John S Fitzgibbons, CPA, Pc

03/29/2020

Here’s some information on the stimulus check we are all anxiously awaiting. It is actually an advance of a tax credit to be taken on your 2020 tax return. It is not taxable income. The check you receive will be based on your 2018 or 2019 returns. If your check is less than the maximum you could otherwise receive based on income from those years and your income goes down you may receive the difference when you file 2020 returns. Alternatively if your 2020 income takes you beyond the thresholds you will NOT need to repay the difference. This based on reading different resources and may change.

03/28/2020

As we all have heard - tax season has been extended to July15th for both filing returns normally due April 15th as well as paying any liabilities. This is no reason to wait until then especially if you are due a refund. Drop offs are welcome in both Chicopee and Enfield.

05/09/2018

New articles have been posted on my website. One article addresses the new rules regarding mortgage interest. Visit my website by clicking Learn More above and browse the various articles, calculators and other information we have to offer. Sign up to receive the monthly articles directly to your email when published.

01/16/2018

TAX SEASON IS HERE. For those who get them, tax organizers have gone out. As you receive tax documents put them in a folder. The IRS is putting even more responsibility for verifying information onto tax preparers. Be helpful and make sure you bring actual tax documents (W-2, 1099, 1098 etc.). Preparers are not supposed to file a return electronically unless they have seen an actual W-2, if applicable. Be prepared to prove dependants, especially if you get the child tax credit and/or the earned income credit. Your preparer may ask you questions that you might take offence to - don't - they are asking in order to complete due diligence requirements and avoid penalties of $510 per occurance.

12/22/2017

We have just posted a new arcticle recaping some of the key provisions of the new tax law. View this and other articles on our website at www.johnsfitzgibbonscpa.com. To receive articles from us monthly directly to your email, sign up for the CPA newsletter. You don't need to be a CPA or a client.

John S. Fitzgibbons, CPA, P.C. is a full service tax and accounting firm, CPA Westfield MA, Accountant Westfield MA, Taxes Westfield MA, CPA MA 01086, CPA Chicopee MA, Taxes Chicopee MA

12/21/2017

With the new tax bill on the way to the President for signature there continues to be a lot of opinions as to its benefits. Yes it does benefit corporations the most, but also benefits the small business owners and self-employed. Guess what, despite all the Democrate rheteric, it will benefit most low(asuming you paid a tax last year) to middle income taxpayers. Some mixed results with singles in the 200k plus range as their tax rate actually goes up. The information has been light until now preventing any real calculations to see what the benefits might be. Suggestions: accelerate charitable contribution(if you expect to contribute in January or February pay in December instead)/pay real estate taxes which are billed in 2017-if you pay state estimated tax payments-review your 2017 income to see if you should legitimately pay more and do so before 1/1/18.

12/12/2017

December 15th is the due date for most corporations to pay in their fourth quarter estimated tax payment. It's a perfect time to review earnings to date and do some last minute tax planning, even if that is only to make sure you have enough to pay the final tax bill due with your return or extension in 2018.

12/06/2017

We have just posted a new article on our website with 5 year-end tax strategies and some points on the proposed tax reform. Click on "learn more" above to visit my website and access this article and more.

12/06/2017

With reconciliation talks in full swing, nothing is certain for 2018 tax outlook. However, preliminarily there are some similarities in the two bills. Approximate doubling of the standard deduction will eliminate the need for many to itemize. That is also due to the elimination of the state tax deduction and home equity loan interest as well as a cap on the real estate tax deduction. Planning tip: excelerate itemized deductions including donations into the current year. The elimination of the personal exemption is, for the most part, offset by the increase in the standard deduction and the child tax credit. This will have mixed results for middle and low income taxpayers. Nothing in this post is intended to provide tax advice and cannot be relied upon as a source for avoiding tax penalties. Consult your tax advisor for guidance on your personal tax situation.

11/29/2017

As we approach the end of the calendar year, the Senate and House are trying to push for the much talked about tax bill. Although they are close on the corporate side, the individual side has a lot of reconciling to do. Unfortunately, to much to do any real tax planning. Click "Learn More" above to access my website for articles about this and a variety of other matters.

11/23/2017

Happy Thanksgiving everyone. Be safe and enjoy your family.

11/10/2017

The House Ways and Means Committee released initial details on the new proposed Republican tax bill. Several differences are outlined including the top rate staying at 39.6 and retaining current 401(K) plan rules. Click learn more above for article featured on my website.