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Tax Rate Arbitrage For Taxable Income $170K-$320K

If you are married and your joint taxable income is between $170,000 and $320,000 you are in the 24% tax bracket. This means the wage income you earn between $170,000 and $320,000 is taxed at 24%. If your income will fall in between these limits for the foreseeable future, you should consider whether or not you think your marginal tax rate will continue to be as low as 24% over the next 0-10 years. Note that under current law, the marginal tax rate on that level of income is set to increase to 28%-33% starting in 2026. That’s a huge difference in taxes paid!!

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What Gives? - Why Charitable Giving Is Down and How You Can Maximize Your Donations

Americans are known for being some of the most generous people on Earth. In fact, according to the CAF World Giving Index, the US was the most charitable nation over the past decade.  Since the stock market is near record highs, unemployment is low, and the US economy continues to grow; it would be expected for the giving trend to continue. However, at first blush this may not be the case

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Can You Take 401(k) Funds Early? - New Rules Make it Easier, But Should You?

Your company offers a 401(k) to save for retirement. Great! But what if you need those funds sooner? Accessing 401(k) money before retirement can be a challenge. For better or worse, the IRS has issued new rules that make it easier to tap those funds for other reasons. Here's what you need to know about the changes coming to 401(k) withdrawals starting in 2020.

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Make Sure Your Contractors Aren't Employees! - New Changes for MA Employers

Many small business owners can't do their jobs alone. They often outsource help for certain tasks, which may include the use of contractors. The benefit of using contractors is that the employer does not need to offer them benefits, pay Social Security, Medicare, or state unemployment insurance. However, MA recently redefined how independent contractors are classified meaning more people will be considered employees in Massachusetts. This can have big implications for business owners who try to manage their costs.

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Do You Rent Property in Massachusetts? - A New Tax May Apply to You

One of the more common ways people make money outside of their day jobs is through rental properties. With the emergence of easy-to-use apps like Airbnb, you no longer need a separate property to rent, but can now easily rent out a room in your home at your convenience. While this can be a great way to earn a little extra money, these short-term rentals are now subject to an additional tax in the state of Massachusetts. If you rent out a summer home or part of your personal residence this new tax may apply to you.

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Does New Hampshire Have an Income Tax? - What to Know About NH's Dividend and Interest Tax

New Hampshire is typically known as a low tax state. Although it has higher than average property taxes, it does not tax income earned from work and does not have a sales tax. However, New Hampshire does have a lesser known tax on income, specifically an interest and dividends tax. If you've lived in NH your whole life and haven't heard of this tax, you're not alone. This tax does not apply to everyone, but with short-term interest rates at their highest level of the past decade, it's possible that this will apply to more and more people living in the Granite State.

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