Our friends at Barton Associates, the Locum Tenens Experts, wanted to compile a tax guide to provide their contractors with a summary of the basic tax rules affecting them. Founded in 2001, Barton Associates is a leading locum tenens staffing company serving physicians, nurse practitioners, and hospitals, medical practices and companies throughout the United States. Barton… Continue reading Tax Guide for Physicians Working as Independent Contractors
Recently, a client sent us the question "Can I pay for my child’s private school tuition using his 529 plan?". Unfortunately, the answer is no. Tax free distributions from a 529 plan can only be used for post-secondary education expenses. However, there is an alternative method to fund both private school and public-school expenses for… Continue reading Can I pay for my child’s private school tuition using his 529 plan?
With the year-end quickly approaching and time running out on whether or not a major tax overhaul will be enacted before December 31, year-end tax planning has become a big question mark in recent weeks. However, with the Senate passing the “Tax Cuts and Job Act” by a slim vote just this past December 2… Continue reading Making Sense of the Tax Reform Proposals
Contributing to a retirement plan is one of the best tax shelters available to you during your working years. Recently, the IRS announced that some of the retirement savings limits will increase for 2018. Employer Sponsored Plans Most working professionals have access to a 401(k) plan or a 403(b) plan at work. Amounts contributed to… Continue reading IRS Announces Higher Retirement Plan Limits for 2018
Most years, the government bumps up the maximum Social Security taxes that you can pay. For 2018, the maximum wage base jumps to $128,700, an increase of $1,500, or 1.2%, over the max of $127,200 that was in place for 2017. The Social Security Administration predicts that 12 million individuals will end up paying higher… Continue reading Social Security Max Increase to $128,700 for 2018
Month Income Taxes Saving and Investing November Need to make applicable elections in connection with employer's flexible spending account Good time to make semi-annual donation of clothing and household items to charitable organizations. Don't forget to make a list, including each item's condition, since only items "good or better" qualify for deduction. Determine whether to… Continue reading Tax & Financial Planning Calendar for Nov. 2017
As you may have heard, Equifax, one of the nation’s three leading credit reporting agencies, announced last week that they had a major data breach from May through July. The hackers accessed over 143 million consumers’ information, including Social Security numbers, birth dates, and addresses. For some consumers, they also stole driver’s license numbers and… Continue reading Equifax Data Breach – What Our Clients Should So
Many healthcare professionals are employed based on the academic calendar, and therefore, switch jobs or employers around July 1st. No matter when you change jobs, you need to submit a W-4 form with your new employer to determine how much taxes will be withheld from each paycheck. There are definitely some major flaws associated with completing a… Continue reading IRS Withholdings
It can be difficult to discern fact from fiction when dealing with landlords. A misunderstanding of these key issues can have serious consequences for your practice. The following information should help dispel some common myths and prevent costly mistakes in your next lease negotiation. Myth #1: The Landlord Is On Your Side Many landlords attempt to befriend their… Continue reading 5 Myths Your Landlord Want You To Believe
Don't forget! Second Quarter 2017 Estimated Tax Payments are due 12June 15.
The IRS wants to help parents of working children avoid the headaches and costs of preparing tax returns for their kids who won't earn enough to be taxed. All you need to do is have your child write the word "Exempt" in Box 7 of the Form W-4 that is generally completed the first day of employment. … Continue reading Save $125 or More Next Tax Season If You Have Working Kids
With the summer travel season nearly upon us, here are some tips and rules about deducting business travel expenses: Travel expenses are the ordinary and necessary expenses of traveling away from home for your business, profession, or job. You are traveling away from home if your duties require you to be away from the general area… Continue reading Maximize Tax Deductions During Your Summer Travel
Considering the purchase of a new fuel-efficient car in 2017? If you are, the IRS still offers tax credits up to $7,500 on all-electric and plug-in hybrid cars that you would claim on your 2017 tax return. The IRS defines the vehicle requirements as follows: “This is a new vehicle with at least four wheels… Continue reading Big Tax Credits for Electric Cars
Before summer kicks in, take a look at your asset allocation of all your retirement and non-retirement accounts, and consider rebalancing your accounts.
At some point during each tax season, there is a moment when I notice a recurring trend or theme that is unique and fascinating to that specific tax season. So what is this year's most interesting trend? For the 2017 tax season, what I found most fascinating is the number of clients who installed solar… Continue reading This Year’s Most Interesting Tax-Season Observations
With the April 15th deadline still a recent memory, most of us probably still have our tax records piled up somewhere in our homes. Why not take this opportunity to shred all the documents that you no longer need to keep? How long do you need to hold onto your tax records? According to the… Continue reading Spring Clean Up: Clean Out Your Tax Files and Records
By Mike Bohigian, CPA As we approach the final stretches of tax season and the looming April 18th filing deadline, we wanted to share some observations from the past couple months working with our clients. One general observation we’ve had as a firm is the interesting way in which tax information is circulated throughout the professional… Continue reading Mike’s Tax Season Takes
Dentistry is what you do, and money is what you make. But unless you keep an eye on overhead, just making ends meet might be hard enough. In this Yankee Dental Congress edition of the Dentist Money™ Show, Reese Harper welcomes CPA Andrew Schwartz who works with hundreds of dentists around New England and understands the science… Continue reading New Podcast: How to Keep Overhead from Bringing you Down
Good news for procrastinators. The IRS is giving everyone a few extra days to complete their 2016 federal income returns this year. According to the IRS: The filing deadline to submit 2016 tax returns is Tuesday, April 18, 2017, rather than the traditional April 15 date. In 2017, April 15 falls on a Saturday, and… Continue reading File Your Tax Returns or Extension Requests by April 18
Want to know the status of your tax refund? Check out these helpful links: For your US return: use the "Where's My Refund" on the IRS.gov website https://www.irs.gov/refunds For MA return: use the "Check your refund status" n the MA Dept. of Revenue website https://mtc.dor.state.ma.us/mtc/_/