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Tax-Smart College Savings Strategies for Parents

by Betro and Company, PC | Jan 23, 2021 | Tax Savings

College is expensive. Data for the 2019–2020 academic year indicates that the average cost of tuition, fees, room, and board was $30,500. The tax law has provisions to help you cover the costs, including Coverdell accounts, Section 529 savings plans, and Section 529...

The IRS Goes Easy on Taxpayers Who Owe Back Taxes

by Betro and Company, PC | Jan 20, 2021 | Tax Savings

Are you one of the over 11 million Americans who owe the IRS back taxes? The IRS temporarily suspended most collection efforts during the first wave of the coronavirus pandemic through its “People First Initiative.” This initiative expired July 15, 2020. The IRS is...

New IRS Efforts to Destroy Tax Deductions for PPP Paid Expenses

by Betro and Company, PC | Jan 14, 2021 | Tax Savings

From what we know, when lawmakers originally passed the PPP they thought that under its provisions, you did not pay taxes on the forgiveness amount, andyou also could deduct the expenses that you paid with the PPP money. Obstacle In late April, the IRS issued Notice...

Four Things to Know When Hiring Your Spouse

by Betro and Company, PC | Jan 10, 2021 | Tax Savings

If you own your own business and operate as a proprietorship or partnership (wherein your spouse is not a partner), one of the smartest tax moves you can make is hiring your spouse to work as your employee. But the tax savings may be a mirage if you don’t pay your...

Good News If Your PPP Loan Is for $50,000 or Less

by Betro and Company, PC | Jan 3, 2021 | Tax Savings

As you likely know by now, the Paycheck Protection Program (PPP) loan and its forgiveness process have been an ever-changing (and often confusing) ride so far. With the new rules for PPP loans of $50,000 or less, you escape the most difficult part of the loan...

What Can I Do If My K-1 Omits 199A Information?

by Betro and Company, PC | Apr 15, 2019 | Tax Savings

Tax reform’s Section 199A deduction often confuses small-business owners and tax professionals alike. It’s quite possible you’ll get a Schedule K-1 from a business that omits the information you need to calculate your deduction.  What do you do? You have a big...
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Recent News

  • 2021 Last Minute Tax Tips on Buying a Vehicle
  • 2021 Last Minute Retirement Tips
  • 2021 Last-Minute Year-End Medical Plan Strategies
  • 2021 Last-Minute Year-End Tax Strategies for Marriage, Kids, and Family
  • 2021 Last-Minute Year-End Tax Strategies for Your Stock Portfolio

Betro and Company, P.C.
30 Mechanic Street
Suite 3
Foxboro, MA 02035

 

Phone: (508) 698-3600
Fax: (508) 698-3601

Email: dkirk@betro.com

Foxboro Office Hours
Monday–Friday
8:30 a.m.–5:00 p.m.

Cataumet Office Hours
Monday, Wednesday, Friday
8:30 a.m.–5:00 p.m.
Or by Appointment

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