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Back to school on a budget: 4 solid tips to save you money

John T. Lally

August 19, 2019

Let’s face it. Kids aren’t cheap, so you have to save money where you can. Back-to-school shopping is a good place to start because costs can add up quickly—especially if you have more than one child. Consider these tips for sending your kids back to school without breaking the bank.

 

 

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$700 million is what Equifax will pay out as a result of its data breach. Make sure you get your share.

John T. Lally

August 6, 2019

According to the commission's online claims process, those whose personal information was exposed can opt for 10 years of free credit monitoring, which breaks down as follows: Four years via the three major credit bureaus (Equifax, Experian and TransUnion) and six years specifically through Equifax.

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Deducting kid’s summer camp and daycare costs under the Child and Dependent Care Credit

John T. Lally

August 1, 2019

With all the tax law changes this year, be sure that you are getting your just deductions in the coming tax season. That is, qualifying deductions that fall under the Child and Dependent Care Credit. According to tax giant and trusted resource Intuit, here’s the skinny…

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Traveling safe: Tips to keep you secure while on the road

John T. Lally

July 15, 2019

These days, we seem to have endless articles on IT security while traveling, but far fewer on physical safety. Because summer can be big travel months for many businesses, we put together the following list of tips to help keep you safe while away from home. 

 

 

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Get up, get out and have some cost-effective fun this summer!

John T. Lally

July 1, 2019

As your trusted advisor, we are always looking for ways to improve your financial health—and that doesn’t stop at business activity. We also want to support you with tips to help you save money in your personal life as well.

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June is National Safety Month! Tips for augmenting your marketing efforts.

John T. Lally

June 17, 2019

June is national safety month, and it never hurts to remind your clients and community that safety always comes first. Our goal with this blog is to help you augment your marketing initiatives with a few ideas around safety. While we can’t cover every industry in a single post, we hope that you find the tips below useful and that they spark some innovative new marketing ideas!

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Massachusetts Paid Family and Medical Leave (PFML): Highlights of the New Law

John T. Lally

June 7, 2019

In 2018, Massachusetts signed into law a statute that provides paid family leave and medical leave (PFML) benefits to workers. Employers and covered individuals must begin making contributions on July 1, 2019, with benefits becoming available to employees in 2021.

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Tapping into a 529 plan for the first time? Tips for parents of college-bound grads…

John T. Lally

June 3, 2019

It’s graduation season, and for many parents that means it’s almost time to start shelling out for college tuition. For those well-prepared parents with established 529 plans in place, the time has come to tap into that money pool. Of course, when it comes to tax-advantaged savings, trust that the IRS is keeping close watch, so it’s important to avoid making any rookie mistakes. It’s also important to keep saving as you move forward.

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Tips for building a company culture that supports remote workers

John T. Lally

May 15, 2019

Having a remote workforce can be challenging, especially if you are trying to build a positive, collaborative work environment. So, how do you create a sense of comradery when you have staff in remote locations? These tips can help:

 

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Tax refund on the way? Use it to fortify your financial future.

John T. Lally

May 1, 2019

If you are expecting a refund this year, you may be tempted to splurge on something not-so-practical. Before you do, take some time to think about ways to use your refund to bolster your financial health. We’ve put together a few ideas for you to consider:

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Take advantage of these Tax Day deals

John T. Lally

April 15, 2019

Once your taxes have been filed, first, take a moment to breathe a big sigh of relief…and then enjoy some Tax Day (April 15, 2019) discounts. There’s nothing like a good deal to take the sting out of tax obligations. Below, we’ve compiled a short list of best food and drink deals, taken from offer.com.

