The Tax Advantages of Hiring Your Child This Summer

With summer right around the corner, you may be thinking about hiring seasonal help for your small business. At the same time, you may have children looking to earn extra spending money. You can save family income and payroll taxes by putting your child on the payroll. It’s a win-win!

S-Corp 101

If you’re starting a business with some partners and wondering what type of entity to form, an S corporation may be a good fit.

Proposed Bipartisan Bill Provides R&D Tax Relief

On March 17, 2023, US Senators Maggie Hassan and Todd Young reintroduced their American Innovation and Jobs Act. This bi-partisan legislation promotes innovation by encouraging new and established businesses to invest in scientific research and development (R&D) of new technologies.

IRS Plans to Release New Guidance on NFTs

The IRS announced on March 21, 2023 that they are soliciting feedback in advance of new guidance on the tax treatment of NFTs as collectibles.

Intangible Assets: What Are They, and How Can The Costs Be Capitalized?

These days, most businesses have some intangible assets. The tax treatment of these assets can be complex.

Tax Law Changes: Now Is a Good Time To Review Your R&E Strategy

It’s been years since the Tax Cuts and Jobs Act (TCJA) of 2017 was signed into law, but it’s still having an impact. Several provisions in the law have expired or will expire in the next few years. One provision that took effect last year was the end of current deductibility for research and experimental (R&E) expenses.

Filing Your Gift Tax Return Late? Here's Why You Shouldn't

We all do our best to file tax returns on time. But when the deadline is approaching and we’re all so busy, we might think, “There’s no tax, so what’s the harm. I’ll just get it done when I can”. Sounds reasonable, right?

Financial Planning for Empty Nesters

Congratulations are in order! You planned, saved money for education expenses, and now your child is off to college. But as you settle into your “empty nest,” you might be wondering, now what? It’s time to figure out how to adapt to your child’s new independence while keeping your family on a steady course financially.

Protect the "Ordinary and Necessary" Advertising Expenses of Your Business

Under tax law, businesses have a valuable tax deduction – advertising and marketing expenses. Generally, businesses can deduct advertising and marketing expenses that help keep existing customers and bring in new ones.

New Tax Relief for Massachusetts Taxpayers

This week, Massachusetts Governor Maura Healey unveiled a $742 million tax relief package designed to provide relief to the Commonwealth’s most vulnerable populations and make the state's tax structure more competitive.