With home mortgage rates at ALL TIME LOWS, now is a great time to look at refinancing your home mortgage. If you can lock in a fixed-rate mortgage for at least .5% less than your current rate, then it’s the proverbial “no-brainer”. Start by reaching out to the mortgage person who helped you with your… Continue reading Mortgage Interest Rates Are At Record Lows
Category: General
Practice Owners-Small Business Recovery Loan
There’s a small business recovery loan being offered to small businesses to help with cash flow during closures. This is being offered by MA Growth Capital Corporation. https://www.empoweringsmallbusiness.org/what-we-offer/emergency-loan-funds/covid-19-loan-fund HIGHLIGHTS: Open to Massachusetts-based businesses impacted by the COVID-19 with under 50 full- and part-time employees, including nonprofits Negative impact must be verifiable Loan amounts up to… Continue reading Practice Owners-Small Business Recovery Loan
Payroll – What To Do For Employers
The COVID-19 pandemic is a fluid situation and we are trying our best to keep our clients informed as new information is released. GUIDES: Mass Dental Society - Temp Office Closing Guide How to file for Unemployment MA1 How to file for Unemployment MA2 ADVISE YOUR EMPLOYEES TO FILE FOR UNEMPLOYMENT DURING A SHUT DOWN… Continue reading Payroll – What To Do For Employers
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
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 employer how to withhold… Continue reading Tips for Kids with a Summer Job
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
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 evaluate the best claiming strategy for you and ensure… Continue reading New Recorded Webinar on Maximizing Social Security
RSVP for our Annual S&S Dental Clients Seminar on November 2
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 Planning for Dentists and Practice Owners Included in our day will be a delicious lunch… Continue reading RSVP for our Annual S&S Dental Clients Seminar on November 2
2017 and 2018 Tax Facts
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 sales taxes), real estate taxes, mortgage interest, charitable contributions, and unreimbursed employee business expenses.… Continue reading 2017 and 2018 Tax Facts
IRS Wraps up “Dirty Dozen” List of Tax Scams for 2018; Encourages Taxpayers to Remain Vigilant
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 year. This year's "Dirty Dozen" list highlights a wide variety of schemes that taxpayers may encounter… Continue reading IRS Wraps up “Dirty Dozen” List of Tax Scams for 2018; Encourages Taxpayers to Remain Vigilant
Tax and Financial Planning Calendar for September 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 Our Friends At Strategies for College Listen to Financial Planner Alex Oliver's… Continue reading Tax and Financial Planning Calendar for September 2018
The New Section 199A Qualified Business Income Deductions
By Yuling Liu, CPA What is qualified business income deduction? Section 199A qualified business income deduction is available from 2018 to 2025. Taxpayers may deduct 20% of Qualified Business Income from Partnerships, S Corporations, Sole Proprietorships (Schedule C's) and Real Estate Rental Activities (Schedule E's). This deduction was enacted to help pass-through entities who didn't… Continue reading The New Section 199A Qualified Business Income Deductions
Are scholarships and fellowships taxable?
We recently received an interesting question from a client that I know many of you may have as well: The Question: "My son-in-law is doing a PhD and has an NSF Fellowship from the government. Interestingly, the government does not take out taxes nor provide a W2 or 1099 form. I presume that the income… Continue reading Are scholarships and fellowships taxable?
This Thursday – Free Webinar
Sign up for our August 16th Webinar on Economic and Investment Overview: Looking Past the Headlines presented by Alex Oliver, First National Corporation What will be covered: North Korea. Trade wars. The Fed. Oil prices. With today’s sensationalized media, it can be tough to break through the noise and understand how the economy is actually… Continue reading This Thursday – Free Webinar
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
Tax and Financial Planning Calendar for August 2018
Month Income Taxes Saving and Investing AUGUST Returns on extension are no longer due 8/15. For 2017 tax returns, 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 taking effect 1/1/18. Consider rolling your… Continue reading Tax and Financial Planning Calendar for August 2018
HSAs Make a Great Buy and Hold Proposition
Are you aware that there is an investment option available that allows for tax-deductible contributions and also for tax-free distributions? First introduced back in 2004, Health Savings Accounts offer individuals that unique winning combination. The favorable tax advantages of HSAs has caused them to become increasingly more popular in recent years. To be eligible to… Continue reading HSAs Make a Great Buy and Hold Proposition
July 2018 Tax and Financial Planning Calendar
Month Income Taxes Saving and Investing JULY If you changed jobs, give one of our CPAs a call to discuss filling out new W-4 Forms Now's the time to work through your 2018 income tax projection, especially to figure out how things look due to the recent tax law changes If you have working kids… Continue reading July 2018 Tax and Financial Planning Calendar
This Summer is an Important Time to Work Through Your 2018 Tax Projections
The end of 2017 saw the passing of the Tax Cuts and Jobs Act of 2017 (TCJA). This new tax law is considered to be the largest tax reform in 30 years and we anticipate that most individual taxpayers will be impacted beginning with the 2018 tax year. The new legislation brings a variety… Continue reading This Summer is an Important Time to Work Through Your 2018 Tax Projections
Fannie Mae Announces Changes that can Lower Interest Rates for Many Condo Owners
As you may have already heard, effective June 5, 2018, Fannie Mae announced many updates to their condo approval guidelines that will now loosen the requirements for "warrantable" condos. Effectively, these changes will allow many condos that would otherwise be considered "non-warrantable" with higher interest rates to now be "warrantable" and approved with lower interest rates. And… Continue reading Fannie Mae Announces Changes that can Lower Interest Rates for Many Condo Owners