Accounting & Wealth Management Blog
Filed a Tax Extension for Your 2025 Return? Here’s What You Need to Know Before the Deadline
Filing a tax extension can be a smart decision. Whether you need more time to gather documents, have experienced a major life change, or own a business with a complex return, an extension allows you to prepare an accurate return instead of rushing to meet the April deadline. However, many taxpayers mistakenly believe that filing […]
read more »The SALT Deduction Just Got Bigger: What Massachusetts Taxpayers Need to Know
If you own a home in Massachusetts, pay state income taxes, or have wondered whether itemizing deductions is worth it, there’s good news. A major change to the federal tax code has significantly increased the State and Local Tax (SALT) deduction. For many taxpayers, especially homeowners in high-tax states like Massachusetts, this change could result […]
read more »15 Tax Deductions Every Massachusetts Small Business Owner Should Know
Running a small business in Massachusetts comes with many responsibilities, and taxes are often one of the most challenging. The good news is that taking advantage of available tax deductions can help reduce your tax liability and improve your bottom line. Many business owners miss valuable deductions simply because they are unaware of their existence […]
read more »More Than Tax Season: How Integrated Accounting & Tax Planning Drives Business Growth
With tax season in full swing, small business owners are up to their ears in profits, expenses, and all manner of financial documents. Looking at the numbers, you may wonder how to improve profit margins in the upcoming year. What many don’t realize is that thorough, year-round accounting and tax planning can save money in […]
read more »Side Hustle or Hobby? The Tax Difference That Saves You Money
With the cost of living through the roof and a difficult job market, it’s no surprise that people are turning to their hobbies for a little extra income. But when does a hobby cross the line into a side hustle? What’s the difference between taxing a hobby and a side hustle? Is one classification better […]
read more »Life Event Taxes: Marriage, Divorce, New Baby, New Job
Major life changes often come with tax implications. Some are simple, others are complex, and many are easier to navigate with the support of a CPA. At Rakatansky CPA in Sudbury, Massachusetts, we help clients across New England understand what changes, what to expect, and when to reach out for guidance. A secure financial future […]
read more »Rental Property Tax Deductions: A Practical Guide
Renting a property is like running a business, and every business needs a smart tax strategy. Approaching deductions the right way can significantly reduce your tax liability. Knowing how to handle depreciation, repairs, improvements, and records is essential to saving money and staying compliant. What Counts as Rental Income? Accurately capturing gross income helps you […]
read more »How to Structure Your Business to Reduce Taxes
Every small business owner regularly asks themselves how they can save more money. Often, when reviewing their expenses, they overlook the potential for their business structure to reduce their tax liability and save them money. At Rakatansky CPA, we help small business owners find the business structure that best suits their needs while minimizing their […]
read more »Business Tax Preparation Checklist: What You Need Before Filing
Tax season can overwhelm business owners as even the best-prepared try to organize paperwork, receipts, and records from an entire year. Having a structured tax preparation checklist ensures you don’t miss key information that could affect your return or trigger an IRS notice. At Rakatansky CPA Accounting & Consulting, we help New England businesses prepare […]
read more »Why Every New Business Needs Professional Bookkeeping Support
Launching a new business is exciting, but it comes with complex and critical financial responsibilities. Bookkeeping is among the most important. While it may seem easy to handle at first, accurate bookkeeping is more than tracking income and expenses–it’s the foundation of your company’s financial health. At Rakatansky CPA, we’ve helped countless small businesses establish […]
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