Our Blog

Alyssa Hodges, CPA •

The new year has been rung in and I’m sure your first thought in 2020 was, “2019 is over, I need to get my accountant my tax forms STAT!” However, you may have to take a breather and wait for everything you need to be ready. What should you wait for? It depends on the type of taxes you’re filing and what types of income you have.
 
Business Taxes

​Businesses typically have their tax information prepared much earlier than individuals. In many cases, business information flows onto an individual taxpayer’s tax return which is why the filing deadlines are usually earlier.

Lena Rozzi, CPA •

If you own or manage a rental property, chances are that you’ve heard of depreciation before. Once you’ve determined your depreciation rates, expensing it year-after-year can be pretty straightforward. However, if you decide to sell your property, any depreciation that you’ve taken will come back to you as a depreciation recapture. While the concept of depreciation recapture is more complicated than depreciation expense, real estate investors will benefit from understanding how depreciation recapture will affect your tax liability to avoid surprises when it comes time to file your tax returns.
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As we quickly approach the deadline for filing 1099-MISC, it is time to consider whether your business is ready to file.
 
The due date for furnishing 1099-MISC statements to recipients and to the IRS for the 2019 tax year is January 31, 2020. Form 1099-MISC, Miscellaneous Income, is an informational return used by the Internal Revenue Service (IRS) to report payments made to non-employee individuals or unincorporated businesses during the calendar year. As the filing of Form 1099 remains a hot topic with the IRS, it is more important than ever to consider whether you are required to file Form 1099 in the course of your trade or business. 
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Do you have a spouse, child, or a parent working for you? If so, did you know you could be paying more Federal payroll taxes than required? No one wants to pay more taxes than they are required to pay! There are a few different taxes on payroll; Social Security tax (SS), Medicare tax (Medi), and Federal Unemployment Tax (FUTA). Some of these taxes might not apply to you, depending on your relationship type with the employee.

Travis O'Hara •

​There are three main questions that business owners ask me about Adjusting Journal Entries (AJE’s):

• What are these?
• Why do I need them?
• How do I post them?

Adding these entries doesn’t make you more profitable, but they still have an impact on your business, so let’s answer these questions now!
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Lena Rozzi, CPA •

Most sole proprietors are aware that their business activities are reported to the Internal Revenue Service (IRS) on Schedule C, Profit and Loss from Business, of Form 1040, U.S. Individual Income Tax Return, on an annual basis. And while Schedule C businesses get most of the same tax deductions as incorporated businesses, Schedule C business owners (sole proprietors) do not get the benefit of getting a tax deduction on “salaries” paid to themselves. Read on for some common questions sole proprietors have when it comes time to “pay” themselves from their business.

New legislation is impacting New Hampshire business tax rates beginning in 2021. Rate reductions had originally been set to reduce at least bi-annually until 2021 when the New Hampshire Business Profits Tax (BPT) rate would have been 7.5% and the Business Enterprise Tax (BET) rate would have been 0.5%.
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Lena Rozzi, CPA •

If driving a vehicle is part of your trade or business, whether it’s a car, truck, or van, you can deduct the vehicle expenses to lower the taxable income you report on your business tax return. While the costs of operating your vehicle can seem pretty straightforward, there are several considerations you should understand to optimize your deduction depending on your particular situation.

Massachusetts has implemented two new laws in 2019 that could have significant impacts on employees, employers and/or those who rent out short-term property. Massachusetts recently sent out an email detailing who might be impacted by the new laws and included links to learn more about them.

​As hurricane season begins, the IRS is encouraging preparation. Beyond stocking up on food and water you also want to prepare to have your documents safe and your valuables documented in case of disaster.