The Massachusetts legislature was very busy during the last few weeks of the session just concluded, passing a fiscal year 2015 state budget of approximately $36.5 billion. Among the provisions passed and enacted were several new and expanded tax credits and incentives that offer taxpayers in the Commonwealth a number of opportunities to reduce their tax burden. Continue reading
School is out for summer, and for many families that means one or more children will be enrolled in childcare or a summer day camp during the workday. If you have a child in daycare during the summer months you may qualify for a federal Child and Dependent Care Credit. Although this credit is not limited to the summer months, many families find themselves paying for childcare only during non-school periods, and may not be aware of their eligibility to claim the credit. Continue reading
By Dana Fortini, Supervisor at Gray, Gray & Gray, LLP
If your business is located in an economically distressed location, you may be able to apply for significant tax credits if you have employees who live and work in what is known as a federally-designated “Empowerment Zone.” But you have to hurry!
Empowerment Zones were introduced in 1993 as part of a federal government effort to reduce unemployment and generate economic growth in distressed cities and regions. Businesses in Empowerment Zones were offered federal tax incentives and the awarding of grants to encourage hiring and participation in the plan. Although the original program ended in 2011, it was revived again through the American Taxpayer Relief Act in 2013, but expired again at the end of the year. Continue reading
What’s the scoop on the new legislation passed by Congress to avert the fiscal cliff?
How will the tax provisions affect you?
Gray, Gray & Gray brings you the answers to these questions and more with a four-page special issue of the Federal Tax Watch newsletter.
Inside the Federal Tax Watch Special Issue – January 2013:
• Fiscal Cliff Legislation: How tax changes in the new act may affect you
• Provisions Primarily Affecting Individuals
• Provisions Primarily Affecting Businesses
• New Healthcare Taxes Taking Effect in 2013
• Tax Planning Considerations
Click here to view this important newsletter now available on the Gray, Gray & Gray website.
Did you miss Gray, Gray & Gray’s “Beyond the Fiscal Cliff” Webinar on January 7, 2013? Get caught up with the recording! Click here to view it today.
In a recent tax court summary opinion (Stidham, T.C. Summ. Op. 2012-61), the tax court ruled that a taxpayer was not entitled to take a tax deduction for unreimbursed businesses expenses that could have been reimbursed according to the employer’s “Business Travel & Entertainment Policies and Procedures.”
The takeaway here is to recognize the importance of having a written expense reimbursement policy, and for employees and stakeholders to follow it.
Questions? Give our Tax Department a call at 781.407.0300 or visit our website!
An “estate of homestead” is an interest in a principal residence that can help safeguard the owner (or the owner’s surviving spouse and dependent children) against the claims of creditors by protecting the property from execution and forced sale.
In Massachusetts, homeowners can obtain a Declaration of Homestead by filing a homestead declaration at the appropriate registry of deeds. All homesteads must be filed in the county in which the residence is located. Continue reading
Summer is approaching quickly, which means teenagers will be looking for summer jobs. If you own a business, it can be a wise move to place your child on the payroll. Below are some positive tax outcomes from hiring your child into your family business: Continue reading
By Michael D. Koppel, CPA
Gray, Gray & Gray, LLP
As a tax accountant my job is to make sure my clients meet their legal obligations to the Internal Revenue Service, while helping them to retain as much of their assets as possible. It is a delicate balance that may soon be tipped further in favor of the tax collector. This is especially true for successful business owners who have managed to accumulate significant savings. Continue reading
Many taxpayers make charitable contributions to various qualified charities and expect to receive a tax deduction for it. This is a common practice; however, it is important to remember that failure to have the proper documentation or make the appropriate disclosures related to these contributions can cause a taxpayer to lose those valuable deductions. Continue reading