Newburg Staff Writers (4/23/21) The federal estate and gift tax limits that are in place right now are some of the most favorable in recent memory, however these conditions probably will not last. As such, it is important to take advantage of these favorable conditions while they are still [...]
Newburg Staff Writers (4/21/21) The Massachusetts District Office of the Small Business Association (SBA) will be hosting a free webinar for small businesses to learn more about the Restaurant Revitalization program. The webinar will be offered on three dates, which we have listed below, along with the corresponding link [...]
Newburg Staff Writers (4/15/21) While there is still no official release date for the RRF Grant applications, the SBA did release a few additional details, which are important. Those details are as follows: Once the application is released, it will be available at restaurants.sba.gov (the link is not currently live). The SBA [...]
The housing market in many parts of the country is strong this spring. If you’re buying or selling a home, you should know how to determine your “basis.” How it works You can claim an itemized deduction on your tax return for real estate taxes and home mortgage interest. [...]
Newburg Staff Writers (4/12/21) Thanks to the Consolidation Appropriations Act of 2021 businesses are provided with an extra tax incentive to help out local restaurants that has been impacted by the pandemic. For years 2021 and 2022 businesses will receive a 100% tax deduction for certain qualified meals and [...]
One advantage of inheriting an IRA from your spouse is that you’re entitled to transfer the funds to a spousal rollover IRA. The rollover IRA is treated as your own IRA for tax purposes, which means you need not begin taking required minimum distributions (RMDs) until you reach age [...]
As a reminder, 1st quarter estimates are due April 15th, 2021. If your 2020 tax return has been filed, we have included the 2021 quarterly estimates on your portal, if applicable. You will need to print the estimated tax vouchers from your portal and mail the payments with a postmark no [...]
Source: Massachusetts Department of Revenue Some important, recent legislative changes will have an impact on Massachusetts taxpayers. The changes affect the treatment of unemployment income and Paycheck Protection Program [PPP] loan forgiveness. Additionally, the individual income tax filing and payment deadline was recently extended. We have updated the FAQs [...]
When you file your tax return, you must check one of the following filing statuses: Single, married filing jointly, married filing separately, head of household or qualifying widow(er). Who qualifies to file a return as a head of household, which is more favorable than single? To qualify, you must [...]
Newburg Staff Writers-March 31, 2021 The American Rescue Plan Act of 2021 (ARPA) is the $1.9 trillion bill passed last month to assist taxpayers who have been impacted negatively by the COVID-19 Pandemic. The Act gave birth to or enhanced/extended various programs enacted to assist those in need. Below [...]
