Maddigan Tax ServiceTax Preparation Service in Middleboro, Massachusetts
We have finished another successful season. It is my 30th season as owner of the business - time really files. So greatful to my in-laws that started the business and then felt confident enough in me to "pass the torch." Many thanks go to our wonderful clients that are patient and organized (well, most of you...). I couldn't do it without my capable staff - they work very hard in a very concentrated time. Again, thank you to you all and see you next year!!
Good morning!! My earlier post stated that several provisions of the tax code were no longer available for 2017 filing. Well, on February 9, when Congress and the President approved the budget to stop the closing of the government, they renewed several items. The most popular of which is the deduction for PMI on your Mortgage and the Tuition and Fees deduction for those unable to take advantage of the other College Credits. The program has adjusted and we are now able to deduct both of these items.
If you sell items or services on the Internet and use PayPal, you may be receiving a 1099- K from them stating how much money you received in sales in 2017. The Federal rule is that a 1099-K is issued when total sales exceed $20,000 and 200 transactions. Massachusettts and Vermont, however, adjusted the rule for their states to require that the form must be sent if total sales were more than $600 and there is no minimum number of transactions. This information is relevant to your tax return preparation.
As a result of the new tax act, new withholding charts were developed and are now being used. If you notice that your paycheck is larger than it has been, that is most likely the reason. If we are preparing your taxes this year, we ask that you bring a current pay stub with you. We can look at it and help you be sure that the withholding is correct for 2018 for your tax situation under the new law.
The program has been installed, the office organized (almost..) and we are getting ready for our clients. As I have said, there will be no real difference in this year's tax preparaton - the changes will all happen in 2018. To that end, we will spend some time with you to anticipate what your 2018 tax situation will look like. If you can, please bring a copy of your latest paystub. That will help us to estimate your 2018 tax liability and refund/balance due. Many of you will be asked to complete a new W-4, the form that determines the amount of withholding to be taken from your pay. We can help you with that as well. See you soon.
Good morning. Hope you are keeping warm. It's a chilly one!! I've been reading as much as I can about the new tax bill. I have also taken random 2016 tax returns and applied the new tax exemptions and rates. In the sample of cases I have tested, the tax saving has been from $500 to $2,000. i have not seen any tax incease. Many are calling and asking what, if anything, they should do before year end. The general answer is to defer income to 2018 and prepay deductible expenses, such as Real Estate taxes, in 2017. The Standard Deduction will be so much higher, that many taxpayers will not receive benefit from the deduction in 2018.
Good morning! Well, the new tax law has passed and people are very nervous how it will affect them. I am hoping that the details will be available in the next few days. Among the delicious food, great company and presents, I will review the information and run some numbers to get an idea how it will affect a sampling of clients. Don't feel like this is an imposition - I am a tax geek and it is a sort of present for me! Have a very Merry Christmas!
As I was looking at FaceBook, I noticed many people advertising their services. Some people are advertising their small businesses, and others just stating that they do certain services. Remember, when you go to your tax preparer, or if you prepare your own taxes, and the question is asked, "Do you have any other income?", this income must be reported. Be sure that you report that income along with any applicable expenses. As a preparer, we are legally required to report any income that we know of and refuse to prepare the return if the taxpayer does not report it. Also remember, the IRS can go on Facebook, too!
If you have called the office in the last week or so, you received a message to call my home phone. Well, I stepped off a step, twisted my ankle and broke my leg just above the ankle. I am in a boot, so the stairs are tricky. I am still working, just in my office inside my home. So, please contact me and if need be we can meet at my kitchen table!! Have a great day.
Happy summer everyone! The office's summer hours will be Monday through Wednesday 8:30 to 4. Appointments can be made for other times. Please call before coming to the office as the staff is limited and I may be out at an appointment. Enjoy the weather.
Another successful year at the Maddigan Tax Service is in the books. My wonderful staff, clients and, of course, family make it the best business i could ask for. People ask if I am going to retire - not in my plans. I like what I do, and who is along with me, so as long as it is fun (most days, as in anything), I will be here with you all. Thanks again!!