Maureen C. Tobin, Attorney at Law

12/28/2017

THE FOLLOWING IS INTENDED TO BE A SUGGESTION ONLY. IT IS NOT INTENDED AS INDIVIDUAL LEGAL OR TAX ADVICE FROM ME TO ANYONE READING IT:
The new tax bill limits the deduction for state and local taxes (SALT) including state income taxes, local real estate and personal property taxes to $10,000. If your deduction for these items generally exceeds that amount contact your own qualified tax professional and ask if it makes sense to prepay some of your 2018 property taxes by tomorrow (the last business day of 2017) in order to deduct them on your 2017 income tax return. If you are self employed ask about getting 2018 office supplies and prepaying certain office expenses now because the deduction of these for sole proprietors is also being curtailed.

09/17/2014

I am presenting a free seminar about basic estate planning at 6 pm on Tuesday, September 30, 2014 in the training room of the Liberty Tax Office on route 9 in Amherst. We'll take a look at the documents every adult should have - what they are and what they do. We'll also review the duties of an executor and the steps needed to settle an estate. Send me a message if you'd like to attend.

08/12/2014

Northwestern District Attorney David E. Sullivan is pleased to share "The Blue Book: A Western Massachusetts Guidebook for Veterans and their Families," created by the Office of Northwestern District Attorney in the hope that more veterans will access the benefits and services they have justly earned. This guidebook provides information on the many organizations and benefits available to veterans at the national, state, and local levels.

https://northwesternda.org/sites/default/files/Veterans.pdf

06/10/2014

From the League of Women Voters:

Fifty years ago today on June 10, 1964, the US Senate invoked cloture on the Civil Rights Act of 1964, ending a record-breaking filibuster that had consumed 57 working days. Never in history had the Senate been able to muster enough votes to cut off a filibuster on a civil rights bill.

"The time has come for equality of opportunity in sharing in government, in education, and in employment. It will not be stayed or denied. It is here!" said Georgia Senator Richard Russell during his closing arguments against the opposition. Nine days later, the Senate approved the act itself — producing one of the country’s most monumental legislative achievements.

04/15/2014

The Massachusetts' Dept. of Revenue announced earlier today that Massachusetts taxpayers have until midnight Friday, April 18 the file their Massachusetts state income tax returns. The extension was granted because the commonwealth is having problems with its e-file system. NOTE THAT FEDERAL RETURNS STILL HAVE TO BE POSTMARKED BY MIDNIGHT TONIGHT.

04/15/2014

Taxes are due today. Even if you can't pay all of what you owe, be sure to file. There are separate penalties for failing to pay and failing to file. Getting your return in on time avoids the failing to file penalty. For al you last minute mollies, I believe the Holyoke Mall post office is open until 7 and the post office near Bradley airport is open until 9 - which BTW is the usual closing time for this branch if you ever find yourself really stuck to get a certain postmark date.

02/26/2014

You can protect yourself from email fraud by being vigilant. If you receive an email instructing you to confirm certain information, such as your social security number, bank or credit card number, or other personal financial information be wary. While it may appear to be from an official or trusted source chances are it isn't. Government agencies and banks generally do not require you to send such information via email. Instead of clicking on the email link use the phone or go through the website address you know to ensure the information you provide gets to the legitimate requestor.

02/13/2014

Lke many in the northeast I'm working at home today. I'll spend much of the afternoon catching up on my professional journals. Do you know that your professional journal subscriptions may be tax deductible even if you are not self-employed?

To deduct workplace expenses, your total itemized deductions must exceed the standard deduction and be greater than 2% of your adjusted gross income. Only the expenses that exceed this amount, and are not reimbursed by your employer, are deductible. These expenses must be incurred during the tax year, must be business-related, and must be “ordinary and necessary.” Some common workplace deductions include auto expenses related to business travel, professional society dues, union dues and union expenses, home office costs, job search expenses in your current occupation, even if you don’t get the new job, legal fees related to doing or keeping your job, the cost of a passport or visa obtained for a business trip, and work clothes or uniforms that are not suitable for use outside of your job and certain business entertainment costs.

01/15/2014

A Quick Look at Charitable Deductions

Charitable contributions of money or property made to qualified organizations may be deductible if you itemize your deductions. In most cases, you may deduct up to 50% of your adjusted gross income. Certain deductions are limited to 20% or 30% of AGI. You may usually deduct the fair market value of the property. Some adjustments may have to be made if the property has appreciated in value. The following link will take you to an IRS publication that explains the most common limitations and receipt requirement for charitable deductions

http://www.irs.gov/uac/Newsroom/Nine-Tips-on-Deducting-Charitable-Contributions

The IRS offers these nine tips to help ensure your contributions pay off on your tax return. For more information on charitable contributions, see Publication 526, Charitable Contributions.

01/03/2014

HAPPY SNOW DAY!

You’ve finished clearing the snow off the driveway and walks and had a lovely lunch. Now what? It’s not too early to get ready for tax season. Whether you do your own or use a preparer organization is the key to tax stress reduction. Over the next couple of weeks I’ll post “Tobin’s Tax Tips” that I hope you’ll find useful. Today’s tip involves the medical expense deduction to which there is an age-related change this year.

If you and your spouse (if filing jointly) are both under age 65, on the 2013 tax return you can deduct on Schedule A, Itemized Deductions (Form 1040) only the amount of your unreimbursed allowable medical and dental expenses that is more than 10 percent of your adjusted gross income (AGI) from Form 1040, line 38. If you or your spouse (if filing jointly) is 65 or over, you are exempt from the increase for the 2013 tax year. You may deduct the amount of your unreimbursed allowable medical and dental expenses that is more than 7.5% of your adjusted gross income.

Allowable medical expenses include payments for legal medical services rendered by physicians, surgeons, dentists, and other medical practitioners, including the costs of equipment, supplies, and diagnostic devices needed for these purposes. Medical expenses include the premiums you pay for health insurance and the amounts you pay for transportation to get medical care. Medical expenses also include amounts paid for qualified long-term care services and limited amounts paid for any qualified long-term care insurance contract.

11/05/2013

VOTE - VOTE - VOTE today!! Having a voice in choosing our leaders is a fundamental freedom that we should never take for granted. If your town has municipal elections today get out and vote! (and for those of you with state elections go vote even if there are no local races on your ballot)

10/14/2013

There has been a recent spate of mail offers to get a copy of your property deed for $50-$100. Don't fall for this money grabbing offer. Massachusetts' property records are filed in your county's Registry of Deeds or County Land Court. In most cases certified copies of deeds and other land record filings are $1.00/page. Some counties even allow you to download and print a non-certified copy from the internet. See www.masslandrecords.com.

Massachusets Access property records, Access real properties