ProntoPro Advisors, 300 Brickstone Square, Suite 201, Andover, MA (2026)

01/09/2026

The IRS announced Monday, January 26, 2026, as the opening of the nation’s 2026 filing season. You will have until Wednesday, April 15, 2026, to file your 2025 tax returns and pay any tax due.

03/26/2024

CALLING ALL DOG LOVERS! We are HIRING!!! 🐶 If you’re looking for an animal centric job that makes an impact then head over to our bio and apply! We are looking for fun, caring, motivated people to join our team. If you don’t like doggy kisses then we wouldn’t recommend applying 😉.

We can’t wait to chat with you!

https://www.portcitypawspetcare.com/joinourteam

03/20/2024

Have you heard of the Augusta Rule?

IRS tax code 280A(g) allows you to lease your personal residence to your business for up to 14 days per year without having to report the rental income on your personal tax return.

How does it work?

✅ Schedule legitimate business meetings at home.

✅ Ensure meetings stay within the 14-day limit and avoid entertainment purposes.

✅ Document meetings with corporate minutes and submit them to the IRS for deduction protection.

✅ Utilize the Augusta Rule’s tax advantages with a legitimate corporation. Qualifying structures include partnerships, C corps, and S corps.

03/06/2024

Thinking about deducting your gambling losses?

Here are some key points to keep in mind:

✅ You can deduct losses up to the amount of your winnings, but losses cannot exceed reported winnings.
✅ Keep detailed records and receipts, including a diary or similar record of your gambling activity.
✅ Itemize deductions on Schedule A to claim gambling losses. If you take the Standard Deduction, you can't reduce your tax by your gambling losses.
✅ Reporting winnings and losses separately is crucial. The IRS requires accurate documentation of both.
✅ Remember to report all gambling winnings, including those not reported on Form W-2G.

For professional gamblers treating gambling as a business, deductions for losses are possible, but proving this can be challenging. You must demonstrate legitimate engagement in gambling activities to turn a profit.

When it comes to deducting gambling losses, meticulous record keeping is key. Stay organized and maximize your deductions. Incremental steps lead to big wins!

02/28/2024

Stay proactive to outpace potential IRS penalties.

The IRS has significantly increased the underpayment tax penalty to 8% from the previous 3% due to rising interest rates. Don't risk being blindsided by these hefty penalties!

Ensuring accurate withholding and making timely estimated tax payments is now more crucial than ever. Aim to pay at least 90% of your taxes (or 100% of last year's) through withholding or estimated payments to avoid penalties. If you owe less than $1,000, you're exempt from the penalty.

Consult a trusted tax advisor for proactive management and staying ahead.

Incremental steps lead to big wins!

01/30/2024

Get ready, because tax season is here, and it's shaping up to be quite the rollercoaster ride! The IRS and tax pros are bracing for any last-minute twists in the tax laws.

On the bright side, bipartisan efforts are in full swing to bring back some much-needed tax breaks. We're talking about increased Child Tax Credits, research and development write-offs, interest expensing, bonus depreciation, an enhanced Low Income Housing Tax Credit and more.

With uncertainties still lingering, there could be some bumps along the way. However, with bipartisan support gaining momentum, there's hope that the bill will make it through, even if it means navigating through a few processing hiccups.

Feeling a bit lost in the tax maze? Don't worry! Make sure to reach out to a trusted tax advisor to help you navigate these changes like a pro.

01/25/2024

Exciting State Tax News for 2024!

Fourteen states, including Arkansas, Connecticut, Georgia, Indiana, Iowa, Kentucky, Mississippi, Missouri, Montana, Nebraska, New Hampshire (limited to interest and dividends income), North Carolina, Ohio, and South Carolina, are decreasing individual income tax rates.

Some states are also reducing their corporate tax rates.

Lowering tax rates can help make a state more competitive, potentially drawing remote workers and businesses to these tax-friendly environments.

01/16/2024

Are you in the process of untangling lives and unraveling finances?

Your filing status is crucial. It impacts requirements, deductions, and credits.

Whether you are married or unmarried at year-end dictates your status.

✅ Here's a quick guide:

Not legally separated or divorced?
-The IRS sees you as married until a final decree.

Legally separated or divorced?
-File as single unless eligible for head of household or you remarry.

Legally married?
-Choose your filing status:

✳️ Jointly: Combine income, deduct expenses.

✳️ Separately: Report individual finances.

✳️ Head of Household: Eligible under specific conditions.

Annulled marriage?
-File amended returns as single or head of household.

Name Change?
-Notify the Social Security Administration promptly to avoid processing delays.

Tax Withholding after divorce or separation:
-Adjust withholding using the Tax Withholding Estimator and update Form W-4 with the estimated amount.

