Our Blog

Alyssa Hodges, CPA •

​The IRS has been reminding taxpayers to do a Paycheck Checkup which can help individual W-2 wage earners determine if they are having enough tax withheld from their paychecks. This is particularly useful if you had a balance due for 2018 or have a change in 2019 and have not updated your W-4.
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Alyssa Hodges, CPA •

You may or may not be familiar with the term “sharing economy”. This primarily relates to sharing your personal assets (like your house or car) for compensation. If you’ve ever thought about renting out your house on Air B&B or driving for Uber or Lyft you would be part of the sharing economy. What you may not realize is that income from these types of activities is subject to taxes, additional laws, and reporting requirements.

Donna Deos •
 
As being one of the few people here at Mason + Rich, PA without an accounting degree, I can tell you the title of this article scares me too. Before working here, I wouldn’t have had the first clue about what to do and I can also relate to the panic that runs through folks when they see anything from the IRS.
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New Hampshire has an Economic Revitalization Zone Tax Credit that allows for a credit for new employees hired in specific zones throughout the state. To describe this credit as simply as possible, business can get a credit for having a new project including additions or improvements to the property in certain places that are either unused or underutilized industrial parks or vacant land or structures previously used for business purposes if the new project creates new jobs. 
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Lena Rozzi, CPA •

​What is IRC Section 1202?
As an incentive for non-corporate taxpayers to invest in small businesses, Section 1202, Small Business Stock Capital Gains Exclusion, allows for the exclusion of gains associated with Qualified Small Business (QSB) stocks. Section 1202 was initially enacted with the purpose of promoting investments in new ventures and small businesses by allowing taxpayers to exclude 50% of the gain in select small businesses, however, as capital gain rates changed, the Section 1202 exclusion was increased from 50% to 75%, and subsequently to an exclusion of 100%, effective for QSB stocks acquired after September 27, 2010. 

Now that we are into 2019 the Tax Cuts and Jobs Act has some additional tax implications. Previously, alimony was taxable to the recipient but that is no longer the case depending on when your divorce was finalized. 
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Lena Rozzi, CPA •

​The enactment of the Tax Cuts and Jobs Act (TCJA), passed in December 2017, effectively became one of the largest tax reforms in decades, however, there are changes that will leave some taxpayers owing more taxes then they anticipated this year. 

So you’ve prepared your return and you owe the IRS but you don’t have the money to pay. Now what? 
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Andrew Luce, CPA •

A commonly used tax savings strategy is done when an individual or employer makes a contribution to a Health Savings Account (HSA). Luckily, as an individual or employer, you still have time to make a contribution after December 31st to an HSA. For example, a contribution made into your HSA in 2019 might be deductible on your 2018 income tax return. The following information summarizes some key facts about the timing, deductibility, and contribution limits of HSAs:
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Andrew Luce, CPA •

One of the most commonly used tax savings strategies is done when an individual or employer makes a contribution to a retirement plan. Luckily, as an individual or employer, you still have time to make a retirement plan contribution after December 31st to an employer 401(k), solo 401(k), Self-Employed Pension (SEP), or Individual Retirement Account (IRA) and deduct the contribution on your income tax return. For example, a contribution paid into your retirement plan in 2019 might be deductible on your 2018 income tax return.  The following information summarizes some key facts about these retirement plans, including timing and deductibility of retirement plan contributions, among other things:
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