August 2023 Individual Due Dates
August 10 – Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during July, you are required to report them to your employer on IRS Form 4070 no later than August 10. Your employer is required to withhold FICA taxes and income tax withholding […]
Don’t Be Scammed By Fake Charities
On December 22, 2017, The Tax Cuts and Jobs Act was signed into law. The information in this article predates the tax reform legislation and may not apply to tax returns starting in the 2018 tax year. You may wish to speak to your tax advisor about the latest tax law. This publication is provided […]
When are Meals & Entertainment Expenses 100% Deductible?
When are Meals & Entertainment Expenses 100% Deductible? Taking out customers, vendors or potential employees for a meal and some entertainment is a great way to build your business. In addition, meals and entertainment for business purposes are legitimate business tax deductions but there are limits on what you can deduct. Taking these deductions for […]
Tax Implications of Student Loan Forgiveness
Article Highlights: Background Court Battle Forgiveness Under Income-Driven Repayment (IDR) Plans Debt Relief Income American Rescue Plan Act General Welfare Exception Insolvent Taxpayer Exclusion Employer-Provided Educational Assistance Sec 529 Plans Back in August of 2022, President Biden issued an executive order that would forgive federal student loan debt for lower income individuals.The program would have […]
IRS Accepts Installment Agreement in Dorchester, MA
IRS Accepts Installment Agreement in Dorchester, MA IRS Installment Agreement – 01-22-2005 Taxpayer Situation: Taxpayers owed the IRS for tax years 1992-2003. The taxpayer had outstanding returns for 1999 through 2002. Resolution Outcome: Legacy Tax & Resolution Services successfully prepared and filed outstanding returns and negotiated with the Internal Revenue Service an Installment Agreement for a client […]
Mid-Year Tax Planning Checklist
Article Highlights: Mid-Year Planning Avoiding Unpleasant Surprises Events That Have Tax Consequences Waiting until after the close of the tax year to worry about your taxes can result in missed opportunities that could have reduced your tax liability or provided financial benefits. Mid-year is the perfect time for tax planning. The following are some events […]
Tax Filing Deadline Rapidly Approaching
On December 22, 2017, The Tax Cuts and Jobs Act was signed into law. The information in this article predates the tax reform legislation and may not apply to tax returns starting in the 2018 tax year. You may wish to speak to your tax advisor about the latest tax law. This publication is provided […]
First 2016 Estimated Tax Payment Due Soon
On December 22, 2017, The Tax Cuts and Jobs Act was signed into law. The information in this article predates the tax reform legislation and may not apply to tax returns starting in the 2018 tax year. You may wish to speak to your tax advisor about the latest tax law. This publication is provided […]
IRS Accepts Installment Agreement in Dorchester, MA
IRS Accepts Installment Agreement in Dorchester, MA IRS Installment Agreement – 01-22-2005 Taxpayer Situation: Taxpayers owed the IRS for tax years 1992-2003. The taxpayer had outstanding returns for 1999 through 2002. Resolution Outcome: Legacy Tax & Resolution Services successfully prepared and filed outstanding returns and negotiated with the Internal Revenue Service an Installment Agreement for a client […]
Tax Breaks for Grandparents
Article Highlights: Head of household filing status Earned income tax credit Child tax credit Child care credit for certain working grandparents Grandchild’s education credits Medical and dental expenses More and more individuals who thought their child-rearing days were over are now raising their grandchildren. It is estimated that 6.5 million children in the United States […]