Category Archives: Tax Season

Tax Season Has Begun, Here’s What You Should Know

The IRS 2019 Tax Season Has Begun

The 2019 tax season has begun for taxpayers and businesses. The agency is officially accepting and processing federal tax returns for tax year 2018. Even though major tax law changes are in effect due to the Tax Cuts and Jobs Act, the IRS has been able to kick off the season without a hitch. Continue reading

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Early Year-End Tax Planning To Take Advantage Of Possible Tax Reform

Wouldn’t you like to know about early year-end tax planning to take advantage of possible tax reform?

So, why do we think early tax planning is appropriate this year? Actually, with the prospect of major tax reform on the horizon, some strategies can be put into place before the end of the year that can substantially reduce your 2017 tax bill. That would be nice.

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March Madness: Tax Season, Tax Team

March Madness, Tax Season, Tax TeamMarch Madness is right around the corner! I know we just got through the Superbowl. Before you get glued to your flat screen watching the NCAA playoffs, you may want to confront your own March Madness – did you do your taxes yet? If you have not gathered all those receipts, set up those spreadsheets, and managed to make sense out of your taxes, you might want to get started. At least get all your stuff together and consider calling one of our tax team experts.

Alex Franch, Tax Team, March MadnessView Alex Franch's profile on LinkedIn

Alex Franch | BS EA

Mr. Franch is a Tax Specialist and Partner at Joseph Cahill & Associates / WorthTax. He has a diverse background including a Bachelor of Science from Boston College in Mathematics and extensive military service. Mr. Franch is an Enrolled Agent and has eight years of tax preparation experience. He has been serving individuals, families, and businesses for several years with tax and financial planning strategies and is a junior partner with the firm.

Mr. Franch is licensed by the Financial Industry Regulatory Authority (FINRA) with a Series 6, 63, 65, and 7, and by the Commonwealth of Massachusetts Division of Insurance.

Alex Franch is a registered representative of and offers securities and investment advisory services through Commonwealth Financial Network, A registered broker-dealer, Member FINRA/SIPC.

 

Susan McQuarrie, Tax Team, March Madness

Susanne McQuarrie | BS

Ms. McQuarrie has over 25 years experience in tax preparation and bookkeeping, including her years at Joseph Cahill & Associates / WorthTax.

Susanne graduated from Salem State College with a degree in Accounting/Business Management. She is a registered tax preparer.

John Clapp, Tax Team, March Madness

John Clapp | EA, RTRP

Mr. Clapp recently joined the tax team at Joseph Cahill & Associates / WorthTax, and has experience since 2010 of tax preparation experience. Previously, he had a 30+ year career working in and managing statistical programs for the federal government.

John graduated from Worcester State College with a degree in economics, and is a registered tax preparer and an Enrolled Agent.

Connie French| ES

Ms. French has over 15 years experience in tax preparation and bookkeeping, including her years at Joseph Cahill & Associates / WorthTax.
Connie graduated from Bunker Hill Community College with a degree in Accounting. She is a registered tax preparer. (picture not shown).

Need help dealing with the March Madness of Taxes?

So now that the Superbowl is over, get your tax stuff together before March Madness fast approaches. And if you are really good, and you don’t need a sit down with a tax expert from our team, Worthtax is running a special, $35 off for customers who drop off their taxes at one of our convenient locations in Quincy, Dedham and Weymouth. If you need to schedule an appointment, no problem, call 781-849-7200 to meet with any of our team members.

 

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Bartering and Snowpocalypse 2015

By: Alex Franch, BS EA

bartering, snowpocalypseDo you feel like you are in a Snowpocalypse this year? If this winter keeps going as it has been and Massachusetts grinds to a halt, we might be reminded of a simpler time. Those olde tyme days when we might considering bartering by trading a bushel of wheat for a couple of chickens.

Nowadays, it might instead be agreeing to shovel or snowblow your neighbor’s driveway in exchange for designing a website. Just when you thought Snowpocalypse 2015 could not get any scarier, consider this: that type of exchange is barter income. Bartering is both reportable and taxable.

What is Bartering?

