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 [...]
Newburg | CPA News Brief November 8, 2022 Many people wonder how they can save taxes by transferring assets into their children’s names. This tax strategy is called income shifting. It seeks to take income out of your higher tax bracket and place it in the lower tax brackets [...]
Newburg | CPA News Brief November 1, 2022 Personal items — which may have modest monetary value but significant sentimental value — may be more difficult to address in an estate plan than big-ticket items. Squabbling over these items may lead to emotionally charged disputes and even litigation. In [...]
Newburg | CPA News Brief October 25, 2022 Sometimes, bigger isn’t better: Your small- or medium-sized business may be eligible for some tax breaks that aren’t available to larger businesses. Here are some examples. QBI deduction For 2018 through 2025, the qualified business income (QBI) deduction is available to [...]
Newburg | CPA News Brief October 18, 2022 Here’s a not-so-fun fact: The generation-skipping transfer (GST) tax is among the harshest and most complex in the tax code. So, if you’re planning to share some of your wealth with your grandchildren or great grandchildren — or if your estate [...]
Newburg | CPA News Brief October 11, 2022 Sales and registrations of electric vehicles (EVs) have increased dramatically in the U.S. in 2022, according to several sources. However, while they’re still a small percentage of the cars on the road today, they’re increasing in popularity all the time. If [...]
