Tax Consulting & Compliance

Summer Child Care Tax Credit 2017

Child Care Tax Credit

-by Sue Sears, Senior Tax Manager Are your kids attending camp this summer? If so, you may qualify for a federal child care tax credit that could lower your overall taxes. Of course there are guidelines as to what qualifies for the credit. Here are some of the more important...

You Can Save Taxes by Hiring Your Kids

Hiring Your Kids

Own your own business? With summer approaching, it’s a great time to consider hiring your working-age kids, and not just because they’re family. You could save taxes in the process too! Shifting Income By shifting some of your business earnings to a child as wages for services performed by him...

ACHA’s Potential Impact

By Cody Lange, Senior Assistant Tax Specialist Recently, The House of Representatives passed the American Health Care Act ("ACHA"), which is designed to repeal and replace the Affordable Care Act ("ACA"). The Bill now sits with the Senate for its consideration. If passed in its current form, the ACHA would...

Summary of Trump’s Most Recent Tax Proposal

By Michael DeCataldo, CPA,/PFS, CFP®, MST, Managing Partner Recently President Donald Trump outlined his vision for 2017/2018 tax reform.  The major points are highlighted below in this summary of his tax proposal.  It is important to remember that this is just a first draft with very little supporting...

Bartering May be Cash-Free, but it’s Not Tax-Free

Bartering might seem like something that happened only in ancient times, but the practice is still common today. And the general definition remains the same: the exchange of goods and services without the exchange of money. Because no cash changes hands in a typical barter transaction, it’s easy to...

Tax-Related ACA Provisions Refresher

Now that the bill to repeal and replace the Affordable Care Act (ACA) has been at least temporarily withdrawn and it’s uncertain whether there will be any other health care reform legislation this year, it’s a good time to review some of the tax-related ACA provisions affecting businesses: ...

Will the IRS Consider Your Business a “Hobby”?

If you run a business “on the side” and derive most of your income from another source (whether from another business you own, employment or investments), you may face a peculiar risk: Under certain circumstances, this on-the-side business might not be a business at all in the eyes of the...

Strange notice from the MA Dept. of Revenue?

Have you received a strange notice from the MA Dept. of Revenue? Please note that a number of taxpayers have received incorrect notices from the Massachusetts DOR. We have been in contact with the MA Society of CPA’s and they are aware of the issue and have been...