How to Save Taxes in 2020 and Beyond

It’s time to implement strategies to help reduce your 2020 federal income tax bill and position yourself for future tax savings. Here are some ideas to consider before year end.

Gaming the Standard Deduction

The Tax Cuts and Jobs Act (TCJA) almost doubled the standard deduction amounts. For 2020, the standard deduction allowances are:

  • $12,400 for single people and married couples who file separate returns,
  • $18,650 for people who use the head-of-household filing status, and
  • $24,800 for married couples who file joint tax returns.

If your total itemizable deductions for 2020 will be close to your standard deduction amount, consider making enough additional expenditures for itemized deduction items before year end to exceed the standard deduction. Those prepayments will lower your tax bill for 2020. Next year, your standard deduction might be a bit bigger thanks to an inflation adjustment, and you can claim it then. Or the standard deduction might be smaller, depending on possible tax law changes.  

The easiest itemizable expense to prepay is included in home mortgage payments due on January 1, 2021. Accelerating that payment into 2020 will give you 13 months’ worth of itemized home mortgage interest deductions for this year. Beware: The TCJA limits these deductions, so consult with your tax advisor before prepaying your mortgage. 

Other items to consider prepaying are state and local income and property taxes that are due early next year. Prepaying those bills before year end can decrease your 2020 federal income tax bill, because your total itemized deductions will be that much higher. However, the TCJA decreased the maximum amount you can deduct for state and local taxes to $10,000 ($5,000 for married couples who file separate returns).

Important: Prepayingstate and local taxes can be a bad idea if you’ll owe the alternative minimum tax (AMT) this year. That’s because write-offs for state and local taxes are completely disallowed under the AMT rules. Therefore, prepaying those expenses may do little or no good for people who are subject to the AMT. Fortunately, the TCJA eased the AMT rules, so most people are no longer at risk.  

To maximize your itemized deductions for 2020, you also could make bigger charitable donations this year and then make smaller donations next year to compensate. Or you might consider accelerating elective medical procedures, dental work and expenditures for vision care. If you itemize for 2020, you can deduct medical expenses to the extent they exceed 7.5% of your adjusted gross income (AGI). Next year, the deduction threshold is scheduled to rise to 10% of AGI.

Managing Gains and Losses in Taxable Investment Accounts  

If you hold investments in taxable brokerage firm accounts, consider the tax advantage of selling appreciated securities that have been held for over 12 months. The federal income tax rate on long-term capital gains can be as high as 20%, plus the 3.8% net investment income tax (NIIT) can also apply at higher income levels. (See “Current Individual Federal Income Tax Rate Scene” at right.)   

To the extent you have capital losses from earlier this year or capital loss carryovers from prior years, selling appreciated investments this year won’t result in a tax hit. In particular, sheltering net short-term capital gains with capital losses is a tax-smart move because net short-terms gains would otherwise be taxed at higher ordinary income rate of up to 37%.   

Conversely, if you have some loser investments — that are currently worth less than what you paid for them — you might want to unload them. Taking the resulting capital losses this year would allow you to shelter capital gains, including high-taxed short-term gains, from other sales this year.

If selling some loser investments would cause your 2020 capital losses to exceed your 2020 capital gains, the result would be a net capital loss for the year. It can be used to shelter up to $3,000 of 2020 income from salaries, bonuses, self-employment income, interest income and royalties ($1,500 for married couples who file separate returns). Any excess net capital loss can be carried forward indefinitely.

A capital loss carryover can be used to shelter short- and long-term gains recognized next year and beyond. This can give you extra investing flexibility in those years, because you won’t have to hold appreciated securities for over a year to get a lower tax rate. You’ll pay 0% to the extent you can shelter gains with your loss carryover. Depending on future tax rate changes, these loss carryovers can be quite valuable. 

Donating to Charities

You can also make gifts to your favorite charities in conjunction with an overall revamping of your investments in taxable brokerage firm accounts. But there are two principles to keep in mind.

