Our Blog

  • 50% Deduction for Business Meals

    By Abbott Pratt & Associates

    The 2017 Tax Cuts and Jobs Act (TCJA) included a change to the meals and entertainment deduction and disallowed businesses to take the 50% for entertainment, amusement or recreation expenses.  Busine...

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  • Charitable Contributions Through the Use of a Donor Advised Fund

    By Abbott Pratt & Associates

    A donor advised fund is a simple and potentially tax-advantageous way to donate to your favorite charities. The new tax law has effectively doubled the standard deduction, making it difficult for many...

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  • Cash Method or Accrual Method?! And Why You Might Want to Consider a Change in Method of Accounting

    By Abbott Pratt & Associates

    One of the key takeaways from the Tax Cuts and Jobs Act passed in December of 2017, which took effect for 2018, was the threshold for requiring taxpayers to follow the accrual method of accounting. Th...

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  • Deducting Education Costs From Your Business

    By Abbott Pratt & Associates

    Are education costs adding any type of value to your business? If so, they may be fully deductible and can lower tax bills. When deciding whether or not certain education costs are deductible to yo...

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  • Claiming a Tax Deduction for Unreimbursed Educator Expenses

    By Abbott Pratt & Associates

    With the new school year right around the corner, teachers are beginning to get their classrooms ready for the beginning of the school year.  In many cases, educators have to purchases items for the ...

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  • Ouch! Watch Out for the “Kiddie Tax”

    By Abbott Pratt & Associates

    I have always taken a proactive approach when it came to planning for my financial future. After recently passing the one-year mark of parenthood, and seeing my financial plan evolve, I have begun to ...

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  • First Time Penalty Abatement

    By Abbott Pratt & Associates

    Receiving correspondence from the IRS will unnerve anyone, especially correspondence that has assessments for penalty charges included! The IRS realizes, however, that everyone is entitled to make a m...

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  • Deducting a Vehicle Through Your Business

    By Abbott Pratt & Associates

    If you own a small business, you may be able to deduct expenses related to your vehicle. Business use of vehicles can lower your taxable income and save some extra tax dollars. The general rule is yo

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  • Mark Your Calendars — Massachusetts Sales Tax Holiday

    By Abbott Pratt & Associates

    Just a reminder that the Massachusetts Sales Tax Holiday will occur the weekend of August 17th and 18th, 2019.  The holiday allows customers a temporary relief from paying the Massachusetts 6.25

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  • Don’t Forget the Tax Deduction For Your Kid’s Summer Camps This Year!

    By Abbott Pratt & Associates

    The fireworks just went off, Summer is in full swing, which means your children might be headed off to spend some time at a summer camp. There’s no shock that the cost of camp can be a significant

    ...

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