Why investing in small-business stock may make more tax sense than ever By purchasing stock in certain small businesses, you can not only diversify your portfolio but also enjoy preferential tax treatment. And under a provision of the tax extenders act signed into law this past December (the PATH [...]
Direct tuition payments: An attractive option for funding your grandchild’s college education It’s no secret that the cost of a college education continues to soar. If you’d like to help fund your grandchild’s higher education, a simple but effective technique is to make tuition payments on behalf of him [...]
Minimum Wage Increases for 2016 As a business you must comply with many state and local laws. Accordingly, we want to alert you to the increase in minimum wages that passed for 2016. If you have any questions on the information below or how this may affect your business [...]
Portability allows a surviving spouse to take advantage of a deceased spouse’s unused federal gift and estate tax exemption. The main advantage of portability is simplicity. It lets married couples make the most of both of their exemptions without the need for credit shelter trusts or other estate planning [...]
We want to make you aware that the Massachusetts Department of Revenue may be increasing its efforts in auditing service businesses for sales and use tax filings. Within the state of Massachusetts, service activity is primarily not subject to sales tax. However, if your service business has a component [...]
Last month we sent out a notice alerting you to the passage of the "Protecting Americans from Tax Hikes (PATH) Act of 2015" (you can read the full notice https://newburg.com/?p=1314 from our website). We were excited to see that the research and development (R&D) tax credit was permanently extended. This is [...]
TAX EXTENDERS RENEWED AND MORE! On December 18, 2015, Congress approved the tax extenders enacting the Protecting Americans from Tax Hikes Act of 2015 (PATH Act). The Act also makes permanent various provisions and approves the IRS Budget. This year's extenders law does much more than just deal with [...]
Be wary when considering a prepaid funeral plan To relieve their families of the burden of planning a funeral, many people plan their own and pay for them in advance. Unfortunately, prepaid funeral plans can be fraught with potential traps. Some plans may end up costing more than the [...]
As year-end approaches and we look forward to 2016, we want to share some year-end planning thoughts and considerations. Individuals and businesses need to be ready for some late potential tax legislation, as Congress procrastinates again, making planning more challenging. We anticipate clarity on the extenders before Congress goes [...]
The year is quickly drawing to a close, but there’s still time to take steps to reduce your 2015 tax liability — you just must act by December 31: Pay your 2015 property tax bill that’s due in early 2016. Make your January 1 mortgage payment. Incur deductible medical expenses [...]