Bartering is an exchange of property or services. You must include the fair market value of the goods or services exchanged as income. Barter income can be taxed in a number of different ways. If you exchange a capital asset, the barter income could be taxed as a capital gain – think classic car for example. If the exchange of services involves your business or profession, it can fall into the self-employment category and thus be subject to Federal Income Tax, payroll taxes, and state taxes. If the exchange falls outside the scope of your typical business or profession, it might be reportable as ‘other income’ on line 21 of the 1040 Form. To learn more you can read IRS Topic 420 – Bartering Income.

Next time you are thinking about clearing out some snow for your 95 year old WW2 veteran neighbor, ask yourself this: Is the IRS watching?

Questions About Bartering and Snowpocalypse?

Did you have a bartering agreement with anyone last year?  If you have questions, thoughts or concerns regarding how to file bartering income, WorthTax can review your taxes for you and advise you what is best for your tax filing status. We guarantee our pricing so you will never pay more than was discussed. Please feel free to contact us, leave your comments below or post to on our FacebookGoogle+ or LinkedIn pages.

Maybe you know someone who can benefit from this information, feel free to share:
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Tax Season is Here!

Time flies! Before it slips away, call Alex Franch, EA at 781-849-7200 for your appointment. Learn about our client discounts here. See our locations.

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Tax Filing: Jointly or Separately?

By: Alex Franch, BS EA

2015_02_12 Tax Filing Joint or SeparateMost married taxpayers know that they have the option to file jointly or separately for tax filing. The Federal income tax system prods taxpayers toward joint filing. This results in the loss of certain deductions and credits. Also, the inclusion of Social Security benefits is taxable income for those who file separately. Assuming you are better off filing a Federal joint return, when might you consider filing separately? Here are three scenarios for tax filing:

Different Residency Periods

If a taxpayer and spouse are part-year Massachusetts residents and they had different residency periods, they have to file separately on their Massachusetts return. For example, John moves to Massachusetts from Texas in February. He moved due to a new job as a snow plow operator. Marsha remains in their old state to finish out the school year with the kids. She does not move to Massachusetts until July. They are required to file separate Massachusetts tax returns. Note, they are better off in this case, since Marsha’s Texas income will be excluded from taxation in Massachusetts for her tax filing.

IOUs

If a taxpayer has certain unpaid debts, they may opt to file separately. If a taxpayer is in arrears with student loans, back taxes, or child support, their spouse may benefit from filing separately. Your refund can be garnished by various government authorities, and if there is a nominal difference in tax liability, Married Filing Separately (MFS) may be the way to go. Also, if one spouse expects a tax balance in the current year, Married Filing Separately can be appropriate. For example, John and Marsha are filing a joint return. Marsha had some unemployment income and had no tax withheld. They do not expect any Federal tax liability. However, they do expect to owe Massachusetts. They can file separately on Massachusetts only so John is not liable for the taxes owed on Marsha’s unemployment income.

Squirrely Business

If your husband is Vito Corleone, our official advice is, file separately. Oh, and never ask him about his business. If a spouse has questionable business practices, that taxpayer can file separately. This shields them form the associated tax risks.

By the way, If you are stuck at home for Snowpocalypse 3.0, Vito makes for a good trilogy read.

Questions About Tax Filing?

Are you clear about your tax filing status? If you have thoughts, questions or concerns regarding how your taxes are filed, WorthTax uses a triple check accuracy system. We also go though great lengths to protect your information on secured servers. Please feel free to contact us, leave your comments below or post to on our FacebookGoogle+ or LinkedIn pages.

Maybe you know someone who can benefit from this information, feel free to share:
Linkedin - Joseph Cahill / WorthTaxTwitter - Joseph Cahill / WorthTax / WorthTaxPrepFacebook - Joseph Cahill / WorthTaxGoogle+ - Joseph Cahill / WorthTaxalignable_logo - Joseph Cahill / WorthTax

 

Tax Season is Here!

Time flies! Before it slips away, call Alex Franch, EA at 781-849-7200 for your appointment. Learn about our client discounts here. See our locations.

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Tax season’s over and done for another year – right?

Tax season’s over? Wrong. Choices we make during the year can impact our taxes. Making investments, paying for college education, planning for retirement, and a myriad of other financially-based decisions can help or hurt us when it comes to tax time.  Confusing? Overwhelming? Don’t go it alone. Request a free consultation meeting and get the best advice from our highly qualified tax and financial experts.

The right moves now can lessen the burden next April.

https://www.worthtax.com/one-source-financial-center.php

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