Most taxpayers believe that a “dependent” is a minor child that lives with them. While that is essentially correct, dependents can include children and parents, other relatives and nonrelatives, and even children who don’t live with you. There is really much more to the dependent deduction than you might at first imagine. * Exemptions and your taxable income. For 2013,...
Tags: dependents
Category: Taxes
Many small start-up businesses are off-and-running before any record system has been set up. There is money deposited into the new business checking account, some from invested funds and some from sales. There has been money paid out for equipment, supplies, etc., some by check and some by cash out of pocket or from sales receipts. This informal method of...
Tags: recordkeepingstartupstax planning
Category: AccountingBusiness
Massachusetts recently passed a law which became effective July 24, 2013. This law makes certain computer and software services subject to sales and use taxes effective July 31, 2013. Please contact the office for further information.
Tags: Computer Services sales and use taxes
Category: Taxes
If you itemize deductions on your tax return, you may be able to deduct certain miscellaneous expenses. You may benefit from this because a tax deduction normally reduces your federal income tax. Here are some things you should know about miscellaneous deductions: Deductions Subject to the Two Percent Limit. You can deduct most miscellaneous expenses only if they exceed two...
Tags: miscellaneous deductions
Category: Taxes
If you’re one of the millions of taxpayers who’ve moved recently, don’t forget to notify the IRS of your address change. Use “Form 8822, Change of Address,” or send written notification to the IRS center where you file your return. Include your full name, old and new addresses, social security number, and signature. If you filed a joint return, include...
Tags: change of address
Category: Taxes