Pignatare & Sagan LLC-Certified Public Accountants

Pignatare & Sagan LLC-Certified Public Accountants Western Massachusetts accounting, tax and business services delivered by licensed professionals with

Reminder: 3Q estimated taxes are due Thursday, September 15. Here are some things to consider.
09/02/2022

Reminder: 3Q estimated taxes are due Thursday, September 15. Here are some things to consider.

If you have not already done so, please plan to make your third quarter estimated tax payment. The due date is Thursday, September 15th.

The IRS requires contemporaneous records to prove deductions and credits. That means you can't go back later to get a co...
08/26/2022

The IRS requires contemporaneous records to prove deductions and credits. That means you can't go back later to get a copy of a receipt you forgot. Here are some tips.

The Internal Revenue Service has a vocabulary of their own. One of the more important is their use of the word contemporaneous. What does it mean, and why should you care?

The IRS audit rates are still at historic lows, but all that is now starting to change. Here is what you need to know.
08/19/2022

The IRS audit rates are still at historic lows, but all that is now starting to change. Here is what you need to know.

The IRS reported audit rates are the their lowest in decades. But don't get complacent. A closer look at the IRS data release reveals a change in that trend.

Hobby verus business? If you want to deduct expenses, you need to know these rules.
08/12/2022

Hobby verus business? If you want to deduct expenses, you need to know these rules.

The old and fast rules to determine whether your business activity is deemed a hobby in the eyes of the IRS have been replaced by guidelines. Here is what you need to know as you wrap up your business year.

Before school gets going this fall, check out these school expenses that might help you decrease your tax bill.
08/05/2022

Before school gets going this fall, check out these school expenses that might help you decrease your tax bill.

Time to buy school supplies? Pay for field trips? Is any of this tax deductible? Here are some ideas to find a tax break in the back to school rush.

Hobbies cannot deduct expenses per the IRS, outline here are ways to avoid this problem. There are also five great ideas...
08/03/2022

Hobbies cannot deduct expenses per the IRS, outline here are ways to avoid this problem. There are also five great ideas to take advantages of IRAs. Plus much more!

Welcome to the last month of traditional summer vacation! And what better way to lead the final month of summer vacation by outlining ideas to save money while taking that long-deserved break. This month's letter includes a review of five ways to take advantage of IRA accounts to reduce your tax bur...

Commonly overlooked tax deductions that everyone should know.
07/29/2022

Commonly overlooked tax deductions that everyone should know.

The tax code is about 75,000 pages long, so it's not surprising there are many overlooked money-saving deductions hidden within it. Check out these great ideas to lower your tax.

Time to plan for new contribution levels for your health savings account. Find the 2023 limits here.
07/22/2022

Time to plan for new contribution levels for your health savings account. Find the 2023 limits here.

Contribution limits for the ever-popular health savings account (HSA) are set for 2023. The new limits increase the amounts you can save and then use to pay for qualified medical expenses with pre-tax dollars.

Underreported income and math errors are key mistakes that can trigger an audit from the IRS. Having your taxes prepared...
07/15/2022

Underreported income and math errors are key mistakes that can trigger an audit from the IRS. Having your taxes prepared by a professional can significantly reduce this risk.

The IRS is constantly looking for a reason to audit you. There are several red flags that can identify your tax return as one that needs additional attention. Knowing these indicators can help you avoid the unwanted scrutiny.

Utilizing the full tax bracket is a smart way to be tax-efficient with your retirement income. Knowing where you stand a...
07/08/2022

Utilizing the full tax bracket is a smart way to be tax-efficient with your retirement income. Knowing where you stand and how much you should withdraw from your retirement accounts is crucial.

Managing your taxable income during retirement can be complicated. Social Security retirement benefits, retirement plan distributions and supplemental income can quickly impact the amount of tax you must pay. Here is something to consider.

In a new inflationary world its time to be aware of shrinkflation and review suggestions to get the most out of your ban...
07/06/2022

In a new inflationary world its time to be aware of shrinkflation and review suggestions to get the most out of your bank accounts. Here are some ideas. Plus tax surprises and new mileage rates!

The recent run of inflation is causing many people to rethink how to save and where to spend. In this month’s newsletter, there is a recap of the traditional role of how your bank accounts work together to provide a valued resource to handle your funds. There's also a great article on how to i...

Address

1089 Elm Street
West Springfield, MA
01089

Opening Hours

Monday 8am - 5pm
Tuesday 8am - 5pm
Wednesday 8am - 5pm
Thursday 8am - 5pm
Friday 8am - 5pm
Saturday 8am - 2pm

Telephone

(413) 746-9465

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