Overfund Your Social Security Taxes?

We recently were asked: What happens when taxpayers overfund social security taxes that are withheld from pay from multiple employers in the same calendar year? Our answer: Every employer is required to withhold social security taxes from an employee’s pay until...

2023 New Year’s Resolution

At the start of the year, it’s a great time to make a resolution to take care of your financial health.  A good start?  Review your paystub, employer provided benefits and overall financial plan:   Will you turn age 50 in 2023? Include the $7,500 annual...

Reminder – 4th Q Estimated Taxes Due Jan. 17.2023

If you pay estimated tax payments, don’t forget that the 2022 4th quarter’s payment is due on Tuesday, January 17, 2023. If you’re self-employed or have other income without any tax withholding, and you make quarterly estimated tax payments, this is...

MA Millionaires Tax

This past November, Massachusetts voters approved the “Massachusetts Millionaires Tax”.  This amendment to the Massachusetts Constitution implements a 4% surtax on MA income in excess of one million dollars.  The new tax law is effective beginning with the 2023 tax...

Do You Love Your Life and Your Work?

By Guest Writer Brenda Loan Baker, Fortune Management This is a great time to look back at the year behind you and measure your accomplishments while also looking at the year ahead perhaps with excitement, perhaps not! Many people rush headstrong into the new year...

Practice Owners: Phase-4 Self-reporting Season Starts 1/1/2023

If your practice received a Provider Relief Fund Grant of more than $10k from HRSA, you are required to self-report that you utilized those funds properly.  The Health Resources and Services Administration (HRSA) issued guidance available at: Provider Relief Fund...

S&S + OPT Spells A Few Busy Days At Yankee Dental Later This Month

Yankee Dental takes place from Thursday January 26th through Saturday January 28th.  Please join Andrew Schwartz CPA and Attorney Ben Larkin for the following events: Thursday Evening – Join us at Trillium at the Seaport on Thursday from 5:30 to 8:30 for our annual...

IRS announces Higher Standard Mileage Rates For 2023

From the IRS News Article – IR-2022-234, December 29, 2022 The Internal Revenue Service today issued the 2023 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes....

RE: 2023

Personal financial planning is an ongoing process. Financially speaking, 2022 was a challenging year for many of us. For the first time in many years, the stock markets were well off their all-time highs. Real estate prices around the country are teetering from their...

2023 Limits Increase for HSA, FSA, IRA, and more

Employer retirement plan salary deferrals as well as IRA annual funding limits increases for 2023. The max allowed salary deferral increases to $22,500 from $20,500 for 401(k), 403(b) and 457 plans. The annual catch-up contribution (if age 50 or older) increases to...

IRS to increase audits in next 10 years

The IRS plans to focus on reversing the current trend of deceasing IRS audits that have occurred over the last ten years. The recently passed Inflation Reduction Act provides $79.6 Billion to the IRS to improve its operations and efficiency. The funding is to be...

Are your investments showing an unrealized loss?

Are your investments showing an unrealized loss?  If so, here are three year-end planning moves to consider: Tax loss harvesting. With the continued volatility and decline in stock prices and stock market indexes, taxpayers that invest regularly are most likely...

Upcoming Yankee Dental Presentations

We’re excited to be presenting again at the MA Dental Society’s annual Yankee Dental Congress in January.  Space is limited so make sure to register soon: Do Your Financial Due Diligence – Presented by Andrew D. Schwartz, CPA Friday, Jan. 27, 2023...

EV Update

For Electric Vehicles (EV) purchased in 2022 – new rules take effect after August 16. In our September article available at: Energy and EV Credits in Recent Inflation Reduction Act – Schwartz & Schwartz PC (schwartzaccountants.com), we highlighted the new...

Downpayment And Closing Cost Grants Available For First-Time Homebuyers

While most healthcare practice owners won’t be eligible for this new program offered by Massachusetts that provides grants to first-time homebuyers to fund down payments and closing cost, perhaps your staff or your kids might qualify. According to information provided...

Mortgage Market Update

By Guest writer Bob Cahill, Senior Mortgage Banker and Planner at Leader Bank Last month, the Federal Reserve announced a 0.75% increase to the federal funds rate, raising it to 4.00% — the highest it’s been since 2008. The hike is part of ongoing efforts by the...

How to Reduce Dependence on PPOs

By Guest writer Don Khouri, PhD, Managing Director Fortune Northeast Anyone reading this article likely knows that dental insurance is not really insurance. It is nothing like medical insurance because the more treatment you need from medical, the more your health...

Optimal Practice Transitions Schedules Open House For 12/3

In January 2021, Andrew Schwartz CPA and Ben Larkin ESQ joined together to open Optimal Practice Transitions LLC (https://www.optimalpracticetransitions.com/), a brokerage for dental practices and other professional practices.  Together they have more than 40 years of...

Dec 9 Webinar For Dentists Looking To Go Out of Network with PPOs

Andrew Schwartz CPA and dental consultant Shelley Renee will be presenting a live streamed webinar at noon ET on Friday December 9 for dental practice owners considering going out of network with insurance companies. A lot of dental practice owners are getting very...

Make year-end item donations

Quick Reminder: It’s a good time to make year-end donations of clothing & household items to charitable organizations. Don’t forget to make a list, including each item’s condition, since only items “good or better” qualify for...

How long should you keep copies of your personal tax returns?

