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

Important charitable giving reminders for taxpayers

Giving Tuesday is the kickoff of the season of charitable giving. The IRS encourages taxpayers to research charities before donating and to familiarize themselves with the expanded tax benefits that may come with giving to causes that mean something to them. Taxpayers may be able to deduct donations to tax-exempt organizations on their tax return. …

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Here’s how businesses can deduct startup costs from their federal taxes

When starting a business, owners should treat all eligible costs incurred before beginning to operate the business as capital expenditures that are part of their basis in the business. Generally, the business can recover costs for assets through depreciation deductions. For costs paid or incurred after September 8, 2008, the business can deduct a limited …

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Understanding the tax responsibilities that come with starting a business

Small business owners have a variety of tax responsibilities. The IRS knows that understanding and meeting tax obligations is vital to the success of all businesses, especially a new one. IRS.gov has the resources and information to help people through the process of starting a new business. Here are some tips for new entrepreneurs: Choose …

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Get ready for taxes: Easy steps taxpayers can take now to make tax filing easier in 2022

The Internal Revenue Service today encouraged taxpayers, including those who received stimulus payments or advance Child Tax Credit payments, to take important steps this fall to help themselves file their federal tax returns in 2022. Planning ahead can help people file an accurate return and avoid processing delays that can slow tax refunds. This is …

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