Are education costs adding any type of value to your business? If so, they may be fully deductible and can lower tax bills. When deciding whether or not certain education costs are deductible to your business, there is generally a two-part test: Do the education expenses maintain or improve required skills for that business industry? […]
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With the new school year right around the corner, teachers are beginning to get their classrooms ready for the beginning of the school year. In many cases, educators have to purchases items for the classroom that the school is unable to reimburse them for. A tax deduction is available for educators that allows up to […]
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I have always taken a proactive approach when it came to planning for my financial future. After recently passing the one-year mark of parenthood, and seeing my financial plan evolve, I have begun to dive deep into the impacts of what my son’s tax situation might look like in the years to come as well. […]
Receiving correspondence from the IRS will unnerve anyone, especially correspondence that has assessments for penalty charges included! The IRS realizes, however, that everyone is entitled to make a mistake and under certain conditions, you may be eligible to request an abatement of the assessed penalty charges reflected on the notice. This abatement waiver can decrease […]
If you own a small business, you may be able to deduct expenses related to your vehicle. Business use of vehicles can lower your taxable income and save some extra tax dollars. The general rule is you can either deduct mileage or actual costs. This requires a slight calculation to see which is more beneficial […]
Just a reminder that the Massachusetts Sales Tax Holiday will occur the weekend of August 17th and 18th, 2019. The holiday allows customers a temporary relief from paying the Massachusetts 6.25% sales tax on purchases of goods within the state (with some exclusions). The “tax-free” weekend applies to purchases that are under $2,500. The MA […]
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The fireworks just went off, Summer is in full swing, which means your children might be headed off to spend some time at a summer camp. There’s no shock that the cost of camp can be a significant expense but the good news: You might be eligible for a tax break for the cost. The […]
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Have you been considering donating your vehicle to a local charity or to one that you have seen or heard about on? It’s important to note that donating a vehicle may not result in a big tax deduction — or any deduction at all. Trade in, sell or donate? Let’s say you’re buying a new […]
Here are some of the key tax-related deadlines affecting businesses and other employers during the third quarter of 2019. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. July 31 Report income tax withholding and FICA taxes for the second quarter of 2019 (Form 941) and […]
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This week we were meeting with a client who recently changed his residency and left New England to settle down in the Sunshine State. Like our client, a change of residency may be a common discussion in your household, especially as you approach retirement. Don’t forget to factor state and local taxes into the equation- […]
Read More… from Thinking About Moving to Another State? Don’t Forget About Taxes.