By John W. Cashman, Jr., CPA Tax Manager at Gray, Gray & Gray, LLP
The ongoing economic recovery has resulted in a return of an extended bull market on Wall Street. One offshoot of this is an increase in capital gains generated by activities such as portfolio reallocation and the sale of appreciated assets. While many factors go into making a buy/sell decision, one of the most important concerns is the tax implication of any transaction that results in capital gains. Continue reading →
That nice check you sent to your niece when she graduated from college, and that plot of land you gave to your brother-in-law so he could build a vacation home – both could result in you having to pay a gift tax. But the donation you made to your favorite charity should not result in your getting a tax bill.
While some gifts are not subject to the gift tax, there are many more gifts that will end up costing you more than their value in the form of a gift tax. Here is a brief overview to help you determine which gifts may be subject to the gift tax, and which can be given freely. Continue reading →
The federal Defense of Marriage Act defines a marriage as being between a man and a woman. Recently the Second Circuit Court of Appeals ruled that the Defense of Marriage Act is unconstitutional (Windsor v. United States). It is expected that the Second Circuit Court’s ruling will be appealed. The issue may eventually have to be decided by the Supreme Court.
What does this have to do with taxes? The potential for changes in the status of same sex marriages makes it important to take steps to cover all possibilities, including the filing of tax returns. Continue reading →
It is never a bad time to plan for your next tax filing date. Do you know what you should keep and what you can throw away? Here are a few guidelines when it comes to your Individual tax filings Continue reading →
The American Institute of Certified Public Accountants (AICPA) has release a new website, Total Tax Insights Calculator, which estimates how much a person pays in all types of taxes based on a variety of factors. You may be really surprised at the number of taxes you are subjected to and the aggregate amount.
If you have any question regarding any of these taxes do not hesitate to contact our Tax Department at (781) 407-0300.