2019 September newsletter

Tax and Financial Planning Calendar for September 2019

Month Income Taxes Saving and Investing SEPTEMBER 3rd quarter estimates due 9/16/19 "Calendar year" Corporate and Partnership tax returns on extension are due 9/16/19 SIMPLE/IRAs and Safe-Harbor 401k's need to be set up by 10/1 Back to school - Read the monthly blog posted by Our Friends At Strategies for College Sign up for our… Continue reading Tax and Financial Planning Calendar for September 2019

2019 September newsletter

Two Practical Personal Finance Lessons For College Students

by Andrew D. Schwartz CPA  (Originally written for the September 2016 newsletter.) Last week, my wife and I dropped off our older child at college to start his freshman year.  He is eager to spend the next four years taking classes in a variety of interesting subjects while working towards his degree. A lot of… Continue reading Two Practical Personal Finance Lessons For College Students

2019 September newsletter, General

2019 Tax Amount Updates

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 sales taxes) AND real estate taxes limited to $10k per year, mortgage interest, charitable… Continue reading 2019 Tax Amount Updates

2019 September newsletter

Making Estimated Tax Payments To Avoid IRS Penalties

by Richard S Schwartz CPA CVA If your tax situation may be changing this year as a result of receiving additional investment or consulting income that you were not expecting when you had met with your tax preparer last spring, you most likely will need to pay to the government additional taxes related to this… Continue reading Making Estimated Tax Payments To Avoid IRS Penalties

2019 August Newsletter

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 changes that took effect 1/1/18. Consider rolling your old… Continue reading Tax and Financial Planning Calendar for August 2019

2019 August Newsletter

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 this deduction when they file their tax returns.… Continue reading Here’s the 411 on Who Can Deduct Car Expenses on Their Tax Returns

2019 August Newsletter

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 Professionals- Sessions include: How To Choose Your Business Entity Type… Continue reading Save the Date – Sept 27 Annual Client Event

2019 August Newsletter

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 benefited them over the past tax years, the… Continue reading Interesting Metrics for Personal Tax Returns – 2018 vs. 2017

2019 July Newsletter

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 lifetime. Workers Under 50: If you're less than 50 years old, "do nothing" is most… Continue reading What To Do If Your 401(k) Account Value Declines

2019 July Newsletter

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 than they had expected in connection with filing their 2018… Continue reading This Summer, Work Through Your 2019 Tax Projection

2019 June newsletter

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 willing to meet in person, if that is important to… Continue reading Ten Considerations When Selecting Your Lender and Loan Officer

2019 June newsletter

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. The maximum annual salary deferral into a 401(k) plan or a 403(b) plan is $19,000 in 2019, up from $18,500 in 2018. … Continue reading 2019 Fast Tax Facts

2019 June newsletter

IRS Warns That the “Dirty Dozen” Represents the Worst of Tax Scams

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. IRS concludes "Dirty Dozen" list of tax scams for 2019: Agency encourages taxpayers to… Continue reading IRS Warns That the “Dirty Dozen” Represents the Worst of Tax Scams

2019 June newsletter

Andrew Schwartz to Speak on How to Build a Successful Niche Accounting Practice

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: https://www.terrapinn.com/exhibition/accounting-finance-show-toronto/index.stm. The session is called: Turbo Charge the Niche Focus Within Your Practice. The business world becomes… Continue reading Andrew Schwartz to Speak on How to Build a Successful Niche Accounting Practice

General

NEW MA Paid Family & Medical Leave

[et_pb_section bb_built="1" admin_label="section"][et_pb_row admin_label="row" background_position="top_left" background_repeat="repeat" background_size="initial"][et_pb_column type="4_4"][et_pb_text background_position="top_left" background_repeat="repeat" background_size="initial" _builder_version="3.18.8"] 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 beginning in… Continue reading NEW MA Paid Family & Medical Leave