Congratulations if you received either your PPP 7(a) loan or notification from your lender that you will receive those funds soon. Now you need to figure out how to make the best use of this forgivable loan. Please remember that the primary purpose of the PPP loan is to provide money to small businesses to… Continue reading How to Best Utilize Your PPP Loan
Tag: schwartz & schwartz cpas
Deducting Un-reimbursed Professional Expenses
According to the IRS, to be deductible, an expenditure must be both "ordinary" and "necessary" in connection with your profession. The IRS defines "ordinary" as common and accepted in a particular profession and "necessary" as helpful and appropriate for a particular profession. Here’s a list of 16 professional expenditures commonly incurred by young health care… Continue reading Deducting Un-reimbursed Professional Expenses
8 Tax Savers for Parents
From IRS Tax Tips: Your children may help you qualify for valuable tax benefits. Here are eight tax benefits parents should look out for when filing their federal tax returns this year. 1. Dependents. In most cases, you can claim your child as a dependent. This applies even if your child was born anytime in 2013.… Continue reading 8 Tax Savers for Parents
SS Tax101: Choosing the Right Filing Status
We're happy to start a monthly "Tax 101" Series! We'll feature basic topics of taxes and hopefully answer those questions that you maybe felt were "too silly to ask" a CPA in person. And please let us know if there are topics you'd like us to cover. Topic 1: Filing Statuses (from IRS Tax Tips) Using… Continue reading SS Tax101: Choosing the Right Filing Status
Checklist to Cut 2013 Taxes
Take a peak at Andrew's article for Oncology Practice Management. Lots of tips to cut your 2013 taxes and advice for 2014.
Radio Interview: 8 Resolutions
Take a listen to Andrew's interview with George Knight on Radio 92.9 Greater Media Boston - 8 Resolutions to Improve Your Personal Finances
IRS DECREASES MILEAGE RATE FOR 2014
The IRS announced that the standard mileage rate will decrease to 56 cents per business mile driven in 2014. That is a decrease of approximately 0.9% over the 56.5 cents allowed in 2013. According to the IRS, "The standard mileage rate for business is based on an annual study of the fixed and variable costs… Continue reading IRS DECREASES MILEAGE RATE FOR 2014
RE: EIGHT RESOLUTIONS TO IMPROVE YOUR PERSONAL FINANCES
Personal financial planning is an ongoing process. The good news is that financially speaking, 2013 was a really good year. The stock markets are at all time highs. Many real estate markets around the country rebounded nicely. And interest rates remain near historic lows. Hello 2014. Who knows how financially friendly this year will be?… Continue reading RE: EIGHT RESOLUTIONS TO IMPROVE YOUR PERSONAL FINANCES
Deducting Un-reimbursed Professional Expenses
According to the IRS, to be deductible, an expenditure must be both "ordinary" and "necessary" in connection with your profession. The IRS defines "ordinary" as common and accepted in a particular profession and "necessary" as helpful and appropriate for a particular profession. Here’s a list of 16 professional expenditures commonly incurred by young health care… Continue reading Deducting Un-reimbursed Professional Expenses
Holiday Volunteer Day
We enjoyed our day at The Mission of Deeds very much! We helped sort furniture, holiday decorations, and household items that will be distributed directly to families in need. We were also able to see some of the beds we help sponsor monthly through their Buy A Bed program. To learn more about Mission of… Continue reading Holiday Volunteer Day
Social Security Max increase to $117,000 for 2014
Each year, the government bumps up the maximum Social Security taxes that you can pay. For 2014, the maximum wage base jumps to $117,000, an increase of $3,300, or 2.8%, over the max of $113,700 that was in place for 2013. The Social Security Administration predicts that 10 million individuals will end up paying higher… Continue reading Social Security Max increase to $117,000 for 2014
IRS Sheds Some Light on the Premium Tax Credit Enacted as Part of PPACA
[Editor's Note] I started my career as a CPA specializing in taxes back in 1987, and right off the bat had to deal with the massive Tax Reform Act of 1986. Since that complicated set of tax rules was implemented more than 25 years ago, all I've seen is more and more complex tax rules… Continue reading IRS Sheds Some Light on the Premium Tax Credit Enacted as Part of PPACA
IRS Announces Few Increases to Retirement Savings Limits for 2014
On Halloween night, the IRS announced the cost of living adjustments applicable to the various retirement plan limitations. Unfortunately, the bulk of the retirement savings limits will not increase from 2013. According to the October 31st announcement made by the IRS on Pension Plan Limitations for 2014, "Some pension limitations such as those governing 401(k)… Continue reading IRS Announces Few Increases to Retirement Savings Limits for 2014
IRS Delays Tax Season
The IRS has announced it will delay the start of tax season due to the Federal government shut-down. The agency needs adequate time to program and test tax processing systems prior to the start of next tax season. The earliest individual tax returns will be accepted is now January 28, 2014. The filing deadline remains… Continue reading IRS Delays Tax Season
Fall Newsletter Available
Check out our Fall Client newsletter online or as a PDF.
Why open a Retirement Plan for Your Practice?
Let’s start by discussing some of the benefits of setting up and maintaining a Retirement Plan for your practice. The first benefit is that contributions you make into the retirement plan are generally tax deductible, and then those contributions grow tax deferred. Remember, contributing to a retirement plan is one of the best tax shelters… Continue reading Why open a Retirement Plan for Your Practice?
Extensions Due!
Don't forget: 1040 and 1065 Tax Returns that are on extension are due tomorrow, October 15.
DOMA Decision and Federal Tax Impact on Same Sex Married Couples
by Richard S. Schwartz CPA. CVA NOTE: On August 29th,the IRS announced that all legal same-sex marriages will be recognized for federal tax purposes. In June 2013, the US Supreme Court overturned Section 3 of the Defense of Marriage Act (DOMA), which defined a marriage as a union between a man and a woman for… Continue reading DOMA Decision and Federal Tax Impact on Same Sex Married Couples
FINALLY! Student Loan Rates Set for Academic Year 2013-2014
by Guest Author: Todd Weaver of Strategies for College The 113th Congress has agreed on something! Yes, it’s true! The Bipartisan Student Loan Certainty Act of 2013 passed the House and Senate earlier this summer. After all of the moaning and groaning from both sides of the aisle, the Higher Education Act of 1965 has… Continue reading FINALLY! Student Loan Rates Set for Academic Year 2013-2014
Mission of Deeds Walk
We had a great time sponsoring the Annual Mission of Deeds Walk held at Lake Quannapowitt in Wakefield, MA. Please consider helping their mission of supporting homeless and needy families with a donation of household goods, furniture, or a cash donation. You can learn more at http://www.missionofdeeds.org.