 

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It’s spring! Reboot your enthusiasm with these tips…

John T. Lally

April 1, 2019

The long stretch from the end of the winter holiday season until the next break in your routine can feel like eternity. If you feel the need to reboot your enthusiasm as the spring season arrives, try these tips:

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5 tips to dial down distractions

John T. Lally

March 15, 2019

Our most precious commodity is time—and our attention is a close second. That’s why everyone can use some help on how to tune out daily distractions. We compiled the following helpful tips from copyblogger.com to get you started on dialing down distractions:

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Working On Your Business

John T. Lally

March 12, 2019

Our firm belongs to an industry group called Mentor Plus. Since 1996 Mentor Plus has coached, mentored, and trained hundreds of business owners, managers, and accounting firms on how to maximize their potential. They provide tools and training to help CPA’s help small businesses become more successful. In a rapidly changing world, small businesses need to plan ahead now more than ever.

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4 reasons to file your return early

John T. Lally

March 1, 2019

The April 15 filing deadline is rapidly approaching, so we encourage you to send us your tax documentation as soon as possible to expedite the filing process. Here are four important reasons why you should file your return sooner rather than later:

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A few key tax reform provisions every business owner should know about

John T. Lally

February 15, 2019

This tax season is an important one for many business owners because it’s the first that will be impacted by the Tax Cuts and Jobs Act (TCJA). How big of an impact is dependent on your unique situation. We’ve compiled this short list of provisions that may affect the business community:

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Ways to skinny down Super Bowl Sunday

John T. Lally

February 1, 2019

According to Forbes.com, Super Bowl viewers traditionally load up on millions of pounds of less-than-healthy foods during the big game—including ribs, pulled pork, tortilla chips, nuts, popcorn and bacon—all washed down with beer (the Super Bowl beverage of choice). If you are trying to stick to your New Year’s resolution to eat better, consider a few healthy substitutes for the traditional Super Bowl eats:

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On your mark, get set…GO prepare for tax season

John T. Lally

January 17, 2019

The combination of running a business and your life and preparing for tax time can drive some people into a slight panic. But no need to get stressed if you are prepared. Now is the time to start organizing all documents required to file your tax return.

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5 tips to mitigate paying taxes on Social Security benefits

John T. Lally

January 2, 2019

Like the old paraphrased saying goes: In this world, two things are certain—death and taxes. The recent federal tax overhaul changed a lot of rules, so it’s as important as ever to understand your tax obligations, including those on Social Security benefits.

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New IRS warning: Email scams will surge this holiday season

John T. Lally

December 10, 2018

Unfortunately, cyber scammers never take a vacation. In fact, the IRS has issued a warning of a surge in fraudulent emails that bait potential phishing victims with fake tax transcripts. Links within these emails lead recipients to documents containing the well-known malware, Emotet.

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Minimize the hustle and bustle and stay on budget this holiday season

John T. Lally

December 3, 2018

The holidays can be overwhelming. You only have so many hours in a day, your gift list is long, and your budget may be tight. A bit of up-front planning and prioritizing can help save you time and money. Here are a few ideas to help you minimize the hustle and bustle, stay on budget, and find more peace this holiday season.

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Spreading the feeling of gratitude

John T. Lally

November 19, 2018

Instilling a thankful frame of mind among your staff makes for a gratifying work place. Consider a few suggestions for developing an atmosphere of thankfulness to get into the spirit of the holiday season.

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Ramp up awareness to ‘shop small’ on Small Business Saturday this month

John T. Lally

November 12, 2018

Black Friday and Cyber Monday need no introduction, but for small business owners it’s all about Small Business Saturday—an annual holiday shopping tradition that gets communities out in support of their local small businesses. Small Business Saturday falls on November 24 this year, so if you haven’t already…start getting the word out.

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Important Update: 1099 Reporting for 2018

John T. Lally

November 1, 2018

The Protecting Americans from Tax Hikes (PATH) Act of 2015 requires Forms 1099-MISC reporting non-employee compensation (NEC) in box 7 to be filed by January 31.

