Finding the Balance of Income vs. Spending

The IRS primer every voter should know Every year the IRS publishes instructions to prepare your Form 1040, individual tax return. The publication for 2019 is a whopping 108 pages! On page 103 of the IRS booklet is a summary of collections (income) and spending (outlays) by the federal government. Given the election year, here […]

February 2020

This month: February 14 – Valentine’s Day February 17 – Presidents’ Day Reminders – Collect all tax forms (W-2s, 1099s, others) – Set up tax appointment – Rebalance investment portfolios   The 2019 tax filing season is in full swing. If you have not already done so, now is the time to collect your tax […]

Should you choose a reverse mortgage? Pluses and minuses

For seniors, deciding whether to enter into a reverse mortgage can be complicated. Here are some pros and cons to consider: The pros A reverse mortgage allows you to maintain the title to your home while receiving income from your equity. The loan doesn’t typically affect Medicare or Social Security benefits. Reverse mortgage income is […]

Financing a home for your retired parents

Lenders are making it easier for people who want to finance homes with rental units for their retirement-age parents. In the past, banks treated such arrangements as partial investment properties and required higher down payments and loan rates than those required for typical single-family homes. But that’s not the case anymore. According to the Pew […]

Tips for charging rent to your adult child

In some ways, it might seem great to have your adult child move home and spend more time with you. Or maybe you never expected it to happen, and suddenly the child you thought was moving on is at your doorstep. No matter how you feel about it, here are some tips on charging your […]

U.S. Supreme Court says yes to immediate takings claim

In a big change affecting property owners, the U.S. Supreme Court has ruled that people whose land is taken for public use without payment may, as soon as the property is taken, file federal lawsuits for constitutional violations of property rights. The high court revisited the question of whether property owners have standing to bring […]

Tips for protecting yourself from real-estate wire transfer fraud

Real estate transaction cybercrime is on the rise. According to The Wall Street Journal, hackers have targeted email accounts belonging to the parties in transactions, such as real-estate professionals, lawyers, and title agents, devising custom scams specific to the deals. Profits from sales are then diverted from intended recipients to the hacker’s bank account. It […]

What are my Massachusetts business income tax obligations?

How a business is taxed depends in part on the business’s legal form. The five most common types of Massachusetts businesses include corporations, S corporations, Limited Liability Companies (LLCs), partnerships, and sole proprietorships. Most states subject corporations to a corporate income tax. In contrast, pass-through entities such as S corporations, LLCs, partnerships, and sole proprietorships […]

Drafting a power of attorney that reduces the chances of abuse

A power of attorney is one of the most important estate planning documents you can create, but it is also one that can be misused. While it isn’t possible to entirely prevent the possibility of abuse, there are steps you can take in drafting the document to greatly reduce the chances. A power of attorney […]

Four Social Security myths debunked

There are a lot of misconceptions surrounding the Social Security system. Here are four common myths and the facts about how Social Security works and its future prospects. Myth 1: You should collect benefits early. This is one of the biggest Social Security myths. Beneficiaries can start taking retirement benefits as early as age 62, […]