Individual, Family & Fiduciary Tax

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Back to school: Tax tips for higher education costs

Back to school: Tax tips for higher education costs

In many parts of the country, autumn means a drop in temperatures and leaves turning color. But no matter where you live, it also means heading back to school. For college students and those who love them, that means tuition payments and other fees. The good news is that there are a variety of ways […]

Roth + 401(k) = intriguing benefits option

Roth + 401(k) = intriguing benefits option

Many companies have been forced to reconsider their health care benefits lately. Why not do the same for your retirement benefits? One intriguing option that’s gaining in popularity takes the well-known 401(k) plan and plugs in some key features of a Roth IRA. Not surprisingly, it’s called a Roth 401(k). Recognizing the differences Many prospective […]

Tax Holiday Guidance Issued by Massachusetts Department of Revenue

Tax Holiday Guidance Issued by Massachusetts Department of Revenue

The Massachusetts legislature has authorized a Sales Tax holiday for the weekend of August 10-11, 2013 for items costing less than $2,500.  The Massachusetts Department of Revenue (MDOR) recently issued guidance to consumers and retailers, some of the highlights are as follows: Sales tax will continue to apply to the full price of any item […]

Tax Implications from The US Supreme Court DOMA Ruling

Tax Implications from The US Supreme Court DOMA Ruling

On June 26, 2013 the Supreme Court held in United States v. Windsor that Section 3 of the federal Defense of Marriage Act (“DOMA”) is unconstitutional.  As a result the federal government will now recognize marriages between same sex couples that are valid under state law.  Section 3 of DOMA provided that only persons of […]

The 3 stages of homeownership (and their tax breaks) 

The 3 stages of homeownership (and their tax breaks) 

A home is the single most valuable asset in many people’s possession. So it’s important to always remain aware of the tax impact of homeownership. The good news is that, at each of the three general stages of owning a home, an important tax break is available: 1.  Buying/owning: Mortgage interest deductions. One of the biggest […]

Calculating the tax effects of a crisis averted: The American Taxpayer Relief Act of 2012 

Calculating the tax effects of a crisis averted: The American Taxpayer Relief Act of 2012 

History will show that 2013 began not with a bang, but with a sigh — of relief. That was the reaction of many Americans when Congress pulled up just short of the “fiscal cliff” and passed the American Taxpayer Relief Act of 2012 (ATRA). The law should send taxpayers reaching for their calculators to ascertain […]

Reverse mortgages can be helpful (but risky, too) 

Reverse mortgages can be helpful (but risky, too) 

Reverse mortgages may once have been considered a financial tool primarily for elder care planning. However, these products have slowly been finding a niche for themselves in the broader consumer finance market. If you or a loved one is considering one of these loans, it’s important to know what you’re getting into. How they work […]

3 tax tips for the self-employed 

3 tax tips for the self-employed 

With the job market in many areas as uncertain as the economy itself, more and more people are turning to self-employment. If you count yourself among them, here are three tips to consider: 1. Learn your liability. Self-employed individuals are liable for self-employment tax, which means they must pay both the employee and employer portions […]

Congress Approves 1099 Repeal Bill But at a Cost to Some Taxpayers

Congress Approves 1099 Repeal Bill But at a Cost to Some Taxpayers

On April 5, 2011, the Senate approved a bill to repeal controversial expanded information reporting on Form 1099 for certain businesses and rental property expense payments. To offset the cost of lost revenues from the repeal, the bill also increases the recapture amount of health care credit overpayments. President Obama is expected to sign the […]