Monthly Archives: December 2016

Gambling With Healthcare Premiums?

Everyone likes to gamble, play the lottery or Bingo every once in a while. Even a recreational gambler, will come across that quirk in the tax law. What quirk you wonder? That glitch that can actually cause you to pay more for your health insurance if you have gambling winnings. Yes, even if the overall result from gambling for the year is actually a loss. How on earth can this be, you wonder?  Continue reading

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529 Plan: Higher Education, Learning the Hard Way

Suppose you have tried to be a good parent and saved diligently into a 529 plan so your kid could pay for college. The big day has arrived and you laughed off that tuition bill because you had plenty of 529 plan money and were able to pay it off. Two years have gone by and you can no longer remember what it was like to have a kid in the house when you get a CP 2000 notice from the IRS. Surprise, the IRS just sent you a proposed bill for $5,000 plus $1,000 penalty & interest for your 529 plan distribution. So what happened? The IRS had a surprise bill of their own. Let’s examine what just happened here. Continue reading

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Year-End Tax Strategy: Do You Have One?

Year-End is Just Around the Corner, Do You Have a Year-End Tax Strategy?

Do you have a year-end tax strategy? Year-end and the holidays are just around the corner. It is time to think about what you can do at the last-minute to improve your tax situation. Year-end tax planning is probably something you will want to deal with before the holiday season crush. Here are some tax tips and a year-end tax strategy to help you. Continue reading

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Growing Pains, Growing Business in Massachusetts

Are you the owner of a growing business, chances are you have business growing pains. You know that you need to wear many hats. Imagine your business has grown to the point that you can expand your services beyond the boundaries of your home state, Massachusetts in our case. You may need to file tax returns in the states you are doing business in. Here are a few things to look out for. Continue reading

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3 Reasons to Avoid the 401k Tax Spiral

Do you get eager to use your 401K or IRA money? Emergencies are certainly going to arise from time to time. When they do, people are often all too eager to use their 401k or IRA money to bridge that gap. This is a terrible idea for many reasons but I will touch upon three right now. Continue reading

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