First, don’t give away investments that are currently worth less than what you paid for them. Instead, sell the shares and book the resulting tax-saving capital loss. Then you can give the cash sales proceeds to favored charities — plus, if you itemize, you can claim the resulting tax-saving charitable write-offs.

The second principle applies to investments in appreciated securities. These winning investments should be donated directly to a preferred charity. Why? Because, if you itemize, donations of publicly traded shares that you’ve owned for over a year result in charitable deductions equal to the full current market value of the shares at the time of the gift. Plus, when you donate appreciated shares, you escape any capital gains taxes on those shares. Meanwhile, the tax-exempt charitable organization can sell the donated shares without owing federal taxes.

Gifting to Family Members  

The principles for tax-smart gifts to charities also apply to gifts to relatives. That is, you should sell loser investments and collect the resulting tax-saving capital losses. Then give the cash sales proceeds to loved ones.

Likewise, you should give appreciated shares directly to relatives. In many cases, they’ll pay a lower tax rate than you would if you sold the same shares.

Making Charitable Donations From Your IRA

IRA owners and beneficiaries who have reached age 70½ are permitted to make cash donations totaling up to $100,000 to IRS-approved public charities directly out of their IRAs. You don’t owe income tax on these qualified charitable distributions (QCDs), but you also don’t receive an itemized charitable contribution deduction.

The upside is that the tax-free treatment of QCDs equates to an immediate 100% federal income tax deduction without having to worry about restrictions that can delay itemized charitable write-offs. Contact your tax advisor if you want to hear about the benefits of QCDs. If you’re interested in taking advantage of this strategy for 2020, you’ll need to arrange with your IRA trustee for money to be paid out to one or more qualifying charities before year end.

Prepaying College Tuition Bills

The TCJA retains two valuable tax credits for higher education costs.

1. American Opportunity credit. This credit equals 100% of the first $2,000 of qualified postsecondary education expenses, plus 25% of the next $2,000 (assuming the phaseout rule explained later doesn’t affect you). So, the maximum annual credit is $2,500.

For 2020, the American Opportunity credit is phased out (reduced or eliminated) if your modified adjusted gross income (MAGI) is between:

  • $80,000 and $90,000 for single people, or
  • $160,000 and $180,000 for married couples filing joint returns.

2. Lifetime Learning credit. This credit equals 20% of up to $10,000 of qualified education expenses. The maximum credit is $2,000.

For 2020, the Lifetime Learning credit is phased out if your MAGI is between:

  • $59,000 and $69,000 for single people, or
  • $118,000 and $138,000 for married couples filing jointly.

Numerous rules and restrictions apply to these higher education credits. If you’re eligible for either credit, you might consider prepaying college tuition bills that aren’t due until early 2021 if it would result in a bigger credit this year. Specifically, you can claim a 2020 credit based on prepaying tuition for academic periods that begin in January through March of next year.

If your MAGI is too high to be eligible for the Lifetime Learning credit, you might still qualify to deduct up to $2,000 or $4,000 of college tuition costs for 2020. If so, consider prepaying tuition bills that aren’t due until early 2021 if that would result in a bigger deduction this year. As with the credits, your 2020 tuition and fees deduction can be based on prepaying tuition for academic periods that begin in the first three months of 2021.

Important: The higher education tuition and fees deduction is scheduled to expire after 2020, unless Congress passes legislation to extend it.

Deferring Income Into Next Year — or Not 

If you expect to be in the same or lower tax bracket next year, you might want to defer some taxable income from 2020 into 2021. For example, if you operate a small business that uses the cash method of accounting, you can postpone taxable income by waiting until late in the year to send out some invoices. That way, you won’t receive payment for them until early 2021. Small business owners can also defer taxable income by accelerating some deductible business expenditures into this year.

Both moves will postpone taxable income from this year until next year when it might be taxed at lower rates. Deferring income can also be helpful if you’re affected by unfavorable phase-out rules that reduce or eliminate various tax breaks, such as the child tax credit and the higher-education tax credits.

On the other hand, if you expect to be in a higher tax bracket in 2021, consider accelerating income into this year (if possible) and postponing deductible expenditures until 2021.

