EMAC: The MA Tax Supplement Impacting Employers' First Quarter Statements

We are nearing the end of tax season, and one recent tax change could impact your business' bank account sooner than you think. In 2014, Massachusetts enacted a supplemental tax called the Employer Medical Assistance Contribution (EMAC), which is used to fund health insurance programs in the Commonwealth. In 2017, an Act Further Regulating Employer Contributions to Health Care was passed, temporarily changing the existing EMAC, creating a temporary supplemental contribution, and modifying the unemployment insurance rate schedule.

Could Your Business Benefit From a Merger or Acquisition? Top 7 Reasons for M+A.

I’ve helped countless business owners sell their businesses over the years. On the other side of the spectrum, I’ve also helped business owners expand their businesses through mergers and acquisitions (M+A). The benefits that can come from M+A are numerous.

Below, I’ve outlined some of the top reasons our clients have decided to merge with or acquire a new business:

Is it time to worry about a trade war?

On March 1, 2018, President Trump announced that the US plans to impose tariffs on steel and aluminum imports. Markets around the world were shocked by the news, with major US indices declining more than 1% just when it looked like they were recovering from the February downturn. Why did markets react so strongly? Is this a more serious threat going forward? In a word, yes.

How Trump's Tax Overhaul Might Impact You - Part 2

In part one of this blog, I outlined the top 11 changes in Trump's Tax Cuts & Jobs Act that will impact individual taxpayers. In Part 2, I'm discussing the top 9 changes that may impact your business:

FAQ: Social Security Retirement Benefits

While working with clients, I am often asked about social security benefits. To clarify the topic a bit, I've compiled the following list of my most frequently asked questions. This in-depth FAQ addresses common concerns about collecting social security retirement benefits, including the impact of part-time work and other earnings, the age at which you may begin collecting, and spousal benefits.

How Trump's Tax Overhaul Might Impact You - Part 1

After much anticipation, President Trump signed the new tax bill on December 22, 2017. The new tax bill is the most comprehensive tax bill since 1986 and will have a sweeping effect on individuals and businesses.

In part one of this blog, I've outlined the top 11 changes that will affect individual taxpayers:

4 Tips for Raising a Smart Investor

The sooner the better: it's a saying that applies to many facets of life, including educating children about money. By introducing sound financial habits early on, you'll give your child a head start on the path to becoming an informed investor. Here are some creative ideas, as well as book and website suggestions, for raising a financially saavy kid.

Taxation in the Sharing Economy - How Short-Term Rentals Can Impact Your Taxes

The economy used to be a simpler place—either you owned a business, or you worked for someone else. In today's 'Sharing Economy', where VRBO, HomeAway, and Airbnb are common ways for the average person to make some extra cash, it's a bit more complex.

You may not think of yourself as a landlord, but if you offer your home or other property as a vacation or short-term rental, you are. And if the additional income isn't enough of a benefit, short-term rentals may also help you minimize your tax liability.

Tax Recordkeeping - 4 Types of Records and How Long to Keep Them

One of the questions that we get most often from our clients is, "What documents do I need to keep in regards to my taxes, and for how long?"

Of course, every situation is different, and your CPA can help you determine what you should keep based on your specific needs. However, there are a few general guidelines you can follow:

Is Your Income Protected? Answers to Your Top 3 Questions about Disability Insurance

Given today's economy, it's fair to say that we are all more concerned about our financial situation than we have been in the past. Our awareness of the need to save and plan ahead has been heightened, and everyone, it seems, is looking for ways to economize.

As someone who works in the financial services realm, few things could give me more pleasure than this collective impulse toward saving, investing, and planning for the future. The focus on protecting your assets ties in nicely with the idea of protecting your income. You may have considered what would happen if you were downsized, but perhaps you've neglected to plan for what could happen if you became disabled. Understandably, this is not a popular subject, but it is one we must all consider.