There is a lot that you may not know about the Massachusetts Cigarette Excise Tax and the penalties associated with purchasing or possessing “unstamped cigarettes” under Massachusetts law. It is no secret that Massachusetts residents at the state border will likely purchase their cigarettes and other tobacco products in the neighboring state to avoid the …
Yearly Archive
for: ‘2011’
Learn More about Tax Deductions for Charitable Contributions
As the year-end approaches there are a few items about tax deductions for charitable contributions to note that may help you gather your tax information for the current year as well as help yourself become more organized going forward. You must keep records of all contributions being reported in order to qualify for a tax …
Go Green in 2011? Home Energy Tax Credits Still Available
Going green will save you green. There were two tax credits available to taxpayers in 2011 for their efforts to conserve energy and make their homes more green friendly. These tax credits were the Nonbusiness Energy Property Credit and the Residential Energy Efficient Property Credit. If eligible, homeowners can claim these tax credits on Form 5695 when …
Tax Return Filing Options – Do It Yourself
As a CPA and provider of tax services, I have seen thousands of tax returns and have dealt with various tax preparation software. Through these experiences I have dealt with many different clients from all walks of life and sizes. Each individual or small business owner has their own method of recording their transactions and …
Are you ready for Form 1099-K :: Merchant Card and Third Party Network Payments
The Housing Assistance Act of 2008 included a provision of the Internal Revenue Code that would affect companies that process credit and debit card payments. This would require companies like PayPal to issue a new 1099, Form 1099-K Merchant Card and Third Party Network Payments, to merchants with greater than $20,000 in sales composed of more …
Landlords, No need to issue 1099s for 2011
Last year, the Small Business Jobs Act of 2010 was passed and would require rental property owners and small businesses to issue 1099s to vendors that were paid more than $600 during the year, beginning with 2011. This law was not warmly welcomed by the affected parties. This created more paperwork for already overwhelmed business …
How does moving affect your 1040 tax return filing?
Have you recently moved to New England for a new job? Individuals that decide to relocate may have income or expenses that could affect the filing of their 1040 tax return. If you have moved during the year or plan on moving in the near future there are a few items you should note. First …
Lost Your Prior Year Tax Information? Retrieve it from the IRS
Safekeeping of all your important financial information has always been preached by institutions and most likely your parents. This is perfectly sound advice to follow but you always come across situations that may challenge your ability to do this. Not many people constantly monitor the status of these documents. Fortunately, most statements can be obtained …
Uh oh….You Have Received an IRS Notice
Each year, millions of taxpayers in all income levels and industries receive letters and notices from the Internal Revenue Service. My number one advice to these recipients is to face the issue head on. As Benjamin Franklin once said, “The only two certainties in life are death and taxes.” I am pretty confident you will …
Welcome to CLloyd Group!
Hello and welcome to the CLloyd Group website and blog. This blog will be used to inform readers on various financial news and updates. Please visit frequently and feel free to contact us with any questions. Your questions or stories will be addressed through blog posts for other readers to enjoy. Also, be sure to …