Converting an IRA to a Roth IRA

The best scenario for converting a traditional IRA into a Roth account is when you expect to be in the same or higher tax bracket during retirement. Currently, tax rates are low by historical standards, but there’s been discussion of increasing taxes in the future to fund COVID-19 financial relief measures and various spending priorities. So, now might be a good time to consider a conversion.

Beware: There’s a current tax cost for converting. A conversion is treated as a taxable liquidation of your traditional IRA followed by a nondeductible contribution to the new Roth account. If you wait to convert your account until 2021 or later, the tax cost could be higher, depending on future tax rates.

After the conversion, all the income and gains that accumulate in the Roth account, and all qualified withdrawals, will be federal-income-tax-free. In general, qualified withdrawals are those taken after:

  • You’ve had at least one Roth account open for more than five years, and
  • You’ve reached age 59½, become disabled or died.

With qualified withdrawals, you (or your heirs if you die) won’t be required to pay higher tax rates that might otherwise apply in future years. While the current tax hit from a Roth conversion is unwelcome, it could be a relatively small price to pay for future tax savings.

Current Individual Federal Income Tax Rate Scene

Here’s an overview of the current tax situation under the Tax Cuts and Jobs Act (TCJA). Many of its provisions that affect individuals will expire in 2026, unless Congress extends them.

Federal Income Tax Rates

The 2020 federal income tax rate picture for individuals is the same as last year, except the tax rate brackets have been adjusted slightly for inflation. Currently, there are seven tax brackets: 10%, 12%, 22%, 24%, 32%, 35% and 37%. For 2020, the top rate applies to:

  • Single people with taxable income above $518,400,
  • Married couples who file jointly with taxable income above $622,050, and
  • Heads of households with taxable income above $518,400.

Long-Term Capital Gains Rates

For most individuals, the 2020 federal income tax rate on long-term capital gains and qualified dividends is either 0% or 15%. However, the maximum rate on long-term capital gains and dividends rises to 20% for:

  • Single people with taxable income above $441,450,
  • Married couples who file jointly with income above $496,600, and
  • Heads of households with income above $469,050.

Net Investment Income Tax

Higher-income individuals can also see all or part of their net investment income, including long-term capital gains and dividends, hit with a 3.8% net investment income tax (NIIT). However, the NIIT strikes only if your modified adjusted gross income (MAGI) exceeds:

  • $200,000 if you’re unmarried, or
  • $250,000 if you’re married and file jointly.

The NIIT applies to the lesser of:

  • Your net investment income, or
  • The amount by which your MAGI exceeds the applicable threshold.

MAGI refers to adjusted gross income increased by certain tax-exempt income from outside the United States.

Additional Medicare Tax

Higher-income individuals can also get hit by the additional 0.9% Medicare tax on wages and self-employment (SE) income. The 0.9% tax is charged on salary and/or net SE income above:

  • $200,000 for unmarried individuals, and
  • $250,000 for married couples who file jointly.

Expiring Tax Breaks 

Be aware that these popular federal tax breaks for individuals are scheduled to expire at the end of 2020.

1. Higher education tuition and fees deduction. This write-off can range from $0 to $4,000, depending on your income. This deduction is “above-the-line,” meaning that you don’t need to itemize to benefit.

2. Tax-free treatment for forgiven principal residence mortgage debt. Forgiven debts generally count as taxable cancellation of debt (COD) income. However, a temporary exception applies to COD income from cancelled mortgage debt that was used to acquire a principal residence. Under the temporary rule, up to $2 million of COD income from principal residence acquisition debt that’s cancelled in 2020 is treated as a tax-free item. 

3. Credit for energy-efficient home improvements. Homeowners can claim a tax credit of up to $500 for certain energy-saving improvements to a principal residence. The $500 cap must be reduced by any credits claimed in earlier years.

Meet With Us

The future of federal income taxes for individuals is uncertain. But at least you know the rules that will apply for 2020. Contact us to discuss ways to best position yourself for this year and beyond.

© 2020

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On November 21, Bentley University held 2020 Women on Boards National Conversation on Board Diversity. The conversation was “How Can We Help Each Other and Seek Allies to Find a...

