Jul 2, 2019
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...
Jul 2, 2019
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...
Jul 2, 2019
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...
Jul 1, 2019
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...
Jun 6, 2019
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...
Jun 4, 2019
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....
Jun 3, 2019
Compiled annually, the “Dirty Dozen” lists a variety of common scams that taxpayers may encounter anytime but many of these schemes peak during filing season as people prepare their returns or hire someone to help with their taxes. Don’t fall prey....
Jun 3, 2019
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...
Jun 1, 2019
Please join Andrew Schwartz CPA in Toronto on Monday September 9th where he will be speaking at the Accounting and Finance Show being held at the Metro Toronto Convention Centre. More info about this conference is available at:...
May 28, 2019
*** UPDATE 6/14/19 *** The MA Family & Medical Leave Act has been delayed and will now start October 1, 2019. Please visit the State’s website for the latest info. In 2018, Massachusetts signed into law a statute that provides paid family and medical leave...
May 2, 2019
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...
May 2, 2019
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...
May 2, 2019
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...
May 2, 2019
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. ...
May 2, 2019
By Richard Schwartz, CPA If you are one of the numerous short-term “Hosts” or “Operators” providing your home to vacationers, business professionals and other short-term renters, be aware of the new tax law that will impact short-term rentals in the Commonwealth of...
Mar 13, 2019
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...
Mar 1, 2019
The Internal Revenue Service announced that it is waiving the estimated tax penalty for many taxpayers whose 2018 federal income tax withholding and estimated tax payments fell short of their total tax liability for the year. The IRS is generally waiving the penalty...
Mar 1, 2019
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...
Feb 6, 2019
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...
Feb 1, 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...
Feb 1, 2019
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...
Feb 1, 2019
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...
Feb 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...
Feb 1, 2019
The newly enacted Tax Cuts and Jobs Act of 2017 (TCJA) both simplified and complicated many of the tax rules beginning with the 2018 tax filing season. One of these changes, new rules with regard to taxpayers’ mortgage interest deduction, on the surface seems simple...
Jan 16, 2019
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...
Jan 10, 2019
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...
Jan 3, 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...
Jan 3, 2019
• 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...
Jan 3, 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...
Jan 3, 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...
Jan 3, 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...
Nov 20, 2018
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. ...
Nov 19, 2018
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...
Nov 19, 2018
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...
Nov 18, 2018
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...
Nov 9, 2018
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...
Nov 1, 2018
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...
Nov 1, 2018
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...
Nov 1, 2018
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...
Oct 1, 2018
The Tax Cuts and Jobs Act, the tax reform legislation passed last December, made major changes to the tax law, including increasing the standard deduction, removing personal exemptions, increasing the Child Tax Credit, limiting or discontinuing certain deductions and...
Oct 1, 2018
The IRS has recently launched a new format for individual tax transcripts to protect taxpayer data from unauthorized disclosure and theft. The new format will redact personally identifiable information from the Form 1040 series. Financial entries will remain visible,...
Oct 1, 2018
Earlier this year, the IRS released a draft of the 2018 Schedule A, Itemized Deductions form. Let’s review the rules for itemizing your deductions for 2018: Medical Expenses For 2018, and only for 2018, medical expenses are deductible to the extent they exceed...
Oct 1, 2018
Month Income Taxes Saving and Investing OCTOBER Tax returns on extension due 10/15/18 Find out how to complete your W-4 form correctly using the IRS’ On-line Withholding Calculator Taxpayers on extension must fund retirement accounts by October 15th 5500s for...
Oct 1, 2018
FROM IRS NEWS – https://www.irs.gov/newsroom/irs2goapp RS2Go is the official mobile app of the IRS Check your refund status, make a payment, find free tax preparation assistance, sign up for helpful tax tips, and more! IRS2Go is available in both English and Spanish....
Oct 1, 2018
A natural disaster can strike at any time. Take time now to: Document valuables – including by photographing or videotaping the contents of your home. Review and update your emergency plans annually. Visit Ready.gov for help with planning. Create electronic copies of...
Sep 25, 2018
Join us for lively topics that focus on helping you improve your financial well-being. Sessions include: The Ins & Outs of Basic Financial Planning What You Need to Know About the Recent Tax Law Changes How to Increase Your Practice’s Top Line Retirement...
Sep 20, 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...
Sep 19, 2018
Frustrated with Dental Insurance? Meet Chewsi. Chewsi is liberating patients and dentists from the hassles of traditional dental insurance. With Chewsi, there’s no paperwork, no claims and no restrictions – meaning you can provide dental care to patients on your...
Sep 13, 2018
From IRS News: IR-2018-66, March 21, 2018 WASHINGTON – The Internal Revenue Service today concluded its annual “Dirty Dozen” list of tax scams with a warning to taxpayers to remain vigilant about these aggressive and evolving schemes throughout the...
Sep 5, 2018
Month Income Taxes Saving and Investing SEPTEMBER 3rd qtr estimates due 9/17/18 Corporate and Partnership tax returns on extension are due 9/17/18 SIMPLE/IRAs and Safe-Harbor 401k’s need to be set up by 10/1 Back to school – Read the monthly blog posted by...
