50% Deduction for Business Meals

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.  Business are still allowed to take a 50% deduction on business meals though.   What qualifies as a business meal? In order to qualify as […]

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

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. The threshold was increased from $5 million of gross receipts to $25 million. Now, businesses that average less than $25 […]

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Ouch! Watch Out for the “Kiddie Tax”

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 dive deep into the impacts of what my son’s tax situation might look like in the years to come as well. […]

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Thinking About Moving to Another State? Don’t Forget About Taxes.

This week we were meeting with a client who recently changed his residency and left New England to settle down in the Sunshine State. Like our client, a change of residency may be a common discussion in your household, especially as you approach retirement. Don’t forget to factor state and local taxes into the equation- […]

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Selling Your Home? Consider These Tax Implications.

Most consider spring and summer to be the optimum seasons for selling a home. And interest rates are currently attractive, so buyers may be out in full force in your area. During a recent conversation with a trusted lender of ours he indicated rates are back down into the low 4%, with some options in […]

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Now is a Good Time to Check Your Withholding

It’s a good time to check your withholding and make changes, if necessary. If you were listening to the news during tax season you would have heard that the 2019 filing season resulted in surprises. Some filers who have gotten a refund in past years wound up owing money. The IRS reports that the number […]

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Still Working After Age 70 ½? You Might Not Have to Begin 401(k) Withdrawals

If you participate in a qualified retirement plan, such as a 401(k), you must generally begin taking required withdrawals from the plan no later than April 1 of the year after which you turn age 70½. However, there’s an exception that applies to certain plan participants who are still working for the entire year in […]

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Deducting Business Meal Expenses Under Today’s Tax Rules

In the course of operating your business, you probably spend time and money “wining and dining” current or potential customers, vendors and employees. The big question is, what can you deduct on your tax return for these expenses? Meal deductions are still allowed You can still deduct 50% of the cost of food and beverages […]

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What to Watch For When Receiving Incentive Stock Options

Incentive stock options (ISOs) are a popular form of compensation for executives and other employees of corporations. They allow you to buy company stock in the future at a fixed price equal to or greater than the stock’s fair market value on the ISO grant date. If the stock appreciates, you can buy shares at […]

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SALES TAX and USE TAX

The increasing complexity and required compliance to Sales and Use Tax are causing confusion for many business owners.  Most often, the uncertainty is about what is taxable on initial purchase, and what is subject to tax on resale. For Veterinarians, the difficulty has heightened with the increased use of online pharmacies. Use this chart as a starting […]

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