Sweeping new IRS "repair regulations" impact most businesses
The IRS has released much-anticipated temporary and proposed
regulations on the capitalization of costs incurred for tangible
property. They impact how virtually any business writes off costs
that rep...
IRS launches third version of voluntary offshore disclosure program
The IRS reopened its offshore voluntary disclosure program in early
2012 in response to what the government described as strong
interest among taxpayers. The reopened program, the third of its
type in...
FAQ: What tax breaks come with raising a child?
Taxpayers with children should be aware of the numerous tax breaks
for which they may qualify. Among them are: the dependency
exemption, child tax credit, child care credit, and adoption
credit. As th...
February 2012 tax compliance calendar
As an individual or business, it is your responsibility to be aware
of and to meet your tax filing/reporting deadlines. This calendar
summarizes important tax reporting and filing data for
individuals...
Client FAQ: Deducting computer costs, including PDAs
Q. I use my computer for both business and pleasure and I am
confused about how much I can deduct. Also, how are PDAs such as
Palm Pilots, etc. deducted for tax purposes?...
The magic of compounding - working the numbers for a richer future
Saving money, whether for retirement, education, travel, or any
reason, requires a lot of self-discipline. If you're like most
people, the thought of saving money conjures up visions of endless
budget...
FAQ: What is an asset protection plan?
Asset protection planning is the process of organizing one's assets
and affairs in advance to guard against risks to which the assets
would otherwise be subject. The phrase "in advance" warrants
stron...
IRAs for offsprings: A head-start on a child's retirement
Parents typically encourage their children to save for college, for
a house, or simply for a rainy day. A child's retirement, however,
is a less common early savings goal. Too many other expenses a...
How do I? ...Set up a transportation benefit plan for my employees
Many employers opt to provide their employees with transportation
benefits in addition to their regular compensation. Employers can
offer this extra perk in the form of transportation passes, parking
...
FAQ: What is a Spousal IRA?
If you file a joint return and your taxable income is less than
that of your spouse, the "spousal" IRA rules may allow you to
contribute up to $5,000 in 2009 (or $6,000 if you are 50 or older)
to a...
Estate planning tool: Qualified Personal Residence Trusts
In many parts of the country, residential property has seen steady
and strong appreciation for some time now. In an estate planning
context, however, increasing property values could mean a potent...
FAQ: What is a pre-tax benefit?
Most pre-tax benefits are ones that an employee elects to pay for
by using a portion of his or her compensation that would have
otherwise been taxed as salary. Other pre-tax benefits are paid by
y...
How do I?…Pay my payroll taxes electronically
The Electronic Federal Tax Payment System (EFTPS) allows
individuals and businesses to make tax payments by telephone,
personal computer or through the Internet....
FAQ: The "nanny - housekeeper" tax
Q. My husband and I have a housekeeper come in to clean once a
week; and someone watches our children for about 10 hours over the
course of each week to free up our time for chores...
Client FAQ: Scholarships excludable from income
Q: One of my children received a full scholarship for all
expenses to attend college this year. I had heard that this
amount may not be required to be reported on his t...
Client FAQ - Gifts to employees
Q: The holidays are approaching and I would like to consider giving
gifts of appreciation to my employees. What kinds of gifts can I
give my employees that they would not have to decl...
Client FAQ: Tax-sheltered annuities
Q: When it comes to investing, I've always played pretty
"mainstream" - investing in mutual funds and governments bonds.
However, I've heard people talking about ...
How Do I?... Compute financial ratios
How quickly could you convert your assets to cash if necessary? Do
you have a quantitative way to evaluate management's effectiveness?
Knowing your business' key financial ratios can provide valu...
Tracking the tax basis of a partnership interest
For partnerships and entities taxed like partnerships (e.g.,
limited liability companies), each partner must compute the basis
of his/her partnership interest separately from the basis of each
asse...
Client FAQ: Hiring your spouse
Q. I have a professional services firm and am considering hiring my
wife to help out with some of the administrative tasks in the
office. I don't think we'll have a problem workin...
