By: Alex Franch, BS EA If you ever filed and paid your taxes late, you may have first-hand experience with tax penalties. Sometimes this results in a little bit of interest being charged but other times … Read More
By: Cindy Toran, MBA, BA The Affordable Care Act (ACA), also known as Obamacare, will add a new level of complexity in preparing 2014 U.S. Income Tax Returns. Massachusetts taxpayers are familiar with state reporting requirements … Read More
by Alex Franch, Tax Specialist As football season gets going, Tom Brady and the Patriots are almost back on top. I say almost because the Bills are ahead on the divisional record to the tiebreaker goes … Read More
Starting January, 2014, the IRS will implement changes to the limits in gift giving. For estate planning, this means an additional $90,000 will be tax free bringing the exclusion amount from $5,250,000 to $5,340,000. This applies … Read More
Last January, Massachusetts’s governor Deval Patrick was in favor of the ‘tech tax’ (sales tax on computer services) saying it would help fund improvements to the State’s transportation systems. Now, however, he has had a change … Read More
While there are several updates and changes that Congress has enacted, this post deals with Itemized Deductions on Schedule A. If you elect to itemize your allowable personal deduction items on Schedule A then there are a … Read More