by KNSS | Nov 10, 2023 | 2023 November
In addition to the personal tax deductions allowed to be claimed for medical expenses, mortgage interest, and state & local taxes paid in a year, taxpayers are allowed to claim a tax deduction for donations to charitable organizations and qualifying tax-exempt...
by KNSS | Nov 2, 2023 | 2023 November
Q: I just had a hard credit inquiry alert even though I did not apply for a line of credit. Any advice on what to do? A: That’s unsettling. Are you sure this wasn’t something done by the lender for your practice? Assuming this is in connection with a new line...
by KNSS | Nov 2, 2023 | 2023 November
Below is a brief summary of reporting foreign accounts, gifts and inheritances. Please note that the penalties for non-compliance can be onerous. If you inherit or receive a gift from a foreign person of more than $100k: Complete a Form 3520 (About Form 3520, Annual...
by KNSS | Nov 2, 2023 | 2023 November
Most years, the government bumps up the maximum Social Security taxes that you can pay. For 2024, the maximum wage base jumps to $168,600, an increase of $8,400, or 5.2%, over the max of $160,200 that was in place for 2023. At a rate of 6.2%, the maximum Social...
by KNSS | Oct 10, 2023 | 2023 Oct
Even if your parent files their own personal income tax return and doesn’t meet the criteria for you to claim them as a dependent on your own tax return, you might still have the opportunity to deduct their medical expenses when you file your taxes. If you are...
by KNSS | Oct 10, 2023 | 2023 Oct
For 2023, the allowed max salary deferral for a 403b or 401k plan is $22,500 (or $30,000 if age 50 by the end of the year). If you have already funded an amount to an employer sponsored retirement plan via salary deferral, then you will be limited in your allowed...
by KNSS | Oct 10, 2023 | 2023 Oct
Heading into the last quarter of 2023, October is the perfect time of year to review your year-to-date paystubs in order to maximize pre-tax benefits and other withholding items. Examining your year-to-date paystub early in the final quarter of the year gives you a...
by KNSS | Oct 4, 2023 | 2023 Oct
According to the rules included at: https://www.findmassmoney.com/app/reporting-guidelines, the Massachusetts Unclaimed Property Law ( M.G.L.c. 200A ), requires business entities and others to review their records each year to determine whether they are in the...
by KNSS | Oct 4, 2023 | 2023 Oct
Effective January 1, 2024, the Corporate Transparency Act (CTA) establishes a new filing requirement for small business. Qualifying businesses must file a Beneficial Owner Information (BOI) report with Financial Crimes Enforcement network (FinCEN), a bureau under the...
by KNSS | Oct 4, 2023 | 2023 Oct
Interest rates generally move in the same direction as inflation. And with inflation creeping up over the past year or so, interest rates being offered by banks have jumped up too. If you have excess money sitting in your practice bank accounts, please take a few...
