Students and teenagers often get summer jobs which can be a great way to earn extra spending money or to save for later. Here are some additional top tips from the IRS for people with summer jobs: New Employees. When a person gets a new job, they need to fill out a Form W-4, Employee’s Withholding… Continue reading Tips For Teenagers With Summer Jobs
Category: Taxes
Section 83(b) Election Credits
Making an 83(b) election can save taxpayers significant taxes if they purchase or otherwise acquire shares of "restricted" stock in a company that is appreciating in value. Over time, the restrictions attached to these shares "lapse" and the shares become "vested". One common restriction is the ability to sell your shares on the open market. … Continue reading Section 83(b) Election Credits
Back to School Education Tax Credits
Below is information provided by our friends at the IRS: If you, your spouse or a dependent are heading off to college in the fall, some of your costs may save you money at tax time. Here are some tips on claiming an education-related tax credit on your federal tax return: American Opportunity Tax Credit.The AOTC is… Continue reading Back to School Education Tax Credits
Clock is Ticking to Meet 2015 Goals
By Andrew Schwartz, CPA, Founder of MDTAXES Network While "Time Flies" is pretty much the industry standard, I prefer the words told to me by a Camp Director a few years back when I was dropping my son off at summer camp. "The days are long but the weeks are short," he said to each… Continue reading Clock is Ticking to Meet 2015 Goals
Checklist to Cut Your 2014 Taxes
It's not too late to cut your 2014 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 $17,500 ($23,000 if 50 or older) into your 401(k) or 403(b) plan. If you’re self-employed, consider… Continue reading Checklist to Cut Your 2014 Taxes
Year End Planning for 2014
During December, you should evaluate whether you'll save any taxes by postponing 2014 income or deductions into 2015 or by accelerating 2015 income or deductions into 2014. While many factors should be evaluated prior to making your final decision, a few items to keep in mind are as follows: For 2014, a single person will… Continue reading Year End Planning for 2014
Social Security Max Increases to $118,500 for 2015
Each year, the government bumps up the maximum Social Security taxes that you can pay. For 2015, the maximum wage base jumps to $118,500, an increase of $1,500, or 1.3%, over the max of $117,000 that was in place for 2014. The Social Security Administration predicts that 10 million individuals will end up paying higher… Continue reading Social Security Max Increases to $118,500 for 2015
Oct 15 Deadline
Don't forget! Wednesday, October 15 is the deadline to file your 1040 if it was put on extension on April 15th!
MA Tax Amnesty Program in Effect until October 31, 2014
Are you one of the “lucky” Massachusetts taxpayers that owe the Commonwealth unpaid taxes? If you have a tax liability that existed and were billed prior to July 1, 2014 via a Notice of Assessment and that balance remains unpaid - you may qualify to have the unpaid penalty, relating to that tax balance, waived… Continue reading MA Tax Amnesty Program in Effect until October 31, 2014
4 Basic Tax Tips about Hobbies
From IRS Tax Tips: Millions of people enjoy hobbies that are also a source of income. Some examples include stamp and coin collecting, craft making, and horsemanship. You must report on your tax return the income you earn from a hobby. The rules for how you report the income and expenses depend on whether the… Continue reading 4 Basic Tax Tips about Hobbies
5 Basic Tax Tips for New Businesses
From IRS Tax Tips: If you start a business, one key to success is to know about your federal tax obligations. You may need to know not only about income taxes but also about payroll taxes. Here are five basic tax tips that can help get your business off to a good start. Business Structure. … Continue reading 5 Basic Tax Tips for New Businesses
IRS Tips on Gambling Income and Losses
From IRS Tax Tips: Whether you like to play the ponies, roll the dice or pull the slots, your gambling winnings are taxable. You must report all your gambling income on your tax return. If you’re a casual gambler, odds are good that these basic tax tips can help you at tax time next year:… Continue reading IRS Tips on Gambling Income and Losses
Electric Car? Go green and put some green in your pocket
We've received quite a few questions recently about the federal income tax credit available to people who purchase electric cars. The maximum tax credit is currently $7,500, and there appear to be 24 manufacturers who produce electric cars at this time. The good news is that there is no income limitation for this $7,500 tax… Continue reading Electric Car? Go green and put some green in your pocket
Job Hunting Expenses
From IRS Tax Tips: Many people change their job in the summer. If you look for a new job in the same line of work, you may be able to deduct some of your job hunting costs. Here are some key tax facts you should know about if you search for a new job: Same… Continue reading Job Hunting Expenses
Phone Call Scammers Claiming to be IRS Agents
Yikes! I got the call. As we wrote in an article from our May 2014 blog, identity theft in connection with federal tax filings is on the rise. One specific fraud involves people receiving phone calls from scammers posing as IRS agents and then being aggressively instructed to wire money directly to the scammer to pay… Continue reading Phone Call Scammers Claiming to be IRS Agents
Vacation Home Rentals
From IRS Tax Tips: If you rent a home to others, you usually must report the rental income on your tax return. But you may not have to report the income if the rental period is short and you also use the property as your home. In most cases, you can deduct the costs of… Continue reading Vacation Home Rentals
Special Tax Benefits for Members of the Armed Forces
From IRS Tax Tips 2014-07: Special tax benefits apply to members of the U. S. Armed Forces. For example, some types of pay are not taxable. And special rules may apply to some tax deductions, credits and deadlines. Here are ten of those benefits: 1. Deadline Extensions. Some members of the military, such as those who… Continue reading Special Tax Benefits for Members of the Armed Forces
Top 10 Tax Facts if you Sell Your Home
From IRS Tax Tips: Do you know that if you sell your home and make a profit, the gain may not be taxable? That’s just one key tax rule that you should know. Here are ten facts to keep in mind if you sell your home this year. 1. If you have a capital gain on… Continue reading Top 10 Tax Facts if you Sell Your Home
Summer Weddings Mean Tax Changes
Summer wedding? Congrats! Make sure to review these IRS tips on the tax issues that come along with marriage, too! IRS Summertime Tax Tip 2014: Taxes may not be high on your summer wedding plan checklist. But you should be aware of the tax issues that come along with marriage. Here are some basic tips… Continue reading Summer Weddings Mean Tax Changes
Mid Year Tax Projections
Make sure you get a mid-year tax projection now. Find out what you can adjust for the rest of 2014 to help reduce your 2014 taxes. Give us a call at 781.938.0045 to schedule a meeting or you can complete our Tax Projection Worksheet and submit it with the requested items. (PDF Projection Worksheet - 2014… Continue reading Mid Year Tax Projections