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Samet Welcomes Cynthia Casey, Allison Gaines, and Risë Fanger to the Team

Certified Public Accounting (CPA) firm, Samet & Company PC (Samet),is pleased to announce that Cynthia Casey, CPA, Allison Gaines, CPA, and Risë Fanger have joined the firm. Cynthia Casey, CPA joined Samet as a Manager and...

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Samet’s International Alliance Ranked Third in the World

We are pleased to announce that our international alliance of independent accounting and professional services firms, TAG Alliances®, has been recognized by Accountancy Age as one of the top three accounting alliances...

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Samet Creates Encouraging Cards for Children Fighting Cancer

This holiday season, we joined the Jessie Rees Foundation in their mission to help every kid fighting cancer to Never Ever Give Up. Throughout the month of November, we hosted...

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Plan Eligibility Trends and Increasing Participation

The main reason employees participate in a benefit plan is to save for retirement. In a study conducted by Samet & Company, PC, based on employee benefit plans that were...

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Josh Levine and Tom Attura Promoted to Managers

Samet is pleased to announce that Josh Levine, CPA and Tom Attura, CPA have been promoted to Managers. Attura provides accounting and tax services for clients in a variety of industries including wholesale...

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Samet Hosts a JoyDrive for Children Battling Cancer

This holiday season, Samet is joining the Jessie Rees Foundation in their mission to encourage every child battling cancer to Never Ever Give Up, or “NEGU.”  Jessie Rees was 11...

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Choosing the Right Investment Options to Suit Your Goals

There is a diverse mix of investment options that a defined contribution plan may offer to its participants. The plan sponsor should aim to provide a sufficient number and variety...

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How to Land Your Dream Job According to Experts

When it comes to landing your dream job, there’s a lot more preparation required than simply wearing your best business attire. Samet’s Risë Fanger was quoted in an article on...

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Fee Arrangements – Put a Process in Place

Plan sponsor and participant disclosures have raised the awareness of plan fees. Are the fees being charged prudent and the amount reasonable in light of the service being provided?  Is...

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Samet’s Sponsorship of the 2019 National Conversation on Board Diversity

We are pleased to announce that we will be sponsoring the 2019 National Conversation on Board Diversity, 2020WOB’s signature fundraising event. It is with great pride that we are part...

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8 Methods to Increase Plan Participation

Plan administrators may be noticing a lower than expected participation rate in their employee benefit plan. Increasing plan participation is advantageous not only to employees, but also to the plan...

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Kristie DeLuca Serves on the 2020 Women on Boards Steering Committee for Second Year

Samet’s Kristie DeLuca is serving on the 2020 Women on Boards Steering Committee for its 2019 National Conversation on Board Diversity. 2020WOB is a national education and advocacy campaign devoted...

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Samet Recognized in the INSIDE Public Accounting’s Top 400 Firms of 2019 List

For the second consecutive year, Samet has been acknowledged in the INSIDE Public Accounting’s 400 Firms list! IPA, the award winning newsletter for public accounting, annually recognizes the largest accounting...

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Samet Stars Participate in the MSCPA’s Karter Kup Tennis Tournament

Four members of the Samet team attended the Massachusetts Society of CPAs’ Karter Kup Tennis Tournament at the Tennis Hall of Fame in Newport, RI. The group had a great...

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The Benefits of Forming an Investment Committee

Samet’s Dennis Giangregorio, Shawn P. Huxley and James Alexander explore the many reasons a company’s plan sponsor should consider forming an investment committee. To read the article published on BenefitsPro...

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Samet’s Kickball Team Wins the BSSC Championship!

Congratulations to Samet’s kickball team for taking first place in the kickball championship at Boston Ski and Sports Club! All of us at Samet are proud of your hard work...

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The Detrimental Effects of Late Deposits

Plan Sponsors have an important fiduciary responsibility to ensure that all amounts withheld from an employee’s check are remitted to the Plan’s custodian without exception. However, this responsibility extends one...

