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We have finally taken the plunge and are now blogging! We are using this “forum” to discuss, disseminate, and dissect the mysteries and allure of tax preparation, planning, and other related financial conundrums.

Summer Hours Begin

May 23, 2013 in: Uncategorized

Our summer office hours are effect. We will be open Monday through Thursday, 9:00 am to 5:00; Fridays 9:00 am to 1:00 pm through August 30.

Is Tax Identity Theft a Threat for You?

May 3, 2013 in: News

Most taxpayers successfully filed their returns this year. But if you receive an IRS notice that someone has already filed using your information, you could be a victim of identity theft. If so, take the following steps as quickly as possible:

• Notify your local police department and file the necessary paperwork.
• Call the Identity Protection Specialized Unit at 1-800-908-4490.
• Fill out a Form 14039 affidavit.
• Apply for assistance from the Taxpayer Advocate Service (TAS).
• File a report with the FTC by calling 1-877-438-4338 or go to FTC Identity Theft
• Check your credit reports with TransUnion, Experian, and Equifax for any unusual activity.

Remember if your identity has been stolen, be proactive and persistent. The problem can be corrected.

MA DOR says ignore their automatic rejection notice

April 24, 2013 in: News

Dear Taxpayer, have you received a notice recently from the MA DOR rejecting an extension to file due to insufficient payments even though the amounts are zero? A call to the department revealed that these notices are automatically generated, but they are not sure why. However, the DOR says that the notices can be ignored. Perhaps this is just their little way of keeping you on your toes. Take a look at this pdf in case you receive one of these missives.

Confusing notice MA DOR says you can ignore

Income: Taxable or Not?

February 25, 2013 in: News

taxable or not

What exactly is taxable income? The general rule is all income is taxable unless the law specifically excludes it. Wages paid and dividends earned are taxable, but so are noncash items from bartering.

Then there are income types that are usually not taxable such as:
• Child support payments
• Gifts, bequests, and inheritances
• Damage awards for physical injury or sickness
• Cash rebates from a dealer or manufacturer
• Reimbursements for qualified adoption expenses

Of course there’s a gray area. Life insurance proceeds paid on the death of another are generally not taxable. However, if you redeem the cash value of your own policy, it is a taxable event if the proceeds exceed the cost of the policy.

Income from qualified scholarships is not taxable if it is used for tuition, course books, or other strictly-defined expenses. However, grants used for room and board expenses are usually considered taxable income.

If you’re still confused, check out IRS Publication 525, Taxable and Nontaxable Income.

Highlights of the American Taxpayer Relief Act and Its Impact

January 14, 2013 in: News

After teetering on the precipice, the passage of the American Taxpayer Relief Act includes a wealth of information on how the fiscal cliff was averted. How it impacts you and your tax return is what matters. To get to the nitty gritty as much as possible, we’ve highlighted three main areas of the act: individuals, business, and new taxes. Read the articles below for more information. As always, we’re here to help with any concerns you may have. Please give us a call at 978.462.6674 or to set up an appointment.

Highlights of The American Taxpayer Relief Act 2012: Individuals

Highlights of The American Taxpayer Relief Act 2012: Business

Highlights of The American Taxpayer Relief Act 2012: New Taxes