Accounting & Wealth Management Blog
Massachusetts Approved “Millionaire’s Tax,” What Happens Now
The Millionaires Tax has passed, and it means that high-income taxpayers in Massachusetts will pay more. Here’s how. What is the “Millionaires Tax”? The “Millionaires Tax” is a new tax rate on Massachusetts residents with income over $1,000,000. The Fair Share Amendment was passed by voters in 2023 and enabled this new tax structure by […]
read more »Year-End Tax Planning Strategies
Federal and state tax regulations governing personal tax returns can seem like an ever-shifting morass of challenges. The outcome of late submission of personal tax returns or of inaccurate information can result in significant penalties. The complexity of the tax code is one of the prime reasons that many individuals turn to experienced CPAs for […]
read more »How to Adjust Your Tax Withholding
Tax Withholding Adjustments Can Save You Money Now and Avoid Penalties Later While you may only think about your income tax on or around tax day, in actuality, the Internal Revenue Service (IRS) requires that employers withhold taxes from your paycheck throughout the year – otherwise known as withholding. When you got your job, your […]
read more »Challenges Of Creating An Estate Plan
While almost everyone understands the value and importance of estate planning, few people appreciate the challenges they might have to overcome while planning their estates. Rakatansky, Rakatansky & Associates provides knowledgeable estate, trust, tax, and succession planning to businesses, individuals, and families throughout New England. We work together with our clients to understand their objectives […]
read more »COVID-19 Sick and Family Leave Tax Credits for Self-Employed
If you are a self-employed individual who could not work as a result of either you or your family being affected by COVID-19, there may be significant tax credits available to you. The Families First Coronavirus Response Act provided small and midsize employers with refundable tax credits to cover the cost of providing paid sick […]
read more »Chartered Federal Employee Benefits Consultants
One of the reasons many chose to work for the US Postal Service or another government agency is probably because federal employment is known for its attractive retirement benefits. However, the federal retirement system is quite complex. Many human resource departments do not have personnel who can help you make informed decisions. As a result, […]
read more »Can I Pay My Personal Taxes From My Business Account?
Once tax returns have been prepared and the amount owed is determined, the next step is to figure out the best payment option. One of the more common questions small business owners have is how they pay their personal taxes. They often want to pay out of their business account. Is this possible? Using Business […]
read more »Do Beneficiaries Pay Massachusetts Taxes On Bank Accounts?
When a bank account is inherited, it’s important to understand the potential tax consequences. Each state has specific regulations in place, which include what taxes are owed on the account once it is passed to the beneficiary. It’s important to note, there could also be federal taxes due upon transfer. Here we will take a […]
read more »How Does A Health Savings Account Affect My Taxes
The HSA account can be a powerful tax-saving tool. It’s important to understand how it works and what it’s benefits are. Here is a breakdown of what the health savings account is all about and what benefits it provides. What is a Health Savings Account? A Health Savings Account (HSA) is designed to provide individuals […]
read more »The Power of the Annual Reset
Certain investment vehicles that are used to generate retirement income utilize a mechanism known as the annual reset in determining the ongoing value of the investment. In short this means that each year, on the anniversary date of the investment, a percentage increase equal to overall gains in the market (based on a predetermined index […]
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