What are the opening hours?

Monday 8am - 5pm Tuesday 8am - 5pm Wednesday 8am - 5pm Thursday 8am - 5pm Friday 8am - 5pm

Neal A. Price & Company, LLP

Home
United States
Peabody, MA
Neal A. Price & Company, LLP

Accounting and Financial Services Firm Neal A. Located just north of Boston, in Peabody, Massachusetts, Neal A.

Price & Company, LLP is a family owned and operated Certified Public Accounting firm with over 35 years experience providing our clients with expert tax and accounting services in a relaxed and friendly environment. Price & Company, LLP offers a complete package of superior tax, audit and accounting services to business and individual clients across eastern Massachusetts and beyond. From individua

l and business tax preparation and planning to specialized accounting, auditing and tax services, Neal A. Price & Company, LLP has the expertise and experience you can count on. We're committed to developing a relationship as your long-term, trusted source for your tax and accounting needs.

08/03/2026

Believe it or not, now is a great time to start thinking about year-end purchases, equipment needs, hiring, and cash flow.

Let's talk before year-end decisions become urgent.

07/27/2026

Myth: "My accountant should only hear from me during tax season."
Fact: The best financial decisions happen throughout the year.

We're here to support you year-round!

07/20/2026

Have another tax question? Send it our way!

07/13/2026

Summer schedules get busy, but bookkeeping shouldn't fall behind. Staying current makes year-end far less stressful.

Spend 30 minutes this week getting caught up. You will thank yourself later!

07/10/2026

Five numbers every business owner should know: Revenue, Profit, Cash on Hand, Accounts Receivable, and Tax Savings.

Which number do you monitor most closely?

07/08/2026

It's the people that make the place. Our dedicated staff is comprised of client-oriented professionals, who are committed to delivering personalized service, building trust, and helping clients navigate financial decisions with confidence.

Stop into our office and say hello!

07/06/2026

Halfway through the year is the perfect time to evaluate your business's financial health. Review revenue, expenses, cash flow, and goals before the busy fall season arrives.

Contact us if you'd like help reviewing your numbers.

08/11/2022

Estimated tax payments: Who owes them and when is the next one due?

If you don’t have enough federal tax withheld from your paychecks and other payments, you may have to make estimated tax payments. This is the case if you receive interest, dividends, self-employment income, capital gains or other income. Here are the applicable rules for paying estimated tax without triggering the penalty for underpayment.

When are the payments due?

Individuals must pay 25% of a “required annual payment” by April 15, June 15, September 15, and January 15 of the following year, to avoid an underpayment penalty. If one of those dates falls on a weekend or holiday, the payment is due on the next business day.

So the third installment for 2022 is due on Wednesday, September 15. Payments are made using Form 1040-ES.

How much should you pay?

The required annual payment for most individuals is the lower of 90% of the tax shown on the current year’s return or 100% of the tax shown on the return for the previous year. However, if the adjusted gross income on your previous year’s return was more than $150,000 ($75,000 if you’re married filing separately), you must pay the lower of 90% of the tax shown on the current year’s return or 110% of the tax shown on the return for the previous year.

Most people who receive the bulk of their income in the form of wages satisfy these payment requirements through the tax withheld by their employers from their paychecks. Those who make estimated tax payments generally do so in four installments. After determining the required annual payment, divide that number by four and make four equal payments by the due dates. But you may be able to use the annualized income method to make smaller payments. This method is useful to people whose income flow isn’t uniform over the year, perhaps because of a seasonal business. For example, if your income comes exclusively from a business operated in a resort area during June, July, and August, no estimated payment is required before September 15.

Who owes the penalty for underpaying?

If you don’t make the required payments, you may be subject to an underpayment penalty. The penalty equals the product of the interest rate charged by the IRS on deficiencies, times the amount of the underpayment for the period of the underpayment.