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Dennis Giangregorio Promoted to Partner

Samet is pleased to announce that Dennis Giangregorio, CPA has been promoted to a partner of the firm as of July 1, 2019. PR Web: To read the full press...

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The Pros of Working at a Midsize Professional Services Firm

Samet’s Kristie DeLuca, CPA, acknowledges her admiration for the balanced, flexible, and collaborative work environment she experiences on a day-to-day basis working at a midsize accounting firm. To read more...

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Natural Disasters & Retirement Plans

Shawn Huxley and James Alexander’s article entitled, “When natural disasters and emergencies strike: Retirement plans & hardship distributions,” was recently published in Benefits Pro (subscription required). Click here to read!

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EBSA Study and Its Findings

Samet’s Shawn Huxley, CPA, MSA, and James Alexander detailed the most recent EBSA study findings in the article below.

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3 Times You Should Consider Business Valuation

Samet’s Matt Paul, CVA, MBA, discusses appropriate times to consider business valuation here!

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Easy Ways for Small Businesses to Use Data Analytics

Harnessing the power of big data and analytics can be difficult for small businesses. Limited time, experience, and finances are often the main obstacles preventing small business owners and executives...

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Samet & Company PC Promotes 3 as Directors of the Firm!

Samet & Company PC is pleased to announce that Dennis Giangregorio, CPA; Shawn Huxley, CPA, MSA; and Helen Schussler, CPA, CEP have been promoted to Directors of the firm. To...

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Doing Business in China: Challenges And Opportunities Event!

Doing Business in China:  Challenges and Opportunities Date: November 19, 2018 Time: 5:30 – 7:30 p.m. Call if interested (617)731-1222! Doing business in China can be daunting, but it also presents much...

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Kristie DeLuca Joins 2020 Women on Boards Host Committee

  Kristie DeLuca is serving on the 2020 Women on Boards Host Committee for the 2018 National Conversation event scheduled to take place November 15, 2018 at 5:30 p.m. at...

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Samet’s Robert Miller Featured in Boston Business Journal

Samet’s new Assurance Partner Robert Miller has been featured in Boston Business Journal. To view click here!

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Kristie DeLuca to Present for The Boston Club on New Tax Bill

On April 24, 2018, Kristie DeLuca, CPA will lead a discussion on the new tax bill and its impact on members of The Boston Club.

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Paul Flanagan Discusses Life at Samet in the New England Real Estate Journal

Samet’s Paul Flanagan, Partner, was featured in the March 16th edition of the New England Real Estate Journal! Paul discussed his interests and life at the firm. Check out the...

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Kristie DeLuca and David Marcus Promoted to Partners

Samet is pleased to announce that effective January 1, 2018 Kristie DeLuca and David Marcus have been promoted to Partner. Kristie DeLuca Kristie DeLuca joined Samet in 2005 as an...

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Samet Merges with RSA

Samet & Co. was featured in Inside Public Accounting on its merger with RSA. A link to more information can be found here. Samet & Co. was recently mentioned in MSCPA news on...

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Tax Cuts & Jobs Act Updates

On December 22, 2017, the Tax Cuts & Jobs Act (TCJA) was signed into law amending the Internal Revenue Code of 1986. The following documents go into detail of exactly...

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Overview of Provisions of the TCJA Affecting Individuals

The recently enacted TaxCuts and JobsAct (TCJA) is a sweeping tax package. Here’s a look at some of the more important elements of the new law that have an impact...

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Samet at Trillium's New Roslindale Garden

The Samet team attended the grand opening of Trillium’s Roslindale Garden at the Substation. The team had a great experience learning about Trillium’s commitment to the Substation for the upcoming...

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Samet Volunteers with the Ellie Fund

Samet employees Brooke Munafo (right) and Hannah Riley (left) volunteered at a recent Ellie Fund event. Munafo and Riley got an inspiring glimpse at how the Ellie Fund’s six staff...

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Jay Kessler, managing shareholder of Samet & Company, PC, joins the board of the College Diabetes Network

Chestnut Hill, MA. November 27, 2017 –Samet & Company PC today announces that Jay Kessler has joined the board of directors of the College Diabetes Network (CDN). Mr. Kessler is...

