Sep 13, 2017
As you may have heard, Equifax, one of the nation’s three leading credit reporting agencies, announced last week that they had a major data breach from May through July. The hackers accessed over 143 million consumers’ information, including Social Security numbers,...
Aug 15, 2017
Students and teenagers often get summer jobs which can be a great way to earn extra spending money or to save for later. Here are some additional top tips from the IRS for people with summer jobs: New Employees. When a person gets a new job, they need to fill out...
Aug 2, 2017
It’s only August which means there is still plenty of time to do some reading before Labor Day. Why not take this opportunity to read some business management books before life gets busy again in September? I’m pleased to share with you some of my...
Jul 13, 2017
Many healthcare professionals are employed based on the academic calendar, and therefore, switch jobs or employers around July 1st. No matter when you change jobs, you need to submit a W-4 form with your new employer to determine how much taxes will be withheld from...
Jun 20, 2017
Want to make sure you’re taking steps to reduce your tax burden for 2017? Do you have self-employment income, multiple sources of income, a job change or unexpected income in 2017? If so, our Mid-Year Tax Projection Service will help! We’ll calculate a mid-year tax...
Jun 20, 2017
The IRS wants to help parents of working children avoid the headaches and costs of preparing tax returns for their kids who won’t earn enough to be taxed. All you need to do is have your child write the word “Exempt” in Box 7 of the Form W-4 that is...
Jun 20, 2017
The IRS still offers tax credits up to $7,500 on all-electric and plug-in hybrid cars that you would claim on your 2017 tax return. The vehicle must: weigh less than 14,000 pounds, have at least four wheels, be propelled to a significant extent by an electric motor...
Jun 20, 2017
With the summer travel season nearly upon us, here are some tips and rules about deducting business travel expenses: Travel expenses are the ordinary and necessary expenses of traveling away from home for your business, profession, or job. You are traveling away from...
Jun 20, 2017
by Andrew D. Schwartz, CPA, Founder of The MDTAXES Network At some point during each tax season, there is a moment when I notice a recurring trend or theme that is unique and fascinating to that specific tax season. So what is this year’s most interesting trend?...
Jun 20, 2017
Wisdom isn’t the only benefit you get with age. Starting the year you turn 50, you can make these additional “catch-up” contributions towards your retirement accounts: Up to $6,000 more for 401(k), 403(b), SARSEP, or governmental 457(b) Up to $3,000 more for SIMPLE...
Jun 20, 2017
It can be difficult to discern fact from fiction when dealing with landlords. A misunderstanding of these key issues can have serious consequences for your practice. The following information should help dispel some common myths and prevent costly mistakes in your...
Jun 12, 2017
Don’t forget! Second Quarter 2017 Estimated Tax Payments are due 12June 15.
Jun 7, 2017
The IRS wants to help parents of working children avoid the headaches and costs of preparing tax returns for their kids who won’t earn enough to be taxed. All you need to do is have your child write the word “Exempt” in Box 7 of the Form W-4 that is...
Jun 1, 2017
With the summer travel season nearly upon us, here are some tips and rules about deducting business travel expenses: Travel expenses are the ordinary and necessary expenses of traveling away from home for your business, profession, or job. You are traveling away from...
May 24, 2017
Considering the purchase of a new fuel-efficient car in 2017? If you are, the IRS still offers tax credits up to $7,500 on all-electric and plug-in hybrid cars that you would claim on your 2017 tax return. The IRS defines the vehicle requirements as follows: “This is...
May 19, 2017
Before summer kicks in, take a look at your asset allocation of all your retirement and non-retirement accounts, and consider rebalancing your accounts.
May 8, 2017
At some point during each tax season, there is a moment when I notice a recurring trend or theme that is unique and fascinating to that specific tax season. So what is this year’s most interesting trend? For the 2017 tax season, what I found most fascinating is...
May 1, 2017
With the April 15th deadline still a recent memory, most of us probably still have our tax records piled up somewhere in our homes. Why not take this opportunity to shred all the documents that you no longer need to keep? How long do you need to hold onto your tax...
Apr 20, 2017
By Mike Bohigian, CPA As we approach the final stretches of tax season and the looming April 18th filing deadline, we wanted to share some observations from the past couple months working with our clients. One general observation we’ve had as a firm is the interesting...
Apr 8, 2017
Dentistry is what you do, and money is what you make. But unless you keep an eye on overhead, just making ends meet might be hard enough. In this Yankee Dental Congress edition of the Dentist Money™ Show, Reese Harper welcomes CPA Andrew Schwartz who works with...
Apr 2, 2017
Good news for procrastinators. The IRS is giving everyone a few extra days to complete their 2016 federal income returns this year. According to the IRS: The filing deadline to submit 2016 tax returns is Tuesday, April 18, 2017, rather than the traditional April 15...
Mar 29, 2017
Want to know the status of your tax refund? Check out these helpful links: For your US return: use the “Where’s My Refund” on the IRS.gov website https://www.irs.gov/refunds For MA return: use the “Check your refund status” n the MA Dept....
Mar 28, 2017
Mark your calendars. The New England Graduate Accounting Studies Conference, Inc. (NEGASC) has invited Andrew Schwartz CPA to present to other CPAs and accounting professionals at their annual conference. NEGASC 2017 will be held at the University of St. Joseph,...
Mar 17, 2017
March Savings Tip: Use your tax refund to pay off credit cards or other debts, fund an IRA, and/or invest.
