Category Archives: Taxes

Who Under Prepaid 2018 Taxes? IRS Tax Break?

Under Prepaid 2018 Taxes Happens for Many Reasons for an IRS Tax Break

It’s true, 2018 was an interesting year with tax reform going into affect. It is comforting to know there is the potential for an IRS tax break. And, there are many reasons for under prepaid 2018 taxes. The IRS requires taxpayers to pre-pay their taxes for any tax year. This is requirement is through payroll withholding, estimated tax payments or a combination of the two. Employees and retirees generally accomplish this through withholding. And, self-employed individuals and those with investment income by paying quarterly estimated payments. Continue reading

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Avoid IRS Penalties: 1099 Filing Date Moved Up This Year

Would you like to avoid IRS penalties in your business? Do you engage the services of an individual also known as an independent contractor? We mean, other than one who meets the definition of an employee. Did you pay him or her $600 or more for the calendar year? The IRS requires you to issue the sub-contractor a Form 1099-MISC to avoid penalties and the prospect of losing the deduction for the independent contractor’s labor and expenses in an audit? Continue reading

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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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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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Seniors With Medical Deductions Beware, Affordable Care Act Will Trump Them!

Seniors With Medical Deductions

One example of itemizing deductions includes the cost of medical and dental expenses. For seniors with medical deductions, these include health insurance premiums. In the past, the medical expense deduction had a limit to the amount that exceeds 7.5% of a taxpayer’s adjusted gross income (AGI). I know this is not the most exciting subject; yet, is important that you pay attention to this change. Continue reading

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Surviving Spouse Estate Tax Exclusion

What is an Estate Tax?

The estate tax is a tax on the transfer of property after a person dies. It consists of an account of everything the decedent owned or had interest in on the date of death. This includes cash and securities, real estate, insurance, trusts, annuities, business interests, and other assets. The tax is based on the fair market value of these assets (less certain exclusions). This is generally as of the day the decedent died. Continue reading

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Employment Lawsuit Won?

So you won an employment lawsuit. What does that mean for your tax return come April? How do the tax laws relate to the tax on money settlements and damage awards? Employment legal actions are complex and can sometimes seem unfair. The following factors help to determine the actual taxation of the award: Continue reading

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Stock Options and the 101% “Tax”

Do Stock Options Make You Feel Taxed?

Did you ever get the feeling you paid too much in taxes? Probably every paycheck, right? Did you exercise stock options or restricted stock last year? Exercise meaning, you bought the issuer’s common stock at the grant price or the price set by the option. This purchase was regardless of the stock’s price at the time you purchased the option. If so, then you should read the rest of this blog post. Continue reading

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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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