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Industry Trends in Craft Brewery

Gose or no-go? More competition moving in or more brewpubs shuttering? In 2017, craft brewing continues to be a thriving and evolving industry with millions of beer-loving fans around the...

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T shares: One Option for Complying with the Department of Labor's Fiduciary Rule

It only went into effect on June 9th, but the Department of Labor’s fiduciary rule, also known as the conflict of interest rule, is already changing the way things are...

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Shawn Huxley at BBJ Book of Lists Gala

Our own Shawn Huxley (center) is featured with Steven Buccigross of BlumShapio and Josh Heapes of US Trust at the Boston Business Journal’s 2017 Book of Business Gala at the...

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Samet rises in BBJ List of Accounting Firms

In the list published on February 19 by the Boston Business Journal, Samet ranked as the 27th largest CPA firm in Massachusetts with 51 employees. This is a rise from its 2015...

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Congress Tax Extenders in the 2015 PATH Act

Congress has once again extended the “extenders,” a varied assortment of more than 50 individual and business tax deductions, tax credits, and other tax-saving laws which have been on the...

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Norman Posner co-chair of JCHE Jubilee 50 Year Celebration

Norman Posner, CPA, Shareholder of Samet, co-chaired the Jewish CommunityHousing for the Elderly (JCHE) Jubilee Celebrating 50 Years with Merle Grandberg (pictured left). The event raised a record amount for...

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Samet Named To The 2015 INSIDE Public Accounting Best of the Best Firms to Watch List

Samet  is proud to announce that it has been named to INSIDE Public Accounting’s Best of the Best Firms to Watch list for 2015. INSIDE Public Accounting’s (IPA’s) annual Best of the...

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Transportation Act contains Important Changes to Tax Return Due Dates

On July 31, 2015, President Obama signed into law P.L. 114-41, the “Surface Transportation and Veterans Health Care Choice Improvement Act of 2015.” Although this new law was primarily designed...

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Non-profit Financial Statement Presentation Expected to Change

A change in financial presentation is coming for all non-profits.  While the details open for comment, generally the sentiment of the change will be related to how non-profits present information on...

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Required Employee Benefit Plan Fee Disclosures

This post is part of a larger Plan Sponsor’s Guide to 401(k) and 403(b) plans.  Read the full guide. Plan sponsor/Service provider Initial disclosure: Required within a reasonable period before...

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Samet walks for Epilepsy New England

Epilepsy New England hosted its 22nd Annual Boston Walk for Epilepsy, the organization’s largest fundraising walk of the year.   Samet sponsored the event and was represented by a team...

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Samet shareholders in Scotland

Samet Shareholders, Randy Smith and Norman Posner, visited Edinburgh, Scotland for a TIAG conference this month where they had the opportunity to dress in traditional Scottish attire.   Looking good gentlemen!

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Are you a Fiduciary?  You might be and not even know it.

This article is part of a Plan Sponsor’s Guide to 401(k) and 403(b) Plans.  Download it today! Are you a Fiduciary?  You might be and not even know it. The...

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19 Top Employee Benefit Plan Failures

This list is part of a larger report on employee benefit plans that can be found HERE. In no particular order, here are 19 top plan failures for employee benefit...

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8 Ways to Increase 401(k) Plan Participation and Why It’s Important

This article is part of Samet’s Plan Sponsor’s Guide to 401(k) and 403(b) Plans.  Find the full Guide here. Plan administrators may be noticing a lower than expected participation rate...

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Jay Kessler Presented at Boston Fiduciary Summit for 401(k) Plan Sponsors

On Wednesday, March, 24, Jay Kessler presented at the Boston Fiduciary Summit at the UMASS Club in Boston. Jay talked about the difference between an IRS audit and a DOL...

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TIR 15-2 Limited Amnesty for Taxpayers with Certain Liabilities

Status: TIR; Issued Tax types:  Corporate Excise, Estate Tax, Fiduciary Income Tax, Use Tax on Motor Vehicles Summary:  This TIR explains a 60-day amnesty period beginning on March 16 and...

