S Corps to reduce self-employment income

Using S corporations to reduce self-employment income o Income that you generate conducting your business as a sole proprietorship (or through a wholly-owned limited liability company (LLC)) is subject to both income tax and self-employment tax. The self-employment tax is imposed on 92.35% of self-employment income at a 12.4% rate for social security up to […]

Small employer health insurance credit

The credit is specifically targeted to help small businesses and tax-exempt organizations that primarily employ moderate-income workers and lower-income workers. For tax-exempt employers, the credit is a refundable tax credit limited to the amount of the payroll taxes (as defined below). During the first phase of the credit, (i.e., tax years beginning in 2010, 2011, 2012, or […]

Substantiating employee expense account and expense reimbursement arrangements.

Substantiating employee expense account and expense reimbursement arrangements. Q- 1. Do you have an expense account or expense reimbursement arrangement with your employer? A- A. You get a better tax result on your own income tax return if your expense account or reimbursement arrangement qualifies as an “accountable” plan. (See B, below) Under such a […]

Tax aspect of a parent entering a nursing home

Tax aspect of a parent entering a nursing home.  Deductibility of long-term medical care services: The costs of qualified long-term care, including nursing home care, are deductible as medical expenses to the extent they, along with other medical expenses, exceed 10% of adjusted gross income in 2017 (7.5% in 2018). Qualified long-term care services are necessary […]

The Telecommuting Tax Adventure

So you work at home, and communicate with your employer mainly by telephone, e-mail, fax, electronic data transfer, express mail services, etc., you should know about the strict rules that govern whether you can deduct your home office expenses. You may deduct your home office expenses if your home office is for the convenience of […]

The “kiddie tax”

Save taxes by transferring assets into your children’s names. This tax technique is called income shifting. It seeks to take income out of your higher tax bracket and place it in the lower tax brackets of your children. While some tax savings are available through this approach, the “kiddie tax” rules impose substantial limitations on […]

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David DennisCertified CPA