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Bring in extra traffic with some trick-or-treat action

John T. Lally

October 15, 2018

Small business owners in many communities offer downtown trick or treat events. Take advantage of this opportunity to build your business reputation. Involvement in local events goes a long way with both existing and prospective customers—indicating a vested interest in your community. Find creative ways to make your business stand out this trick-or-treat season. We hope the following suggestions will spark fun promotional ideas:

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Recognizing Women-Owned Small Businesses Everywhere!

John T. Lally

October 1, 2018

October marks Women’s Small Business Month, and we are happy and proud to recognize women in business both locally and around the world. Successful business women of the past and present continue to forge new paths for female entrepreneurs. We celebrate all those who are breaking the glass ceiling and serving as role models and mentors to women everywhere.

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Take Advantage of the September Slowdown

John T. Lally

September 17, 2018

For many business owners, September tends to bring a bit of a slowdown. The chaos of getting kids prepared for going back to school has passed, and a focus on saving money tends to kick in as people prepare for the coming holiday spend. Combined, this can often translate into a lull for business owners.

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Reminder: Q3 Tax Estimate is Due Soon!

John T. Lally

September 4, 2018

This is a friendly reminder that the Q3 tax estimate payment deadline is coming up fast. Be sure to make your payment by September 15, 2018 to avoid penalties. Currently, penalties for late or no payment average about 4 percent. And wouldn’t you rather keep that money in your pocket?

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Dinner, Drinks and Deductions

John T. Lally

August 21, 2018

According to new rules from the Tax Cuts & Jobs Act, meals and entertainment tax-deductible expenses for businesses have undergone considerable reform. Because the explanations of new deduction guidelines can be confusing, we’ve created this brief outline for you. A visit with your accounting professional to ensure your Chart of Accounts is correct may also be beneficial.

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Back to School on a Budget

John T. Lally

August 15, 2018

August is upon us once again. The collective “UGH!” is heard nationwide as families trudge toward the school supplies aisle in preparation for the upcoming academic year. Sadly, the “days-gone-by” supplies such as a box of crayons, spiral-ring notebooks and a pack of #2 pencils have evolved into a much longer list. But never fear, we’ve put together these useful tips to help you do “back to school” on the cheap.

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Healthy Summer Eating Made Easy – Part II

John T. Lally

August 1, 2018

So popular was the topic of our last post, that we created Part II to create our eating-healthy-this-summer-themed blog series. Enjoy these added nutritional and time-saving tips for summer meal planning.

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5 Tips to Eat Healthy While on Vacation this Summer

John T. Lally

July 16, 2018

If you are like most, summer is prime time for family and friend vacations. It’s a time to unwind and recharge…to see new places and try new things. For many, “new things” often means food. And if you are trying to maintain or lose weight, that can be a problem. So, for all you travelers trying to stay healthy this summer, here are 5 great tips to help you stay on a healthy eating plan and still enjoy your vacation!

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5 Tips to Get Kids Out of Technology and Into Nature this Summer

John T. Lally

July 2, 2018

If you are like most families, summer means vacation. And if your kids are like most kids, they tend to be tethered to their technology. Whether planning to travel abroad or a long weekend at a local campground, summer is a time for exploration and simply paying attention to the beauty around us.

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Meals & Entertainment Changes Under New Tax Reform

     


The new tax law reduced tax rates and provided many other tax breaks that will reduce your income taxes.  One area where the new law increased your taxes was by putting more limitations on the deductibility of certain business meals and entertainment expenses incurred after December 31, 2017.  Businesses must continue to...

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Ideas for Multigenerational Family Vacations this Summer

John T. Lally

June 18, 2018

Multigenerational family vacations have experienced an uptick in popularity, especially with older generations being more active and families living farther apart. Family getaways certainly bring people together physically, but also emotionally. Dedicated family time is simply good for the soul…even more so when multiple generations take part. With this in mind, we bring you a few ideas and tips to consider when planning your next multigenerational vacation.