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New Reporting Requirements for Cross-Border Transactions

Do you conduct business with foreign businesses? If so, you may have a new reporting requirement under the Foreign Account Tax Compliance Act (FATCA) rules that went into effect on...

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BBJ list of Largest Accounting Firms ranks Samet as 28

In the list published on March 6, Samet ranked 28th among its public accounting firm peers with 49 employees.          

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Samet releases Plan Sponsor's Guide to 401(k) and 403(b) Plans 2014 Edition

Each year, under the leadership of managing shareholder and employee benefit audit specialist, Jay Kessler, Samet publishes a Plan Sponsor’s Guide to 401(k) and 403(b) Plans based in its decades of...

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Connecticut Business Entity Tax must be paid again in 2015

The Connecticut Business Entity Tax must be paid again in 2015. The tax is due every other year, so no tax was paid in 2014. The amount of the tax...

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Samet Celebrity Sighting!

Jay Kessler, managing shareholder, and Joe Goldberg, manager, had the pleasure of meeting Cedric Maxwell, a retired Celtics star turned radio broadcaster, at a recent game.

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NECN interviews Norman Posner about Costly Tax Mistakes to Avoid

Norman Posner, shareholder, was interviewed by Peter Howe of NECN on Costly Tax Mistakes to Avoid for the station’s Money Saving Mondays series.    View the full video here: If...

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Should You Forgo a Personal Exemption So Your Child Can Take the American Opportunity Credit?

If you have a child in college, you may not qualify for the American Opportunity credit on your 2014 income tax return because your income is too high (modified adjusted...

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Massachusetts DOR Issues Proposed Regulation- Market Based Sourcing

Massachusetts tax law was changed for tax years beginning on or after January 1, 2014 to require a multi-state taxpayer to apportion their receipts from services based on where the...

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Helen Schussler Awarded Certified Estate Planner Designation

Our Tax Manager, Helen Schussler, has been awarded the CEP designation from the National Institute of Certified Estate Planners. Helen has over 15 years of experience in working with families...

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Jay Kessler asked to return as speaker for Boston Fiduciary Summit

  Jay Kessler, Managing Shareholder, has been asked to return as a speaker at the 2015 Boston Fiduciary Summit on March 25.  The summit is an educational workshop for CFOs, Human...

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Client open house event photos

Thank you to all who attended our event!    

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CPAs – Are You Ready For Tax Season?

Our own Cathy Dana and Helen Schussler were published by the Massachusetts Society of CPAs for their article “Are YOU ready for tax season? 6 Tips for Massachusetts CPAs” giving advice...

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IRS Standard Mileage Rates for Your 2015 Taxes

The standard mileage rates for the use of a car, van, or pickup truck in 2015 are: 57.5 cents per mile for business miles driven, up 1.5 cents from 2014...

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Tax Changes for Businesses and Health Plans Taking Effect in 2015

There are many important tax changes taking effect in 2015. They are the result of the Tax Increase Prevention Act of 2014 (TIPA) as well as other tax legislation, or...

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Tax Planning 2014: 10 Tax Planning Strategies for Businesses & Business Owners

In case you missed it, please read our recent tax planning articles, Tax planning 2014:  If and When Congress Decides to Act and Tax Planning 2014:  15 Tax Planning Strategies for...

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Tax Planning 2014: 15 Tax Planning Strategies for Individuals

If you missed it, please review our recent article, Tax planning 2014:  If and When Congress Decides to Act, which outlines the tax breaks that Congress has on its docket...

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Tax planning 2014: If and When Congress Decides to Act

Update:  In summary, everything that was in limbo has passed (once it has the President’s signature).   On December 16, Congress passed a tax extender package, known as the “Tax Increase...

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Kristie Cotter CPA Interviewed By Alma Mater NCC

Kristie Cotter, CPA, a Director with Samet, was interviewed by her alma mater, North Central College in Naperville, IL.  The college considers hers an alumni success story. She didn’t always...

