Category: Taxes

D.E. Rodrigues and Company acquires tax and bookkeeping practice

Written by December 10, 2021

Douglas E. Rodrigues, CPA, CGMA, managing Director of D.E. Rodrigues & Company, Inc. announces the acquisition of the tax and bookkeeping practice of Albert M. Cordeiro on 380 County Street in New Bedford, effective January 1, 2022.  Mr.  Cordeiro and his firm have been in practice for over 38 years in New Bedford, providing professional services to individuals and companies...

Read More...

Tags:

Category:

Deduction Disallowed for Expenses Paid with PPP Funds

Written by November 27, 2020

Well, we’ve been talking about this all year and now it’s final. On November 18, the IRS just issued a Revenue Ruling 2020-27 that determines that if a PPP Borrower reasonably expects to have the PPP loan forgiven, the borrower is not allowed to deduct eligible expenses in its 2020 taxable year. This is regardless of whether or not the...

Read More...

Tags:

Category:

Tax deadline will not be extended

Written by June 30, 2020

The Internal Revenue Service recently announced, according to the AICPA, that it will not extend its tax payment and filing deadline originally extended to July 15 due tot he Coronavirus. They point out that as in a normal year, taxpayers can request and extension to file paperwork until September or October 15, depending on the entity. Feel free to reach...

Read More...

Tags:

Category:

Here’s why your 2018 tax bill may be different

Written by October 25, 2018

Even if you received a tax refund in 2017, there are plenty of things that can cause your taxes to rise. Consider the following big tax law changes that could affect what you owe this year: Removal of the personal exemption. While the rates are lower, the personal exemption has gone away. Capping of the state and local tax deduction...

Read More...

Tags:

Category:

Considering divorce? Think about your tax filing status

Written by May 14, 2018

The advantage of filing a joint tax return is well known — couples generally save money when compared with filing separately. However, there is at least one potential disadvantage. Both spouses are liable for the entire income tax bill, including interest and penalties, even if one earned most or all of the income. The joint-filing downfall This issue most commonly...

Read More...

Tags:

Category:

Midyear tax planning is critical this year

Written by April 24, 2018

Midyear tax planning is critical this year With big tax changes scheduled to take effect in this year, every business should make time for a midyear tax review. Here are five tax-cutting ideas to consider as part of your review. 1. Hire your kids. If your child is under age 18 and works for your unincorporated business, there are no social...

Read More...

Tags:

Category:

What to do when you need more time to pay.

Written by April 16, 2018

All taxpayers should file on time, even if they cannot pay what is owed. This saves them from a potential failure to file penalty which can become significant over time, up to 60%! This plus the failure to pay penalty and the numbers can really add up.  Filing an extension is only an extension to file the form, not pay...

Read More...

Tags:

Category:

How to make the most of your tax refund

Written by April 9, 2018

Are you receiving a tax refund this year? No doubt you’ve already heard about why you shouldn’t be giving the government an interest-free loan. Maybe you’ve decided to revise your withholding or estimated tax payments to reduce the amount of next year’s refund. Either way, you have options. Financial planning means creating effective strategies that work for you.  The more...

Read More...

Tags:

Category:

Incorporate or not: What’s best for your business?

Written by April 6, 2018

If you’re a business owner, one of the first questions to ask yourself is whether or not you should incorporate. The biggest advantage of incorporating is that it limits your legal liability. Your responsibility for debts and other liabilities incurred by a corporation is generally limited to the assets of the business. Your personal assets are not usually at risk,...

Read More...

Tags:

Category:

Extensions available for 2017 tax returns

Written by April 3, 2018

If you aren’t able to finish your federal income tax return by the April 17 deadline, you can still get an automatic six-month extension. Even if you file for an extension, you are required to pay any taxes you owe by this filing deadline. An extension gives you more time to file your tax return, but not more time to...

Read More...

Tags:

Category: