Written by: David Bryant, CPA and Joe Bellante, CPA If you’ve been awarded stock options from your employer, it’s essential to understand the tax implications of exercising them. In this post, we’ll break down the tax implications of stock options…
Individual Tax Planning: 6 Steps to take before year-end
As the year ends, taking action on potential ways to lower your individual federal tax bill for the year is important. While previous years have been rife with change, the tax code has seen minimal edits this year. Keep reading…
Time to Make Your Business Year-End Tax Moves
With increasing costs due to inflation putting a strain on cash flow, lowering your tax liability is one way to help your business. While there are often many tax changes in any given year, 2022 has been slow in comparison. …
6 Options for Easing the Impact of the Massachusetts Millionaire’s Tax
Written by: Jonathan Hitter, CPA, MST, CGMMA In the November 2022 General Election, Voters approved an amendment to the Massachusetts Constitution, nicknamed the ‘Millionaire’s Tax.’ Starting in 2023, an additional 4% income tax will be placed on any ‘portion of…
IRS Announces Retirement Plan Contribution Limits for 2023
Written by: Jonathan Hitter, CPA, MST, CGMA On October 21, 2022, the Internal Revenue Service (IRS) announced the updated contribution limits to retirement plans in Notice 2022-55. The new limits are valid beginning in tax year 2023. These limits are…
Do You Know How to Navigate the New IRS Requirements for R&D Tax Credit Claims?
Written by: Jonathan Yorks, CPA While the new research and development tax credit requirements went into effect on January 10, 2022, which require more detailed proof that claims are valid, many businesses seeking the refund may face extra work when…
The New 1099-Ks Are Coming: Are You Ready?
Written by: Jonathan Hitter, CPA, MST, CGMA A key provision of the American Rescue Plan Act passed in 2021 includes lowering the thresholds that trigger a Form 1099-K – Payment Card and Third-Party Network Transactions. This means businesses and individuals…
Under-withholding: Why You Owe So Much in Taxes
Written by: Michael Cooper, CPA Have you ever received a surprise income tax bill? You’re not alone. According to an analysis of IRS data, just over one-fifth (21%) of U.S. taxpayers owe the IRS money each year. And while owing…
Business Tax Implications of the Inflation Reduction Act (IRA)
The House of Representatives passed The Inflation Reduction Act (IRA) Friday, August 12, and President Joe Biden signed into law August 16. The legislation, which is a pared-down version of the proposed Build Back Better plan, was passed through the…
Vacation Homes & Your Taxes
Written by: Erik Bredberg Do you own a vacation home? If so, you may be able to deduct a number of expenses on your tax return. The tax treatment depends on whether you use the property solely for personal use…