Below, we have included some helpful information relative to your estimated tax responsibilities and how to avoid underpayment penalties. The IRS assesses penalties for underpayment of income tax. If you did not pay enough tax throughout the year, either through withholding or by making estimated tax payments, you [...]
v What is a Self-Directed IRA? A Self-Directed IRA is a type of IRA that allows the owner to have more control over his/her retirement funds. Typically, a Self-Directed IRA allows the account owner to direct the account trustee to make a broader range of investments versus other types [...]
Overview Beginning in 2013, there are three primary tax changes that will impact "high income" taxpayers: 1. An Additional Medicare Tax of 0.9% on wages and self-employment income in excess of $200,000 as a single taxpayer or $250,000 as a married taxpayer filing jointly ($125,000 married filing separately) 2. [...]
The American Taxpayer Relief Act of 2012 (2012 Taxpayer Relief Act) provides benefits to homeowners like you by extending the Credit for Nonbusiness Energy Property (CNEP) for 2013. The 2012 Taxpayer Relief Act does not modify the general requirements for the CNEP. As you may know, the CNEP can [...]
Travel, Meals & Entertainment - Maximizing Deductions and Support The IRS has established a more stringent set of rules for deducting meals & entertainment, travel, mileage, etc. These deductions take extra effort on the part of the taxpayer, but are well worth the peace of mind of knowing you [...]
2013 Tax Changes- A Year in Review 1) New Medicare Taxes 2) New Tax Rates and Alternative Minimum Tax 3) Itemized Deduction and Personal Exemption Phase-outs 4) Tax Treatment of Married Same-Sex Couples 5) Estate and Gift Tax Changes 6) Business Related Tax Changes 7) Expiring Provision After 2013 [...]
The Massachusetts House of Representatives, by a vote of 156 to 1, and the Senate, by a unanimous vote, have approved legislation that eliminates sales and use tax on computer system design services and the modification, integration, enhancement, installation, or configuration of standardized software. Governor Deval Patrick signed the [...]
On August 29, the IRS issued Rev Ruling 2013-17 and FAQs on same-sex marriage. Under the ruling, legally married same-sex couples will be treated as married for all federal tax purposes, including income and gift and estate taxes, the IRS explained. The IRS has posted a helpful 'Frequently Asked [...]
Legislation authorizing a Massachusetts sales tax holiday for this weekend, August 10-11, 2013, has recently been enacted. On these dates sales tax does not apply to non business-related retail sales of tangible personal property with a price of up to $2,500 per item. The tax holiday exemption does not [...]
The 2013 Estate Tax Exemption is $5,250,000... Why Should I Still Consider Gifting? The American Taxpayer Relief Act of 2012 increased the lifetime estate and gift exemption to $5,120,000 and permanently indexed it for inflation while simultaneously increasing the estate and gift tax rate from 35% to 40%. The [...]
