Newburg | CPA News Brief December 27, 2022 If you have a family member who’s disabled, 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) [...]
Newburg | CPA News Brief December 20, 2022 You’ve probably heard of the “nanny tax.” But even if you don’t employ a nanny, it may apply to you. Hiring a house cleaner, gardener, or other household employee (who isn’t an independent contractor) may make you liable for federal income [...]
Newburg | CPA News Brief December 13, 2022 As you create your estate plan, your main objectives likely revolve around your family, both current and future generations. Your goals may include reducing estate tax liability so that you can pass as much wealth as possible to your loved ones. [...]
Newburg | CPA News Brief December 6, 2022 Businesses can provide benefits to employees that don’t cost them much or anything at all. However, in some cases, employees may have to pay tax on the value of these benefits. Here are examples of two types of benefits which employees [...]
Newburg | CPA News Brief November 29, 2022 Providing for the educational needs of your children, grandchildren and even future generations is an honorable estate planning objective. What are your options for achieving this goal? A 529 plan can be a highly effective tool for funding tuition and other [...]
Newburg | CPA News Brief November 21, 2022 With the passage of Question 1 on the ballot earlier this month, Massachusetts imposes a new law that adds an additional 4% to taxable income above $1 million (indexed for inflation moving forward), which creates a new 9% income tax bracket. [...]
Newburg | CPA News Brief November 18, 2022 With rising interest rates, inflation and continuing market volatility, tax planning is as essential as ever for taxpayers looking to manage cash flow while paying the least amount of taxes possible over time. As we approach year end, now is the [...]
Newburg | CPA News Brief November 17, 2022 U.S. businesses are facing pressure to drive revenue, manage costs and increase shareholder value, all while surrounded by economic and political uncertainties. Disruptions to supply chains brought about by the pandemic have continued into 2022. Inflation and rising interest rates have [...]
Newburg | CPA News Brief November 15, 2022 In 2022, for most people, it may seem like planning for gift and estate taxes is unnecessary because of the $12.06 million federal gift and estate tax exemption. But even if your net worth is only a fraction of the current [...]
Newburg | CPA - Special News Brief November 9, 2022 Massachusetts Chapter 62F Refunds – you should see your money soon Last week, the state of Massachusetts began issuing tax refunds in accordance with Chapter 62F of the Massachusetts General Laws. Both residents and non-residents who filed a Massachusetts [...]
