Our Blog

  • Abbott Pratt Quick Tax Tip→

    By Abbott Pratt & Associates

    As illustrated in a previous post, the tax law changes of 2018 brought along a new benefit to pass through entities: The QBI Deduction, which is a deduction up to 20% of qualified business income.

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  • Abbott Pratt Tax Talks – Spotlighting the Retirement Plan Credit

    By Abbott Pratt & Associates

    Who doesn’t love tax credits?! They are a dollar for dollar reduction of your tax liability.

    The IRS has a specific credit for qualified businesses that has added a SEP, SIMPLE or qualified ret

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  • Abbott Pratt Tax Talks – How Long Should I Hold Onto My Tax Records For?

    By Abbott Pratt & Associates

    There is a long winded answer to this question, and there is a short one… we will provide the short but are always open for a discussion to expand upon our answer.

    The short answer: In most cas

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  • Abbott Pratt Quick Tax Tip → Let the Filing Season Begin

    By Abbott Pratt & Associates

    The new year is almost upon us! With each new year comes the compliance aspect of taxes – the preparation and filing of returns.

    As an employer it is your obligation to make sure all filings ar

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  • Abbott Pratt Tax Talks: Health Insurance for S-Corp Owners

    By Abbott Pratt & Associates

    What a great time of the year. The holidays are upon us, and tax season is right around the corner. Since there is still time to make any reporting changes needed before year end, those who are 2% ...

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  • Abbott Pratt Quick Tax Tips – Charge it!

    By Abbott Pratt & Associates

    Year end is only a few weeks away and as a business owner, it may be most tax advantageous for you to accelerate deductions into the current tax year. One way of doing this is to charge last minute ex...

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  • Abbott Pratt Tax Talks: Non-Cash Charitable Contributions

    By Abbott Pratt & Associates

    Going through the rooms of our house for our family’s upcoming move, my wife and I were constantly debating whether or not we would keep or purge our accrued belongings. Instead of cramming the hous...

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  • Essential Tax Strategies for Year 1 of Operations

    By Abbott Pratt & Associates

    Classify the money you put in the business as owner loans, NOT as equity By classifying the funds as loans, you are giving yourself the ability to repay once the business has sufficient cash flow. In...

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  • Is Massachusetts DUA Charging You Monthly?

    By Abbott Pratt & Associates

    Here's why the Massachusetts Department of Unemployment Assistance might now be charging you monthly. If you have an employee covered by MA health, employers are now responsible to pay up to $750 per ...

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  • Can I Still Deduct Food & Drink?

    By Abbott Pratt & Associates

    Recently, the IRS answered the question on many business owners’ minds: Can businesses still generally deduct 50% of the food and drink expenses related to operating their business? The answer,...

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