Articles

Know Your Deeds: An Overview of Deed Types in Massachusetts

What Is a Deed? While the ‘title’ to a property is the abstract concept of rightful ownership, a deed is a legal document recognizing an individual’s, individuals’, or legal entity’s ownership of a property. A deed will include a detailed description of the property, including property lines, and name the seller (grantor) and buyer (grantee). Buyers do not sign deeds; only sellers do. Massachusetts law recognizes three types of deeds, each of which provides varying levels

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Manage Your Business’s Unemployment Taxes

As a business owner, you’re required to pay three different types of payroll taxes. FICA (Federal Insurance Contributions Act) is the tax used to fund Social Security and Medicare programs. FUTA (Federal Unemployment Tax Act). Employers pay this federal tax to provide unemployment benefits to laid-off workers. SUTA (State Unemployment Tax Act). State governments also collect taxes known as SUTA that finance each state’s unemployment insurance fund. While FICA may be easy to understand, unemployment tax

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Common Tax Mistakes When Selling a Home

With home sales booming throughout much of the country, you may decide that now’s the right time to put your abode on the market. If you do put your primary residence up for sale, try to steer clear of the following mistakes. Not qualifying for the home sale exclusion. If you’ve owned and used your home as your principal residence at least two out of the last five years, you can can exclude from your taxable

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Small Business IRS Audit Mistakes

In late 2020, the IRS announced that it will increase tax audits of small businesses by 50 percent in 2021. Here are several mistakes to avoid if you do get audited by Uncle Sam. Mistake: Missing income. A long history of investigating has led IRS auditors to focus on under-reported income. If you’re a business that handles cash, expect greater scrutiny from the IRS. The same is true if you generate miscellaneous income that’s reported to

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Good Debt Versus Bad Debt

How to tell the difference Not all debt is created equal. Knowing the difference can change the way you look at your spending. Good debt adds value Good debt often leads to financial growth, because the product or service being purchased adds more value than the debt that comes with it. Student loans are usually an example of good debt because the related education allows you to earn more income. Some purchases result in value more

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Ideas to Lower Your 2021 Tax Bill

Now is the time to begin tax planning for your 2021 return. Here are some ideas: Contribute to retirement accounts. Tally up all your 2021 contributions to retirement accounts so far, and estimate how much more you can stash away between now and December 31. So consider investing in an IRA or increase your contributions to your employer-provided retirement plans. Remember, you can reduce your 2021 taxable income by as much as $19,500 by contributing to

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What Small Business Owners Need to Know about COVID-19 Relief Bills

Unprecedented Times; Unprecedented Aid Beginning in March 2020, Congress moved swiftly to offer relief from the financial hardships of the COVID-19 pandemic. The Coronavirus Aid, Relief, and Economic Security Act (also known as the CARES Act) was signed into law on March 27, 2020. It directed two trillion dollars in funding towards seven key areas: individuals, large corporations, state and local governments, public health, education, federal social safety net programs, and small businesses. Further influxes of

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Protecting your home-based business from legal claims

Many more people are creating home-based businesses or adding another gig to their repertoire these days. But many of those entrepreneurs do not realize that the same legal requirements apply to them as to any other business. A business attorney can help you make sure your ducks are in a row. Currently, the SBA has nearly 30 million small businesses on record and, believe it or not, most of them are home-based. That equates to nearly

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Small businesses sued over ADA website compliance

Around 60 small businesses in Colorado have been sued by an out-of-state law firm over alleged violations of the Americans with Disabilities Act. The businesses claim that the New Jersey-based law firm is targeting small-to-medium-sized businesses. The lawsuits claim that the businesses have websites that are not compliant with the ADA. Blanchard Family Winery, which has both a brick-and-mortar location and a website, is one of the businesses named. A suit claims that a blind man

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Forgiveness application available for smaller PPP loans

A simpler forgiveness application for Paycheck Protection Program loans of $50,000 or less has been issued by the Small Business Administration (SBA). The prior version of the application had more complex documentation requirements and required several calculations that have now been removed. Instead of the calculations, the new form asks borrowers to confirm that the loan was used for eligible expenses and to provide supporting documentation to prove that these expenses were paid. The borrower must also certify

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