Income tax effects are often the last thing on one’s mind when going through a divorce, but having sound tax advice during a divorce is important for many reasons.
FILING STATUS -
Divorce will change your income tax...more
8/5/2022
/ Alimony ,
Child Support ,
Dependents ,
Division of Assets ,
Divorce ,
Income Taxes ,
Marital Assets ,
Marital Status ,
Name Changes ,
Tax Liability ,
Tax Planning ,
Tax Returns ,
Withholding Tax
The Internal Revenue Service recently issued a reminder that all taxpayers filing Form 1040, 1040-SR or 1040-NR must answer a question concerning virtual currency at the top of the tax return.
The question asks “At any...more
Estate taxes are generally thought of as a tax on the wealthy, but wealthy is a relative term. The Massachusetts Estate Tax applies to a surprisingly large portion of the middle class, not just the top 1%.
The estate tax is...more
The IRS recently issued the 2022 annual adjustments for numerous tax provisions that are by law to be adjusted annually. These adjustments include changes to tax brackets and standard deductions. Popular provisions that were...more
It seems every year there are changes to the Internal Revenue Code (IRC). It is a challenge, even for tax pros, to keep up with the ever-changing tax code. Massachusetts taxpayers also have an added challenge in keeping up...more
11/9/2021
/ Alimony ,
Capital Losses ,
Debt Forgiveness ,
Federal Taxes ,
Income Taxes ,
Individual Retirement Account (IRA) ,
Internal Revenue Code (IRC) ,
Pensions ,
Roth IRA ,
Social Security Income ,
State Taxes ,
Tax Code ,
Tax Planning
As the Tokyo Olympics come to a close and the athletes return to their home countries, it may be time for U.S. athletes to sit down with their tax advisor. The United States Olympic & Paralympic Committee has pledged to...more
It appears the wild ride for traders in GameStop (GME) stock has ended with shares trading at a fraction of what they were trading just a few weeks ago. Shares which once soared from around $20 a shares to a high of $380, as...more
2/15/2021
/ Capital Gains ,
Capital Gains Tax ,
Federal Taxes ,
GameStop ,
Holding Periods ,
Income Taxes ,
Investors ,
Short Selling ,
State Taxes ,
Stock Prices ,
Stock Trades ,
Tax Liability ,
Tax Planning ,
Tax Rates ,
Tax Returns
Since the Tax Cuts and Job Act of 2017 (TCJA) was passed, a little-known deduction for unreimbursed partner’s expenses (UPE) has taken on more significance.
Partner’s in partnership and members of an LLC often incur...more
1/26/2021
/ Business Expenses ,
Income Taxes ,
Itemized Deductions ,
Limited Liability Company (LLC) ,
Operating Agreements ,
Out-of-Pocket Expenses ,
Partnership Agreements ,
Partnerships ,
Tax Cuts and Jobs Act ,
Tax Deductions ,
Tax Returns
Since it began in 2012, Giving Tuesday, the Tuesday after Thanksgiving, has become more and more popular. A recent survey suggests that 62% of Americans plan to participate this year.
The main purpose behind Giving Tuesday...more
The IRS recently issued the 2021 annual adjustments for numerous tax provisions that are by law to be adjusted annually. These adjustments include changes to tax brackets and standard deductions. Popular provisions that were...more
Since the start of the global pandemic this past March, day trading has become a way for some to spend their newfound free time while quarantining at home. For others, day trading has filled the void that was left when sports...more
With so many people forced by government ordered shut downs to work from home, a question many workers might ask is whether they can deduct expenses for their home offices.
As a general rule, expenses that otherwise might...more
It appears as though the “millionaire’s tax” is back in play in Massachusetts. On Friday, January 18, Massachusetts State Senator Jason Lewis (D-Winchester) and Representative James O’Day (D-Worcester) filed legislation that...more
Since the MGM casino opened in August, gamblers have reportedly wagered more than $428 million on MGM Springfield’s slot machines that generated about $40 million in revenue for MGM and reportedly another $18.5 million in...more
The Tax Cuts and Jobs Act of 2017 (“TCJA”) made substantial changes to the Tax Code of 1986 by reducing tax rates and “simplifying” tax compliance for many by significantly increasing the standard deduction and eliminating...more
11/9/2018
/ HELOC ,
Home Equity ,
Home Equity Line of Credit ,
Homeowners ,
Income Taxes ,
Interest Payments ,
IRS ,
Itemized Deductions ,
Mortgage Interest ,
Tax Code ,
Tax Cuts and Jobs Act ,
Tax Deductions ,
Tax Rates ,
Tax Reform ,
Tax Returns
In a recent 5-2 decision, the Massachusetts Supreme Judicial Court struck down a proposal, dubbed the “millionaire’s tax,” which sought to impose higher income taxes on Massachusetts residents who make $1 million or more per...more
Since 2002, bonus depreciation under the Job Creation and Worker Assistance Act has been allowed in some form. Bonus depreciation allows for more current expensing for eligible property than allowed under the current...more
4/3/2018
/ Bonus Depreciation ,
Business Assets ,
C-Corporation ,
Corporate Taxes ,
Income Taxes ,
IRS ,
Net Operating Losses ,
Protecting Americans from Tax Hikes (PATH) Act ,
Section 179 Property ,
Tax Cuts and Jobs Act ,
Tax Deductions ,
Tax Planning ,
Tax Rates
The year 2017 could be described as the year of the Bitcoin and other “virtual currencies,” with Bitcoin having appreciated 1800% since the beginning of the year and Ethereum, at one point, having appreciated 8,000% since the...more
12/14/2017
/ Bitcoin ,
Capital Assets ,
Capital Gains ,
Capital Losses ,
Federal Taxes ,
Financial Reporting ,
Income Taxes ,
Investors ,
IRS ,
Tax Liability ,
Virtual Currency
If Congress is successful in lowering tax rates for at least some taxpayers in 2018, there are several year-end taxing-saving tips to consider prior to December 31st....more
12/6/2017
/ Alternative Minimum Tax ,
Bonuses ,
Charitable Donations ,
Flexible Spending Accounts ,
Homeowners ,
Income Taxes ,
Itemized Deductions ,
Mortgage Interest ,
State Taxes ,
Stocks ,
Tax Deductions ,
Tax Deferral ,
Tax Planning ,
Tax Reform ,
Taxable Distributions ,
Taxable Income
It is estimated that less than 20% of those affected by Hurricane Harvey, and a week later Hurricane Irma, had flood insurance. Home owner’s and renter’s insurance policies exclude damage caused by floods. Those affected...more
9/14/2017
/ Casualty Insurance ,
Construction Loans ,
Flood Insurance ,
Homeowners ,
Hurricane Harvey ,
Hurricane Irma ,
Income Taxes ,
Itemized Deductions ,
Loss Coverage ,
Natural Disasters ,
Property Damage ,
Property Insurance ,
Rental Property ,
Severe Weather ,
Tax Deductions