A helping hand: Addressing your parents in your estate plan The “sandwich generation” is a large segment of the population. These are people who find themselves caring for both their children and their parents at the same time. As a result, estate planning — which traditionally focuses on providing [...]
Bonus depreciation allows businesses to recover the costs of depreciable property more quickly by claiming additional first-year depreciation for qualified assets. The Protecting Americans from Tax Hikes Act of 2015 (the PATH Act) extended 50% bonus depreciation through 2017. The break had expired December 31, 2014, for most assets. [...]
If you’re like many Americans, you may not start thinking about filing your tax return until the April 15 deadline is just a few weeks — or perhaps even just a few days — away. But there’s another date you should keep in mind: January 19. That’s the date [...]
Follow IRS Rules to Avoid Losing Some of Your 2015 Charitable Donation Deductions Sharing your estate with charity by making donations during your life not only benefits your favorite organizations and reduces your taxable estate, but also can reduce your income tax bill. However, if you don’t meet IRS [...]
Why investing in small-business stock may make more tax sense than ever By purchasing stock in certain small businesses, you can not only diversify your portfolio but also enjoy preferential tax treatment. And under a provision of the tax extenders act signed into law this past December (the PATH [...]
Direct tuition payments: An attractive option for funding your grandchild’s college education It’s no secret that the cost of a college education continues to soar. If you’d like to help fund your grandchild’s higher education, a simple but effective technique is to make tuition payments on behalf of him [...]
Minimum Wage Increases for 2016 As a business you must comply with many state and local laws. Accordingly, we want to alert you to the increase in minimum wages that passed for 2016. If you have any questions on the information below or how this may affect your business [...]
Portability allows a surviving spouse to take advantage of a deceased spouse’s unused federal gift and estate tax exemption. The main advantage of portability is simplicity. It lets married couples make the most of both of their exemptions without the need for credit shelter trusts or other estate planning [...]
We want to make you aware that the Massachusetts Department of Revenue may be increasing its efforts in auditing service businesses for sales and use tax filings. Within the state of Massachusetts, service activity is primarily not subject to sales tax. However, if your service business has a component [...]
Last month we sent out a notice alerting you to the passage of the "Protecting Americans from Tax Hikes (PATH) Act of 2015" (you can read the full notice http://newburg.com/?p=1314 from our website). We were excited to see that the research and development (R&D) tax credit was permanently extended. This is [...]