Simplifying business tax payments with EFTPS
The responsibility for remitting federal tax payments to the IRS in
a timely manner can be overwhelming for the small business owner --
the deadlines seem never ending and the penalties for late pa...
Client FAQ: Common sense and taxes
Q. Each year when it comes time to prepare my return, I realize how
little I think about my tax situation during the rest of the year.
I seem to lack any sort of ...
Beware of complicated tax rules for certain stock options
Stock options have become a common part of many compensation and
benefits packages. Even small businesses have jumped on the
bandwagon and now provide a perk previously confined to the
executive su...
Client FAQ: Calculating gains from stock sales
Q. I am reviewing my portfolio and considering selling some of my
stock. How do I determine what tax basis I have in the
publicly-traded shares that I own for purp...
Using like-kind exchanges in your business
If you are considering selling business property that has
substantially appreciated in value, you owe it to your business to
explore the possibility of a like-kind exchange. Done properly, a
like-...
Client FAQ: Wash sales
Q. A large portion of my portfolio is invested in Internet stocks
and with the recent ma...
Client FAQ: Home equity loans
Q. The recent upturn in home values has left me with quite a bit of
equity in my home. ...
Client FAQ: Gambling winnings and losses
Q. My wife and I are both retired and are what you might call
"social gamblers". We like to play bingo and buy lottery tickets,
and take an occas...
Client FAQ: Uncollectible loan
Q. A couple of years ago, a friend of mine borrowed some money from
me to start a small business. The business didn't survive and has
left my friend without the ability to pay me...
Client FAQ: Deductible medical expenses
Q. Last year I underwent a number of elective surgical procedures
and would like to deduct the cost of these expensive procedures on
my personal tax return. What a...
Client FAQ: Factoring your receivables
Q. My business is currently having some cash flow problems. I have
a business that usually carries a fairly large accounts receivable
balance and I was wondering ...
Client FAQ: Donating your car to charity
Q. I've seen a lot of advertisements lately that tout the benefits
of donating your car to charity. I have an old car that is sitting
in my driveway and I haven't ...
Client FAQ: Buy or lease equipment?
Q. I've just started my own business and am having a hard time
deciding whether I should buy or lease the equipment I need before
I open my doors. What are some o...
Client FAQ - IRAs and college financial aid
Q. Our daughter is entering college and we're considering seeking
financial aid to help with tuition expenses. My spouse and I have
always made the maximum contri...
Client FAQ: Starting a new business
Q. My company recently downsized its workforce and eliminated my
position. I thought this would be a good opportunity to start my
own consulting business in the s...
Client FAQ: Consumer debt
Q. My family and I have always led a full life, enjoying vacations,
dinners out, and new cars. While many of these items have been paid
for by credit cards, we've ...
Client FAQ: Deducting computer costs
Q. I use my computer for both business and pleasure and am confused
about how much of my computer expenses I can deduct on my personal
tax return. ...
Recordkeeping Basics: Business Taxpayers
Maintaining good financial records is an important, but often
neglected, part of running a successful business. Not only will
good records help you identify strengths and weaknesses in your
busines...
Recordkeeping Basics: Individual Taxpayers
After your tax returns have been filed, several questions arise:
What do you do with the stack of paperwork? What should you keep?
What should you throw away? Will you ever need any of these
docume...
Client FAQ - Documentation for charitable contributions
I have a car that I would like to donate to my church. Can I just
claim the amount shown as the value of the car per the Kelly Blue
Book (about $6,500) on Schedule A of Form 1040?...
Newsletters
Welcome!
We are a Five Star Framingham CPA firm providing expert Tax and Accounting services to Small Businesses, Professionals and Individuals in the Boston Metrowest area. Our office is conveniently located on Lincoln Street just a few doors down the street from the Metro West Medical Center.
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Feel free to browse our website, contact us with any questions or observations you may have, and subscribe to our monthly Tax Newsletter. Many new features will be added to this website throughout 2012, so you might want to bookmark this page to see the many new benefits that our clients will be enjoying. And if you are a Framingham business firm or individual looking for a Framingham accountant feel free to call Tony or Jon and discuss with us the tax services, accounting services, or consulting services you are looking for.
