Tax & Accounting Blog


Tax Implications of Moving

People move for various reasons: to be close to loved ones, amenities and nightlife, to pursue lower living costs, or just because you always wanted to live in a certain place. Proximity to work is the most common reason for moving, and you may be eligible for tax incentives if you just got that offer for a dream job hundreds of miles away. Or, if moving to the city of your dreams is the only viable place where you can start a business, chances are that you can deduct your moving expenses.

read more

How Olympic Medals are Taxed

Olympians are definitely stuck contending with tax bills resulting from their victories. Most prizes and awards are taxable whether you win $100 at a fishing competition or a dishwasher worth $2,000 on a gameshow. The Olympic committee awards $25,000 to gold medalists, $15,000 to silver, and $10,000 for bronze but what makes Olympic medals an interesting phenomenon is that the winners must pay taxes not just on those cash awards but the actual value of the medal itself.

read more

Why Hire A Portable CFO?

Why Hire a Portable CFO? Let’s be honest: Entrepreneurs and small business owners wear many hats. During the regular course of a day, you may find yourself handling customer tasks or orders, interfacing with vendors, or dealing with couriers and shipping companies.... read more

Brexit’s Impact on US Taxes

The United Kingdom’s vote to leave the European Union (EU) is going to have a lot of impact on international trade, not to mention the American economy and tax policy. Americans with UK-sourced income and businesses looking to enter the UK market should take heed of the impending changes and how they will affect their tax liabilities. Here’s an overview of Brexit’s impact on American businesses and American expats who live and work abroad in the UK.

read more

Tax considerations for switching jobs or unemployment

If you are about to switch jobs or experience some sort of unemployment, there are certain tax implications you may need to consider. For instance, it is important to note that when receiving unemployment benefits, if taxes are not withheld, you may be facing a large tax bill the following year.

read more

The IRS Tools of Last Resort: Tax Levies and Liens

April 15th is in most taxpayers’ rearview mirrors–except for those with an outstanding tax debt.

There are provisions for extending the deadline date for filing, but the extension must be accompanied by a payment, or the clock starts ticking for accruing of interest and penalties and setting in motion a levy or a lien.

read more

When You Need to File an Amended Tax Return

Tax season is over and you might think that you can rest easy now that your return has been filed but that’s not always the case. Sometimes you need to file an amended tax return, whether you realize it or not. Here are some of the common reasons for filing an amendment.

read more

Personal Finance Tips for Young Adults

Tips for young adults to become financially aware and prepared to use money wisely – leading to responsible decision-making on how their money is used now and in the future.

read more

Taxes & Recordkeeping For Uber, Lyft & Other Rideshare Drivers

The rise of the sharing economy brings about a great deal of tax concerns, whether you rent out your home on Airbnb or pick up groceries on Instacart. Rideshare services like Uber and Lyft are a fact of life today. Whether you drive for these apps full-time or as a side hustle, you’ll get a 1099 so the IRS gets a copy and you have to report this income on your tax return. What to do?

read more

Frequently Asked Questions about Healthcare and Your Taxes

Because of changes initiated by the Affordable Care Act, your healthcare costs during the year now affect your taxes more than they ever did before. Below are some of the most frequently asked questions with regard to healthcare and income taxes to help you prepare your 2015 return.

read more

Quarterly Estimated Taxes: What they are, What they are for, and Why you may need to pay them

Estimated taxes are commonly paid by those who are self-employed or have unconventional income, such as income from stocks and bonds. Those who are on salary and receive a check from payroll generally pay their estimated taxes through their company; their income tax is withheld from each check and then filed by the business. Those who do not receive salaried checks must complete these calculations and payments themselves.

read more

February Student Special from Dukhon Tax!

It’s tax season again and one of our firm’s favorite things during this time of year is to give a little something special to Boston’s students. For the Month of February, we are running a Student Special for tax preparation! If you are a student and have a qualified basic tax return, Dukhon Tax is offering a student special price of $100 for tax preparation and filing during the month of February.

read more

Tax Planning for Business Sales and Purchasing

When you sell a business, you need to pay taxes on your gains — the amount of profit that you made off of the sale your business. At its most simplistic, the amount of profit in your business is the amount that you’ve sold your business for less the amount that you invested into it.

read more

Healthcare Tax Issues on the Rise

There are a number of tax issues surrounding healthcare that have recently taken center stage. The state of Colorado has proposed, and decided to vote on a single payer healthcare system, which would make it the first state to provide free healthcare for residents. This would be a huge move for the state, which under these provisions would allow residents to choose their healthcare providers…

read more

Year-End Tax Planning for 2015

This guide is generally oriented towards the time-honored approach of deferring income and accelerating deductions to minimize 2015 taxes. For individuals, deferring income also may help minimize or avoid AGI-based phaseouts of various tax breaks.

read more

Life Milestones and Their Effect on Your Taxes

The breadth of our life experiences and changes that occur as we mature always have wider tax implications. The major milestones of our lives bring both tax benefits and liabilities. Almost every milestone we reach, whether it includes the excitement of change or the sadness of loss, directly or indirectly affects our status as a taxpayer.

read more

Certified Public Accountants

Contact us to learn how our team of CPAs can help you with your income tax, accounting, advisory, payroll and Portable CFO needs.

380 Washington Street, Suite 2-2
Brighton MA 02135
Hours of Operation | Mon-Fri: 9AM - 5PM

CLIENT PORTAL

Get in touch with Dukhon Tax
  • This field is for validation purposes and should be left unchanged.