Mar 14, 2017
Due tomorrow: 1065 Partnership and 1120S Corporate tax returns for 2016
Mar 7, 2017
If your high school or college aged child needs to file a tax return only to have federal or state income taxes withheld from their pay refunded, then why not file for free? For federal taxes, this applies to dependents who earned no more than $6,300 (in 2016) unless...
Mar 2, 2017
Following a historically crazy election season, more clients are checking the “Yes” box in our Tax Organizer to the question about contributing to the Presidential Election Campaign Fund than have done so during all of my prior 29+ years of practice...
Feb 28, 2017
FROM: IRS News, Tax Gap Estimates for Tax Years 2008-2010 IRS Statement on the Tax Gap Update The IRS periodically estimates the tax gap, which gives a broad view of the nation’s compliance with federal tax laws. The new study covers tax years 2008-2010. The report...
Feb 23, 2017
Our friends at Barton Associates, the Locum Tenens Experts, wanted to compile a tax guide to provide their contractors with a summary of the basic tax rules affecting them. Founded in 2001, Barton Associates is a leading locum tenens staffing company serving...
Feb 15, 2017
Don’t forget to make your appointment for a tax prep meeting! Slots are filing up fast. Please call 781.938.0045 to schedule.
Feb 10, 2017
Try to have holiday credit card balances paid off by 2/28/17.
Feb 7, 2017
Last month during the 2017 Yankee Dental Conference in Boston, I was interviewed on the topic of Minimizing Practice Overhead to Maximize Profits. While this interview was geared specifically towards dental practice owners, much of the information discussed applies...
Jan 26, 2017
If you have a nanny or household employee, don’t forget to issue them a W-2 by Jan. 31!
Jan 24, 2017
Don’t forget to issue any 1099s to Independent Contractors by Jan. 31 this year!
Jan 23, 2017
If you or your staff will be attending the Yankee Dental Congress (Jan. 26-28 at the Boston Convention Center), make sure to stop by the Schwartz & Schwartz booth #931. We’re giving away free chocolates, pens and a super Show Special discount off our Due...
Jan 16, 2017
Jan 11, 2017
The IRS announced that the standard mileage rate will decrease to 53.5 cents per business mile driven in 2017. That is a decrease of approximately 1% from the 54 cents allowed in 2016. According to the IRS, “The standard mileage rate for business is based on...
Jan 5, 2017
Personal financial planning is an ongoing process. The good news is that financially speaking, 2016 was another really good year. The stock markets are once again at all time highs. Same can be said for many real estate markets around the country. And interest...
Dec 29, 2016
The start of a new year is a great time to order your Credit Report and one for all of your family members, including children. Federal law allows you to get a free copy of your credit report every 12 months from each of the credit reporting bureaus. It’s a...
Dec 23, 2016
Everyone at Schwartz & Schwartz wishes you a Happy Holiday and Happy New...
Dec 22, 2016
Make sure to donate clothes and items before Dec. 31. Keep a list, take photos, and get a receipt for what you’ve donated.
Dec 19, 2016
REPOSTED FROM CBSNEWS: http://www.cbsnews.com/news/with-tax-filing-season-near-scammers-are-gearing-up/ By ANNA ROBATON MONEYWATCH December 13, 2016, 5:30 AM With tax-filing season near, scammers are gearing up While many Americans are busy decking the halls, crooks...
Dec 14, 2016
Most years, the government bumps up the maximum Social Security taxes that you can pay. For 2017, the maximum wage base jumps to $127,200, an increase of $8,700, or 7.3%, over the max of $118,500 that was in place for 2015 and 2016. The Social Security Administration...
Dec 8, 2016
by Guest Writer Dave Miller of Carr Healthcare Realty A commercial real estate transaction can either catapult or cripple your business. As one the highest expenses of healthcare practices, a real estate negotiation needs to be handled by an expert. One small mistake...
Nov 29, 2016
With the end of the 2016 calendar year quickly approaching, reviewing your specific tax situation may be tax-wise to help reduce your income taxes as well as possible underpayment of tax penalties. Year-end planning techniques to reduce your taxable income or increase...
Nov 29, 2016
Most working professionals have access to a 401(k) plan or a 403(b) plan at work. Amounts contributed to these plans generally reduce your taxable earnings and always grow tax deferred. Like 2016, you can again contribute up to $18,000 into a 401(k) or 403(b) plan...
Nov 29, 2016
Here are the major points of Trump’s Tax Plan that will impact your personal taxes: Decreased Tax Brackets and Rates: Trump’s tax plan calls to reduce the number of tax brackets from the current 7 brackets (10%. 15%, 25%, 33%, 35% & 39.6%) to just 3...
Nov 29, 2016
It’s not too late to cut your 2016 tax bill. Prior to Dec. 31st: Increase your 401(k) and 403(b) contributions if you haven’t been contributing at the maximum rate all year. This year you can put away up to $18,000 ($24,000 if 50 or older) into your...
Nov 29, 2016
An Identity Protection PIN is a 6-digit number that the IRS assigns to taxpayers each year to help verify his/her identity and protect against identity theft. If you’ve been a victim of identity theft and have notified the IRS of your ID Theft, you must include this...
Nov 14, 2016
We want to share with you two promotions that our friends at Bank of America are offering. If you need financing to purchase a practice or are interested in refinancing, you’ll want to look into these two special promotions. Hurry, though – they end...
