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, […]

Don’t make the mistake of not signing up for Medicare supplemental coverage

If you are turning 65 and enrolling in Medicare as a healthy senior, do you really need to sign up for Medicare’s supplemental coverage as well? Not signing up initially could be very costly down the road.  With all the deductibles, copayments and coverage exclusions, basic Medicare pays for only about half of all medical […]

Should you prepare a Medicaid application yourself, or get help?

A decision on whether to prepare and file a Medicaid application on your own or hire help depends on answers to these questions: How old is the applicant? How complicated is the applicant’s financial situation? Is the individual applying for community or nursing home benefits? How much time do you have available? How organized are […]

2020 Retirement Plan Limits

As part of your 2020 planning, now is the time to review funding your retirement accounts. By establishing your contribution goals at the beginning of each year, the financial impact of saving for your future should be more manageable. Here are annual contribution limits: Retirement Plans 2019 2020 Change Age 50 or older catch up […]

The Highest Taxed Money in America

How the lottery preys on Americans If you were told to voluntarily pay 75% of your wages to government-sponsored programs for the rare chance of getting everyone else’s remaining 25%, would you do it? Most everyone enjoys dreaming of winning it big in the lottery. Large pots of money are publicized on the evening news […]

It’s Time to Prioritize Inventory Management

Extraordinarily low interest rates and a rapidly evolving business climate has made inventory management a lost art. Other business initiatives may seem to be more urgent and impactful, but in reality, mastering inventory levels is a key to most successful and growing businesses. Here are reasons why prioritizing your inventory management is a must: Less […]

There’s Still Time to Fund Your IRA

There is still time to make a contribution to a traditional IRA or Roth IRA for the 2019 tax year. The annual contribution limit is $6,000 or $7,000 if you are age 50 or over. Prior to making a contribution, if you (or your spouse) are an active participant in an employer’s qualified retirement plan […]

Make Your Cash Worth More

Banking tips to help you cash in Your cash is parked. Do you know if it’s making or losing you money? For instance, letting it sit in a non-interest-bearing account is a waste of earnings potential. It’s actually losing money if you factor in inflation! Here are some ideas to help you make the most […]