Cormier & Rea announce additional office at 483 Summer St, Ste 2000, Arlington, MA

Taxability of on-line auction sales

Online Auction Sellers: If you are an online auction seller, you may have tax responsibilities. You may be subject to liabilities for income tax, self-employment tax, employment tax, or excise tax. Your sales may result in capital gains, nondeductible personal losses, or you may have ordinary business income. Did You Have an Online Garage Sale? …

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Tax Extenders and Much More Signed into Law

Just before Christmas, President Bush signed the Tax Relief and Health Care Act of 2006, which retroactively restores some popular expired tax cuts to the beginning of 2006. These include the deduction for state and local sales taxes, the higher education tuition deduction, the teacher’s classroom expense deduction and the research tax credit. The new …

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Tax “Extenders” Bill Approved by Congress

On December 8, Congress approved The Tax Relief and Health Care Act of 2006 (the Bill). The Bill includes provisions that would extend expiring, or already expired, tax provisions, including the sales tax deduction. The measure extends and/or modifies other tax relief, including energy tax and health savings account provisions, and other miscellaneous tax and …

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Drawbacks of married couples filing separately

If you choose to file as married filing separately, you generally will not qualify for the earned income tax credit, the education credits, deduction for student loan interest, tuition and fees deduction, or the child and dependent care credit. If you take part in an employer’s dependent care assistance program, the amount excluded is limited …

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