However, the underpayment penalty doesn’t apply to you if:
• The total tax shown on your return is less than $1,000 after subtracting withholding tax paid;
• You had no tax liability for the preceding year, you were a U.S. citizen or resident for that entire year, and that year was 12 months;
• For the fourth (January 15) installment, you file your return by that January 31 and pay your tax in full; or
• You are a farmer or fisherman and pay your entire estimated tax by January 15, or pay your entire estimated tax and file your tax return by March 1.
In addition, the IRS may waive the penalty if the failure was due to casualty, disaster or other unusual circumstances and it would be inequitable to impose the penalty.

The penalty can also be waived for reasonable cause during the first two years after you retire (and reach age 62) or become disabled.

Do you have more questions?

Contact us at 978-854-5656 if you think you may be eligible to determine your estimated tax payments under the annualized income method, or you have other questions about how the estimated tax rules apply to you.

© 2022

03/25/2022

It's PC Friars pride day featuring Paul Price (class of 1979), Leigh (Price) Berry (Class of 1994) and Patrick Price (Class of 1997) 🏀

06/24/2021

Retiring soon? 4 tax issues you may face

If you’re getting ready to retire, you’ll soon experience changes in your lifestyle and income sources that may have numerous tax implications.

Here’s a brief rundown of four tax and financial issues you may deal with when you retire:

Taking required minimum distributions. This is the minimum amount you must withdraw from your retirement accounts. You generally must start taking withdrawals from your IRA, SEP, SIMPLE and other retirement plan accounts when you reach age 72 (70½ before January 1, 2020). Roth IRAs don’t require withdrawals until after the death of the owner. You can withdraw more than the minimum required amount. Your withdrawals will be included in your taxable income except for any part that was taxed before or that can be received tax-free (such as qualified distributions from Roth accounts).

Selling your principal residence. Many retirees want to downsize to smaller homes. If you’re one of them and you have a gain from the sale of your principal residence, you may be able to exclude up to $250,000 of that gain from your income. If you file a joint return, you may be able to exclude up to $500,000.

To claim the exclusion, you must meet certain requirements. During a five-year period ending on the date of the sale, you must have owned the home and lived in it as your main home for at least two years.
If you’re thinking of selling your home, make sure you’ve identified all items that should be included in its basis, which can save you tax.

Engaging in new work activities. After retirement, many people continue to work as consultants or start new businesses. Here are some tax-related questions to ask:

• Should the business be a sole proprietorship, S corporation, C corporation, partnership or limited liability company?
• Are you familiar with how to elect to amortize start-up expenditures and make payroll tax deposits?
• What expenses can you deduct and can you claim home office deductions?
• How should you finance the business?

Taking Social Security benefits. If you continue to work, it may have an impact on your Social Security benefits. If you retire before reaching full Social Security retirement age (65 years of age for people born before 1938, rising to 67 years of age for people born after 1959) and the sum of your wages plus self-employment income is over the Social Security annual exempt amount ($18,960 for 2021), you must give back $1 of Social Security benefits for each $2 of excess earnings.

If you reach full retirement age this year, your benefits will be reduced $1 for every $3 you earn over a different annual limit ($50,520 in 2021) until the month you reach full retirement age. Then, your earnings will no longer affect the amount of your monthly benefits, no matter how much you earn.

Speaking of Social Security, you may have to pay federal (and possibly state) tax on your benefits. Depending on how much income you have from other sources, you may have to report up to 85% of your benefits as income on your tax return and pay the resulting federal income tax.

Many decisions

As you can see, tax planning is still important after you retire. We can help maximize the tax breaks you’re entitled to so you can keep more of your hard-earned money.

© 2021

Address

222 Rosewood Drive #340
Peabody, MA
01923

Opening Hours

Monday	8am - 5pm
Tuesday	8am - 5pm
Wednesday	8am - 5pm
Thursday	8am - 5pm
Friday	8am - 5pm

Website

http://www.nealpriceandcompany.com/, https://www.instagram.com/nealpriceandcompany/

Alerts

Be the first to know and let us send you an email when Neal A. Price & Company, LLP posts news and promotions. Your email address will not be used for any other purpose, and you can unsubscribe at any time.

Contact The Business

Send a message to Neal A. Price & Company, LLP: