Our Financial Blog
Above the Line Charitable Deduction
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...
Reminder: Massachusetts UI is Taxable Income
If you received, or are currently receiving unemployment compensation, it is important to know that unemployment compensation is taxable. By law, unemployment benefits must be reported on your federal and state income tax returns for the tax year in which it was...
Will you Be Penalized for Under Withholding Taxes?
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 can...
Case Study: Person in Need
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 pending...
Changes for 2019 Tax Return
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...
Additional REsources
A Few Other Resources We’ve Created for Our Customers
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Covid-19 Distributions
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 2020.
Seniors Helping Seniors 2
Going Alone to Medical Appointments May Be Dangerous to Your Health? Here’s a chapter out of Anne’s relationship with Joe and Elaine of Pinehills Tax Services and ardent believers in Seniors Helping Seniors! If you would like to read the back story on our...
Senior Circuit Breaker (CB) Tax Credit – 2020
Senior Circuit Breaker Tax Credit Certain seniors who own or rent residential property as their principal residence are eligible for a refundable tax credit. Find out if you qualify. Page updated: September 25, 2020. What to know As a senior citizen, you may be...