer to ensure they are a good fit for you. What is their knowledge, experience, and commitment to service? Are they local and respected by the realtor community? Will your lender be...

2019 Fast Tax Facts

Starting in 2018, personal exemptions are no longer deductible.  The maximum earnings subject to social security taxes is $132,900 for 2019, up from $128,400 in 2018. The standard mileage rate is $.58 per business mile as of January 1, 2019, up from $.545 for 2018....

Tips for Kids with a Summer Job

Will your child be working at a summer job? If so, here are a few items to consider: How to complete Form W-4. When you child begins their summer job and will be paid as a W-2 employee, their new employer will require them to complete a Form W-4, instructing the...

NEW MA Paid Family & Medical Leave

In 2018, Massachusetts signed into law a statute that provides paid family and medical leave (PFML) benefits to workers. Employers and employees must begin making contributions in October of 2019 to a new state fund which will administer and distribute the benefits...

Are You Eligible for a Refund of Underpayment Penalties Assessed?

Most taxpayers saw their federal income taxes decrease thanks to the new tax rules issues at the end of December 2017. Many taxpayers also saw their refunds fall or their balance due increase for their 2018 taxes as compared with prior years. That’s because the...

Family Loans

By Andrew Schwartz, CPA Here is a question I recently received from one of my clients: My parents would like to give me a loan of $150k. How can we structure this loan so that we are in compliance with any rules from the IRS? To structure a loan in compliance with the...

This Year’s Most Interesting Tax-Season Observation

By Andrew Schwartz, CPA This year’s most interesting observation has nothing to do with taxes or personal finances but instead deals with civility and kindness. The world we live in has really become quite nasty: Our political leaders on both sides of the aisle...

Mortgage Financing Today: The Value of Working with a Local Lender

By Bob Cahill, Leader Bank Nowadays, you can find almost anything on line.    It is hard to beat the convenience and ease of shopping at the push of a button.  In most cases, if you do not like what you have bought or if it does not fit, you can simply return it. ...

Women and Social Security

This month, we’ve assemble resources to educate women about Social Security, a key component of your retirement planning! Take a listen to our webinar “Get What’s Yours: Maximizing Social Security“. We cover the basics to help evaluate the best...

Why is Your Tax Refund Smaller in 2018?

Originally published on www.masslive.com By Shira Schoenberg | sschoenberg@repub.com Is your tax refund smaller this year? You’re not alone. As of Feb. 1, the IRS had issued 4.67 million refunds this year, compared to 6.17 million at the same time last year. The...

Locum Tenens Tax Guide by Andrew Schwartz, CPA

How can you make filing your taxes as an independent contractor as easy as possible? How will tax reform affect your locum tenens career in the years to come? Our very own Andrew Schwartz has authored a locum tenens tax guide for Barton Associates and recently...

Tax & Financial Planning Calendar for February 2019

Month Income Taxes Saving and Investing FEBRUARY Get a jump on your tax prep and call by 2/28/19 to set up an appointment Organize your tax information Try to have holiday credit card balances paid off by...

IRS Operations Affected by Recent (and Future) Shutdowns

The most recent government shutdown has come to an end, but there is a very good chance another shutdown could begin in less than three weeks,  Below is information provided by the IRS about which of their services are impacted during a shutdown. Please plan ahead...

New Recorded Webinar on Maximizing Social Security

You have been paying into Social Security for all of your working life, and now it’s time to get your money back. However, the Social Security system is full of arcane rules, secrets, and claiming surprises. This webinar will help you learn the basics to help...

Clock Is Ticking For The Tesla Tax Credit

Is one of your New Year’s resolutions trading in your current automobile for a new environmentally friendly vehicle? One of the more popular “green” vehicles available for purchase has been a Tesla. The purchase of a qualifying Tesla made prior to...

Update on IRS Contingency Plan

On January 15, 2019 the government invoked the Lapsed Appropriations Contingency Plan (Tax Year 2018 Filing Season).   This is a plan that is updated annually and which outlines procedures for the IRS to follow when there is a temporary lapse in appropriations.  As...

Partial Government Shutdown Impacts IRS

Although most Americans have not felt the impact of the recent government shutdown, now closing in on three weeks in length and making it the second longest shutdown in US history, this impact may soon change as tax filing season is less than a month away.   With the...

Tax & Financial Planning Calendar for January 2019

Month Income Taxes Saving and Investing JANUARY 4th quarter 2018 estimates due 1/15/19 Expect to receive W-2s and 1099s by January 31, 2019 Review your withholdings for 2019, and, if necessary, file a new W-4 Form with your employer to adjust your withholding Prepare...

2018 & 2019 Tax Facts

• For 2018, the standard deduction for a single individual is $12,000 and for a married couple is $24,000. A person will benefit by itemizing once allowable deductions exceed the applicable standard deduction. Itemized deductions include state and local income taxes...

IRS Issues Standard Mileage Rates for 2019

From IR-2018-251, December 14, 2018 WASHINGTON – The Internal Revenue Service today issued the 2019 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning...

RE: 2019

Personal financial planning is an ongoing process. The good news is that financially speaking, most of 2018 was another really good year. The stock markets once again hit an all time high before giving back all of those gains at the end of the year . Real estate...

Tesla tax credit will be limited beginning January 1, 2019

Is one of your New Year’s resolutions trading in your current automobile for a new environmentally friendly vehicle? One of the more popular “green” vehicles available for purchase has been a Tesla. The purchase of a qualifying Tesla made prior to 2019 qualified a...

A New Opportunity to Defer (and Possibly Wipe Out) Capital Gains Tax

One of the most interesting wrinkles of the Tax Cuts and Jobs Act, passed last December, was the creation of Opportunity Zones. According to the IRS, Opportunity Zones are particular distressed communities throughout the country in need of economic revitalization. ...

Checklist to Cut Your 2018 Taxes

It’s not too late to cut your 2018 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 your...

New Rules for Small Business Energy Exemption

As of January 1, 2019, the process for claiming a small business energy exemption will be changing.  For 2019 and later years, small businesses will apply online for an exemption certificate rather than submitting Form ST-13 to their energy provider.  The certificate...

It’s Open Enrollment Season. Time to Take a Good Look at HSAs

To the best of my knowledge, contributing to a Health Savings Account (HSA) is the only investment opportunity that allows for tax-deductible contributions and tax-free withdrawals. Please note that only individuals with a qualifying high-deductible health insurance...

2018 & 2019 Tax Facts

For 2018, the standard deduction for a single individual is $12,000 and for a married couple is $24,000. A person will benefit by itemizing once allowable deductions exceed the applicable standard deduction. Itemized deductions include state and local income taxes (or...

Social Security Max Increases to $132,900 for 2019

Most years, the government bumps up the maximum Social Security taxes that you can pay.  For 2019, the maximum wage base jumps to $132,900, an increase of $4,500, or 3.5%, over the max of $128,400 that was in place for 2017. At a rate of 6.2%, the maximum Social...

IRS Announces Higher Retirement Plan Limits for 2019

Contributing to a retirement plan is one of the best tax shelters available to you during your working years.  Recently, the IRS announced that many of the retirement savings limits will increase for 2019. Employer Sponsored Plans Most working professionals have...