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Samet Shareholders Attend TIAG International Conference in Hong Kong

  John Czyzewski, co-managing shareholder, and Norman Posner, shareholder at Samet & Company PC recently attended TIAG’s 31st international conference in Hong Kong. The conference, which took place on October 20...

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Edgar Allan Poe Foundation Statue Unveiling

Norman Posner, shareholder, attended the ceremony for the unveiling of the Edgar Allan Poe statue by Stefanie Rocknak.  This statue was commissioned by the non-profit, The Edgar Allan Poe Foundation of...

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Jay Kessler Participates in Juvenile Diabetes Walk Boston

On September 27, 2014, co-managing shareholder, Jay Kessler participated in the JDRF Walk for juvenile Diabetes.  His team, Natalie’s Neighborhood, collectively raised over $5,000.  

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Be Aware – That Caller May NOT be from the IRS

There are stories every day of scammers calling or emailing individuals and business owners pretending to be from the IRS and making dramatic claims of investigations and penalties.  It can be stressful...

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Congratulations to Joe Goldberg on His Wedding Day

Samet manager, Joe Goldberg, and Meghan Albert married in Newport, RI on Saturday, September 13.   All of us at Samet send heartfelt best wishes to the couple.  

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How to Protect Yourself From Underpayment Penalties

You can be subject to penalties if you don’t pay enough tax during the year through estimated tax payments and withholding. Here are some strategies to protect yourself: Know the...

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What’s the Difference Between a Compilation, Review, Audit?

The three basic levels of financial statement services are compilation, review, and audit.  There are other steps/procedures involved in all levels, but this is a basic summary: A Compilation provides...

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Top Takeaways from 2014 Boston Fiduciary Summit

Jay Kessler was a keynote speaker at the July 2014 Boston Fiduciary Summit.  This event was held for the benefit of employee benefit plan fiduciaries to learn trends and best...

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Jay Kessler Speaks at 2014 Boston Fiduciary Summit

  On July 17, Jay Kessler will speak at the Boston College Club for an audience of CFOs, HR Directors, business owners, and fiduciaries of employee benefit plans. Topics to...

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TIAG Alliances 2014 Mid-Year Report released

View the TIAG Alliances 2014 Mid-Year Report Excerpt from the report: As we pass the mid-year point in 2014, we can report very good progress on many fronts.  Our recruiting...

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Samet & Company, PC Creates New Director Role and Promotes Three

July 1, 2014 – Chestnut Hill, MA, USA – To recognize the next generation of leaders in the firm, Samet & Company, PC has created a new role at the...

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Samet & Company PC Attends TIAG International Conference in Miami

Samet shareholders John Czyzewski, and Norman Posner recently attended TIAG’s International Conference in Miami. The conference, which took place on May 5th through 7th, provided TIAG® members with the opportunity to...

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It’s Not Too Late To Make A 2013 Contribution To An IRA

Tax-advantaged retirement plans allow your money to grow tax-deferred — or, in the case of Roth accounts, tax-free. But annual contributions are limited by tax law, and any unused limit...

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Your 2013 Return May Be Your Last Chance For 2 Depreciation-Related Breaks

If you purchased qualifying assets by Dec. 31, 2013, you may be able to take advantage of these depreciation-related breaks on your 2013 tax return: 1. Bonus depreciation. This additional...

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2013 Higher Education Breaks May Save Your Family Taxes

Tax credits can be especially valuable because they reduce taxes dollar-for-dollar; deductions reduce only the amount of income that’s taxed. A couple of credits are available for higher education expenses:...

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Jeff Swersky re-joins Samet as Shareholder

Jeffrey Swersky, CPA, MBA, MST re-joins Samet & Company, PC as a shareholder of the firm. Most recently Swersky was a shareholder with Braver PC, a Needham based CPA firm....

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Samet & Company, PC Announces New Co-Managing Shareholders

Jay Kessler and John Czyzewski named CPA firm’s next generation of leadership. Pictured above:  John Czyzewski, Norman Posner, Jay Kessler The public accounting firm, Samet & Company, PC, today announces...

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