Individual Tax

6 Ways to Get a Jump Start on Tax Season

December 14, 2022

Tax season is still a few months off, but it will be here before we know it, and it’s never too soon to get a jump on your taxes. Remember, the sooner your file, the sooner you’ll get your refund. A few simple steps now can ensure a smooth tax season with no unpleasant surprises.…

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Year-End Tax Letter 2022

December 12, 2022

Our 2022 Year-End Tax Letter outlines important guidelines for compliance with federal and state rules of taxation and reporting requirements. This letter contains useful information regarding some of the more significant changes to the tax code from legislation enacted in the last few years. This letter also contains 2022 and 2023 payroll tax requirements, employee benefits…

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When Can I Expect My Tax Refund?

November 23, 2022

There were—and still are—plenty of horror stories to go around in 2022 about delayed tax refunds. As of November 4, 2022, the IRS had still not processed 4.2 million individual returns from 2021. Fortunately, things will probably go a little more smoothly this coming year. Better funding and fewer disruptions from COVID mean the Service…

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What is a 1099-K? How New IRS Reporting Rules May Affect Gig Workers and Merchants

November 16, 2022

Starting in early 2023, millions of people will begin receiving 1099-K forms, many of them for the first time. Most of the recipients will be small business merchants or “gig economy” workers and independent contractors. The reason for the influx of 1099-Ks is the American Rescue Plan Act (ARPA) of 2021, which lowered the reporting…

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Defer Taxes and Save Money with a 1031 Exchange

November 10, 2022

Wouldn’t it be great if there was a way to sell your current real estate investments and defer capital gains taxes indefinitely? Actually, there is. Savvy investors can use 1031 exchanges to save on taxes by “swapping” one property for another. The method gets its name from Section 1031 of the Internal Revenue Code and…

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What You Need to Know about Massachusetts’s Tax Refund Program

November 4, 2022

If you live in Massachusetts, you’ve probably heard the good news: starting November 1, an estimated 3 million Massachusetts taxpayers will receive a refund equal to a little more than 14% of their 2021 Massachusetts income tax liability. Refund recipients can thank Chapter 62F, a Massachusetts state law that requires the government to issue a…

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The IRS Adjusts for Inflation—Will Your Taxes Be Affected?

November 2, 2022

With inflation at its highest rates in decades, the markets in turmoil, and a recession looming, we’re overdue for some good news. Finally, we have some: starting in 2023, you may pay less in taxes. That’s because on October 18, the IRS announced annual inflation adjustments for more than 60 tax provisions, including income tax…

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Amidst Rising Inflation, IRS Boosts 401(k) and IRA Contribution Limits by Record Amounts

October 31, 2022

On October 21, 2022, the IRS announced a record increase in retirement plan contribution limits for 2023. The new limits apply to most types of defined contribution plans as well as Individual Retirement Accounts (IRAs). With inflation currently running at 8.2%, the new contribution limits will let workers to put more of their pre-tax earnings…

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Senate Finance Republicans Demand Details about IRS’s New Funding

October 26, 2022

In a recent blog post, we discussed the IRS’s recent windfall of $80 billion via the Inflation Reduction Act to increase staff, upgrade technology, and increase enforcement efforts. Now Republicans on the Senate Finance Committee are calling for details about exactly how that money will be spent. In a 10-page letter to Charles P. Rettig,…

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“The Millionaire Tax”— Ballot Question #1 and What it Means for Massachusetts Millionaires

October 19, 2022

On November 8, Massachusetts residents will be asked to vote on Question 1. Colloquially known as the “Millionaire Tax” or the “Fair Share Amendment,” Question 1 asks voters to decide whether to amend the state constitution by instituting a 4% tax increase on income over $1 million. Question 1 has been subject to a great…

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