by jburns5130 | Dec 14, 2020 | Commonwealth of Mass, IRS, Person in Need, Seniors Helping Seniors, Tax Deductions, Tax Preparation
If the Caronavirus has had negative effects on your finances, temporary changes to the rules under the CARES Act may give you more flexibility to make an emergency withdrawal from tax-deferred retirement accounts during...
by jburns5130 | Nov 14, 2020 | Commonwealth of Mass, IRS, Tax Deductions, Tax Preparation
One of the CARES Act updates impacts allowable charitable cash contributions for Standard Deduction filers. The deduction of charitable contributions is generally reserved for taxpayers that itemize their deductions. With the CARES Act, Standard Deduction filers can...
by jburns5130 | Mar 24, 2020 | Commonwealth of Mass, IRS, Tax Preparation
Many taxpayers have gone from receiving a large refund in 2018 to owing the IRS more than $1,000 on their 2019 returns! Did you know the IRS can penalize you for Failure to pay proper estimated tax. If this is you, here’s some food for thought. The IRS...
by jburns5130 | Feb 13, 2020 | Commonwealth of Mass, IRS, Person in Need, Seniors Helping Seniors, Tax Preparation
Thank you for everything you’ve ever done for me. Case Study: A Senior in Need 2019 was a very interesting and eye opening experience for us. Joe was preparing a senior tax return for Anne (fictitious name) and Sam (fictitious name) but put the return on hold...
by jburns5130 | Feb 1, 2020 | IRS, Tax Credits, Tax Deductions, Tax Preparation
Mortgage insurance deduction: For those who are required to pay personal mortgage insurance (PMI) on their home or vacation homes, those payments are once again deductible through 2020 — and retroactive to 2018. College tuition deduction: Those with qualifying college...
