Author: Jason Heman

Massachusetts Delays Charitable Contribution Deduction until 2022

As part of the state’s budget planning for fiscal-year 2021, Governor Baker’s administration passed legislation that delays the Massachusetts charitable deduction until 2022. Massachusetts residents were scheduled to be able to deduct charitable contributions on beginning with the 2021 tax year for the first time since 2001. Beginning in 2022, Massachusetts taxpayers may deduct charitable […]

Tax Implications of Upcoming Supreme Court Vote On ACA

This fall, the Supreme Court of the United States will hear arguments regarding the legality of the Affordable Care Act (ACA). They will most likely announce their decision in 2021. If the law is declared unconstitutional, refunds for taxes paid related to the ACA legislation may be available. These taxes include the Additional Medicare Tax […]

Impact of COVID-19 on the Tax Landscape

The coronavirus pandemic has had a major impact on many aspects of our lives, and the tax landscape is no exception. The Federal Government and many state governments have extended deadlines for tax filings and payments, and have made changes to deduction allowances and use of retirement account funds for the 2020 tax year. The […]

Federal Tax Deadline Extended to July 15

The IRS announced today that the federal tax deadline has been extended to July 15. All filings and payments typically due on April 15 have been pushed back ninety days with no interest or penalties, including first quarter estimated payments. Taxpayers who expect refunds are encouraged to file their taxes promptly in order to receive their payments […]

Year End Tax Planning Tips and Strategies

  With the holidays on the horizon, now is the time to plan in order to optimize your tax liability for 2019 and 2020. We encourage our clients to have a discussion with us and their tax accountant now to determine how best to address their current tax situation. While there are no drastic tax law […]

Social Security Benefits to Increase in 2020

If you or your family members receive Social Security and Supplemental Security Income (SSI), you will receive a 1.6% raise in your benefits in 2020.  The Cost Of Living Adjustment (COLA) will begin in January. Annual COLA adjustments take effect in January each year and are tied to any increase in the Consumer Price Index […]

Plan Now to Maximize Year-End Tax Deductions

New Year’s Eve is quickly approaching, but before you watch the ball drop and usher in 2019, make sure you’ve sent out those charitable donation checks. It has been almost a year since President Trump signed the Tax Cuts and Jobs Act into law.  As many of us know, the new law significantly limits itemized […]

Meals and Entertainment: What’s Deductible?

One of the most confusing aspects of the new tax law is the deductibility of business meals and entertainment expenses in 2018 and beyond. The Tax Cuts and Jobs Act (TCJA ) states that any expenses for entertainment, amusement, or recreation, such as golf outings and event tickets, are no longer deductible.  There was confusion about […]