Alimony and Separate Maintenance Payments:
-Tax treatment varies based on agreement details.
-Changes in tax treatment post-2019

✳️ After 2019, alimony payment rules changed. Prior to 2019, the spouse making alimony payments could deduct them, and the receiving spouse included those payments as income. However, after 2019, alimony payments are not deductible by the paying spouse, and the receiving spouse doesn't include them as income for tax purposes. This shift in tax treatment applies to divorce or separation agreements signed in 2019 or later.

Claiming Dependents:
- Custodial parent generally claims child.
- Special rules for shared custody.
- Child support is not taxable or deductible.

Property Transfers:
- Generally, no gain or loss on property transfer due to divorce.
- Report on gift tax return if required.

Retirement Plans and IRAs:
- QDRO post-divorce may affect account balance.
- Include QDRO payments in income or roll over to avoid early distribution tax.

IRA Rules:
- Can't deduct contributions to ex-spouse's IRA.
- Transfers tax-free under divorce decree.
- Withdrawals for divorce settlement are taxable.

✳️Stay informed so you make wise financial choices!

01/09/2024

The IRS announced January 29 as the official start to the 2024 filing season.

April 15 is the filing deadline with an extension deadline of October 15.

Taxpayers in Maine and Massachusetts have an April 17 deadline due to the observance of Patriot’s Day and Emancipation Day in those states.

01/04/2024

**Important New Filing Requirement for Business Owners**

✅ Are You a Reporting Company?

Domestic and foreign entities meeting FinCEN's definition must submit a Business Ownership Information (BOI) report. This includes most limited liability companies, corporations, S corporations, limited partnerships, limited liability partnerships, and business trusts.

✅ Do You Qualify for Exemptions?

Explore the 23 categories outlined by FinCEN, including securities reporting issuers, governmental authorities, banks, and more. Check FinCEN's Small Entity Compliance Guide for exemption criteria details.

✅ What Details Are Required in Your BOI Report?

The report collects information about reporting companies, beneficial owners, and company applicants, such as legal names, addresses, and taxpayer IDs. Consider obtaining a FinCEN identifier for streamlined filing.

✅ When Are Your Filing Deadlines?

Reports will be accepted from Jan. 1, 2024, through FinCEN's online system. Deadlines vary based on your entity's creation or registration date.

✅ Who Is a Beneficial Owner?

Individuals owning or controlling at least 25% of ownership interests or exercising substantial control are considered beneficial owners.

✅ Are You Excluded?

Some individuals meeting the beneficial owner description may be excluded, including minor children and certain employees.

✅ Have You Reported Company Applicants?

Reporting companies must report direct filers and, if applicable, individuals directing or controlling the entity's registration filing.

✅ Concerned About Penalties?

Late BOI reports may incur civil penalties of up to $500 per day. Willful false information provision could lead to criminal penalties.

Your compliance is crucial. Stay informed, mark key dates, and reach out to your trusted advisor if you need assistance navigating this process to ensure a smooth transition.

12/27/2023

🚨 Important Update on ERC Claims 🚨

The IRS takes a bold stance against dubious Employee Retention Credit (ERC) claims with a multi-pronged approach.

Recent initiatives include a moratorium on processing ERC claims, a withdrawal process, and letters disallowing over 20,000 claims. Now, a game-changing voluntary disclosure program allows repayment of erroneously granted ERC claims without interest or penalty.

Amidst these efforts, the IRS recognizes the need for well-intentioned businesses to correct errors. Eligible employers can seize the opportunity to repay 80% of claimed ERCs. A step towards fostering compliance and ethical practices in claiming Employee Retention Credits.

Beware of ERC Scams! The value of the ERTC, coupled with the filing window until April 15, 2025, has led to a surge in fraudulent promotions. Scammers exploit misinformation and inflated promises, preying on innocent clients and charging excessive fees or commissions.

Fraudulent activities around ERTC have reached alarming levels, landing it on the IRS Dirty Dozen list. Scammers thrive on confusion, with a paper application process contributing to a backlog of nearly 500,000 unprocessed claims out of 2.5 million submitted.

Let's stay vigilant and combat ERTC fraud together!

12/20/2023

Updated Mileage Rates for 2023

🔹 Business use: 65.5 cents per mile (up 3 cents from last year)

🔹 Medical and Moving (qualified active-duty members only): 22 cents per mile

🔹 Charitable organizations: 14 cents per mile

Due to the Tax Cuts and Jobs Act, there are no miscellaneous deductions for unreimbursed employee travel expenses.

The IRS also announced the business use rate for 2024 has increased to 67 cents per mile.

Stay informed for precise expense tracking!

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