You may be able to deduct some of your medical expenses, including prescription drugs, on your federal tax return. However, the rules make it hard for many people to qualify. But with proper planning, you may be able to time discretionary medical expenses to your advantage for tax purposes. [...]
If you have a family member who’s disabled, you likely know that financial and estate planning can be tricky. You don’t want to jeopardize his or her eligibility for means-tested government benefits such as Medicaid or Supplemental Security Income (SSI). A special needs trust (SNT) is one option to [...]
As President-elect Joe Biden moves forward with the transition and prepares for the inauguration next month, you may be wondering how the federal estate tax may be affected. During the campaign, Biden pledged to roll back many of President Trump’s tax policies. In response to the Tax Cuts and [...]
Contributing to a tax-advantaged retirement plan can help you reduce taxes and save for retirement. If your employer offers a 401(k) or Roth 401(k) plan, contributing to it is a smart way to build a substantial sum of money. If you’re not already contributing the maximum allowed, consider increasing [...]
What is a Rent Concession? A rent concession is a compromise a landlord makes to the original lease terms in the hopes of attracting or keeping a tenant. Common rent concessions are free rent, reduced rent, or deferral of rent payments. Options for Accounting for Rent Concessions ASC 840 [...]
We are excited to announce that we will be moving our office to our new home at 95 Sawyer Rd., Suite 120, Waltham, MA 02453, effective December 21, 2020. The new office space provides an enhanced workplace experience for our staff and features state-of-the art technology to facilitate internal [...]
PPP Deductions Guidance (Rev. Rul. 2020-27 & Rev. Proc. 2020-51) On November 18, 2020, the IRS released Rev. Rul. 2020-27 and Rev. Proc. 2020-51 providing much needed guidance on the deductibility of the related Paycheck Protection Program (PPP) loan expenses and the timing issues related to PPP loan [...]
What is the ‘Opportunity’ in Opportunity Zones? Source: Newburg CPA- November 24, 2020 As part of the new tax law enacted in 2017 by the Tax Cuts and Jobs Act (TCJA) a new way to defer recognition of capital gains was born by the way of Opportunity [...]
Portability allows a surviving spouse to apply a deceased spouse’s unused federal gift and estate tax exemption amount toward his or her own transfers during life or at death. For 2020, the exemption amount is $11.58 million, and the IRS just announced that that amount will increase to $11.7 [...]
If you’re an art collector, it’s critical for your estate plan to address your collection separately from other types of assets. Investments in artwork may be motivated in part by potential financial gain, but for most collectors the primary motivation is a passion for the art itself. As a [...]
