Jack Woods

 

Central Business Solutions 

301 Lynnfield Street, P.O. Box 3169 Peabody, MA 01960

 

Phone:  978-532-0266

Fax:      978-532-9105

 

1147 Main Street, Suite 213, P.O. Box 299 Tewksbury, MA 01876

 

Phone: 978-851-8044

Fax:     978-851-9332

 

Email: jack@cbps.com

January 2020

Tax Credits or Deductions

During this tax season, it can pay to understand the two types of tax breaks the IRS offers. The first includes tax deductions, which reduce your taxable income before determining your tax bill. The second is a tax credit, which reduces any taxes you owe. Both can help reduce your 2019 tax bill, whether you file as an individual, a business or both.

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Real Estate & QBI

The IRS issued a final ruling explaining how to qualify for a real estate income safe harbor to receive the Qualified Business Income (QBI) deduction. You will need to make this safe harbor determination annually.

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Get Ready To File Your Taxes

The beginning of another year means it’s time to get ready for the annual task of  ling your tax returns. Whether you you file as an individual, a business or both, you can get a head start by working with a tax professional to  nd every tax break to which you’re entitled.

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January 2020 Client Profile

Ray recently received a letter from the IRS, saying that he underpaid his 2017 taxes by a few thousand dollars, which he wants to dispute. What are his next steps? Can his tax professional help him resolve this dispute with the IRS?

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Resolve To Become More Competitive

Business owners typically have little time for planning. However, making that time during this New Year — and new decade — can help most businesses become more competitive now and in the future.

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Resolve To Become More Financially Secure

Many people make resolutions to coincide with the advent of the New Year, including becoming more financially secure. If you want to improve your financial outlook, now is a good time to take steps to achieve this goal.

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January 2020 Q and A

Let's talk IRS scams, and tax deductions for contributions to a Simplified Employee Pension.

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January 2020 Short Bits

Few employers are “very confident” their employees are on the way to becoming retirement-secure, according to the report, “Employers: The Retirement Security Challenge,” from the Transamerica Center for Retirement Studies.

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