As a general “rule of thumb”, 3 years is all you need to keep copies of tax returns and related tax documents.  The IRS has a 3-year statute of limitations – meaning they generally will not go back more than 3 years to audit your tax returns, assuming the tax returns...

Wondering if you pay taxes on the sale of your house?

With the recent surge in home prices over the past couple of years, many taxpayers are selling their residences for significant capital gains.  Under the current tax rules, when selling a primary residence: a married couple filing a joint tax return is allowed to...

Social Security Max Jumps To $160,200 For 2023

Most years, the government bumps up the maximum Social Security taxes that you can pay.  For 2023, the maximum wage base jumps to $160,200, an increase of $13,200, or 9.0%, over the max of $147,000 that was in place for 2022. At a rate of 6.2%, the maximum Social...

How to Build Your 2023 Business Plan

By Guest writer George Baker, Fortune Management Partner and Executive Coach Your business needs vision and focus to drive it to its goals. Do you create a vision and goals for 2023? Vision There are two parts to your vision: a philosophical vision and a structural...

BOA Practice Solutions Announces New Loan Promotions

From Mohamed Abdullah, Northeast Sales Division Executive How quickly October has flown by and we are on to the 4th Quarter!  As mentioned in a previous communication, we continuously look to develop and make improvements to our processes and products.  Bank of...

Foreign Account Reporting Basics

Below is a brief summary of reporting foreign accounts, gifts and inheritances. Please note that the penalties for non-compliance can be onerous. If you inherit or receive a gift from a foreign person of more than $100k: Complete a Form 3520 (About Form 3520, Annual...

Warning For MA Practice Owners On Unemployment Tax Noncompliance

An update from our firm’s payroll manager: One of our clients is being audited by the Mass Department of Unemployment Assistance. What we have been told is that an associate should be treated as a W2 employee and not a 1099 contractor unless that associate has an LLC...

IRS Announces Big Increases To Retirement Savings Limits For 2023

The IRS recently announced the cost of living adjustments applicable to the various retirement plan limitations for 2023, with most of these tax advantaged savings opportunities increasing substantially from 2022 limits. Most working professionals have access to a...

Is retirement headed your way?

For many taxpayers, retirement choices often include relocating to a warmer year-round climate.  But what about tax considerations?  Currently nine states have no state income tax requirements: Alaska, Florida, Nevada, New Hampshire, South Dakota, Tennessee, Texas,...

Review Your Year-to-date Paystubs

October is the perfect time of year to review your year-to-date paystubs to maximize pre-tax benefits and other withholding items. Examining your year-to-date paystub early in the final quarter of the year gives you a chance to make any needed adjustments before the...

Personal Tax Returns On Extension Due 10/17

Your 2021 tax return needs to be filed by Monday, October 17. With the partnership and S-Corp extension filing date of 9/15 behind us, taxpayers that were waiting on late K-1’s should have received them by now. For Mass residents, filing by October 17 will ensure that...

Massachusetts Unclaimed Funds – for Individuals & Businesses

You’ve probably seen or heard the commercials about all the unclaimed assets that the Massachusetts Unclaimed Property Division is trying to return to the rightful owners. According to www.findmassmoney.com, unclaimed property consists of unclaimed financial assets...

Three Reasons Why You Are Not Raising Your Dental Practice Fees

From Guest writers Fortune Management: Inflation is at 9%, your overhead is increasing, your profitability is increasing. Despite this, many dentists are fearful that a raise in fees will cause a loss of patients. Those dentists end up sacrificing profitability. Just...

MA to return excess annual tax revenue to eligible taxpayers

Recently, Massachusetts announced it would be returning tax revenue back to eligible taxpayers. Why? In this past fiscal year, Fiscal Year 2022 (FY22), Massachusetts tax revenue collections exceeded the annual tax revenue cap set by Chapter 62F of the Massachusetts...

Energy and EV Credits in Recent Inflation Reduction Act

The primary goal of the bill signed by President Biden this past August 16 was to provide assistance to America’s working families to help them manage the recent surge in inflation.  The Act’s objectives are to lower prescription drug costs, healthcare costs, and...

Practice Owners: Leadership Versus Management

Leadership and management are two distinct functions at your practice. Leadership Did you know that great business leaders don’t ask what their staff can do for them? Instead, great leaders ask what they can do to help their staff improve. Perhaps the next time a...

Utilizing Your Family’s 529 Accounts For The Upcoming Academic Year

Have you saved money in a 529 plan to pay for your kids’ college? Wondering which education expenses you can pay from the 529 account as qualified expenses and which expenses are non-qualified? With students heading back to school, now is a great time to begin...

Thinking About Giving Up Your PPOs?

Dentistry has really changed in just a handful of years.  Due to the consolidation we’re all witnessing, dental practice owners are now competing with huge dental factories taking every possible type of insurance.  How can the single practice owner even think about...

Third Quarter Tax Estimates Due 9/15

Third quarter estimated taxes are due 9/15.  If we set up for you to pay quarterly estimates, you should have recently received your personalized estimate reminder in the mail. For anyone paying estimated taxes, we now recommend that you make those payments online. ...

Education Tax Planning for the Upcoming Academic Year

With students heading back to school in the next few weeks, now is a great time to think about education tax planning. We’ve recapped various options to think about:   529 Plan distributions – Learn about qualified and non-qualified education costs ...