A friend backs out of the long-planned group outing to see Taylor Swift’s opening night of “The Eras Tour” in Glendale, Arizona. Rather than have the ticket go unused you decide to sell the extra ticket online. Do you have to...more
Massachusetts Governor Maura Healey’s long awaited tax reform package was released on Monday February 27, 2023. Among the proposals:
- Dependent Credit: Establishes a $600 fully refundable credit per qualifying...more
Along with twenty other states, Massachusetts made special payments to taxpayers in 2022. In Massachusetts, the rebate was the result of state law that returned excess state revenue to taxpayers. In California these payments...more
It is expected that sports betting will be allowed in Massachusetts in the coming weeks. Initially, sports betting will be allowed in-person at Plainridge Park Casino in Plainville, MGM Springfield and Encore Boston Harbor in...more
Many mutual fund investors have seen their mutual fund investments drop 30% or more in 2022. The Fidelity Growth Company Fund (FDGRX) is down 33.78% for 2022. The Vanguard US Growth Fund Investor (VWUSX) is down 39.64%....more
On October 31, 2022, the Massachusetts Department of Revenue (DOR) announced that tax refunds consisting of about $2.9 billion in excess tax revenue will begin on November 1, 2022....more
Massachusetts taxpayers are about to get a tax rebate. That’s right. A tax rebate.
Governor Charlie Baker announced that revenue collections in Fiscal Year 2022 far exceeded the annual tax revenue cap, thereby triggering a...more
During the 2022 tax filing season, many taxpayers had an unpleasant surprise when they filed their tax return and found out they were getting a much smaller refund than they were expecting, or worse, had a balance due....more
In a stunning about-face, after missing their July 31, 2022 midnight deadline, in the early morning hours of August 1, 2022, the Massachusetts legislature announced that they had failed to pass an economic development plan...more
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