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Your Smartphone Preparedness Travel Guide

John T. Lally

June 4, 2018

For many of us, our smartphone is a vital travel tool. We rely on it for navigating unfamiliar places, taking photos, and identifying recreational activities. Michael Zhao, an editor for TheWirecutter.com, offers the following tips on what to pack in addition to your smartphone—so you won’t be stranded when traveling this summer...or any other time of the year.

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How The New Tax Law Can Save Your Business Money Part 2

 How The New Tax Law Can Save Your Businee Money Part 2


The recently enacted Tax Cuts and Jobs Act (TCJA) is the largest tax law change in the last 30 years. Here's an overview of some of the more important business tax changes in the new law. Unless otherwise noted, the changes are effective for tax years...

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How The New Tax Law Can Save Your Business Money

May 25, 2018

We Love Helping Small Businesses Become More Successful

The recently enacted Tax Cuts and Jobs Act (TCJA) is the largest tax law change in the last 30 years. Here's an overview of some of the more important business tax changes in the new law. Unless otherwise noted, the changes are effective for tax years beginning in...

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Facing the Facts: How to Interpret Facial Expressions at Work

John T. Lally

May 15, 2018

You may be completely proficient at decoding emojis on social media and in text messages, but for many of us, figuring out what other people’s facial expressions mean can be quite a challenge. Here’s a quick rundown of how to interpret different facial stances based on research from people-communicating.com:

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Summer is Just Around the Corner— And So Are Potential Childcare Tax Credits

John T. Lally

May 1, 2018

Summer will be here before you know it! If you are a working parent with school-aged children, you know that it can also mean pretty steep bills for childcare and summer camp. However, you may be able to soften the hit to your family’s budget if these services qualify for the Child and Dependent Care Tax Credit.

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How the New Tax Law Can Save You Money Part 2

February 16, 2018

The recently enacted Tax Cuts and Jobs Act (TCJA) is the largest tax law change in the last 30 years. There are many changes affecting individuals and businesses. Here's a look at some of the more important elements of the new law that have an impact on deductions for individuals. Unless otherwise noted, the changes are effective for tax years beginning in 2018 through...

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How The New Tax Law Can Save You Money Part 1

January 30, 2018

The recently enacted Tax Cuts and Jobs Act (TCJA) is the largest tax law change in the last 30 years. There are many changes affecting individuals and businesses. Here's a look at some of the more important elements of the new law that have an impact on individuals. Unless otherwise noted, the changes are effective for tax years beginning in 2018 through...

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5 tips to mitigate paying taxes on Social Security benefits

John T. Lally

January 2, 2018

Like the old paraphrased saying goes: In this world, two things are certain—death and taxes. The recent federal tax overhaul changed a lot of rules, so it’s as important as ever to understand your tax obligations, including those on Social Security benefits.

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2017 Tax Cuts and Jobs Act

2017 Tax Cuts and Jobs Act

Congress has enacted the biggest tax reform law in thirty years, one that will make fundamental changes in the way you, your family and your business calculate your federal income tax bill, and the amount of federal tax you will pay. Since most of the changes will go into effect next year, there's still a narrow...

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Proposed Tax Bill / Business Tax Credits

John T. Lally

Proposed Tax Bill

We are monitoring the proposed tax bill. The House of Representatives approved a bill on November 16. The Senate approved their version of the bill on December 2. Either the House can approve the Senate version or the House and Senate will have to meet to reconcile the differences between the two versions of their bills....

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How Cloud Software Improved One Local Business

John T. Lally

How Cloud Software Improved One Local Business

Doug and Donna Coray, owners of Acushnet Creamery, are like many other business owners.  In addition to running their business, they are also raising a family and Doug works full-time as a teacher.  Acushnet Creamery operates 2 retail locations in Acushnet and Dartmouth and also sells...

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Kathy Bergeron - QBO Re-Certification

John Lally

John T. Lally CPA, PC is pleased to announce that Kathy Bergeron has completed the QuickBooks Online re-certification.  Certification demonstrates both skill and proficiency in the use of QuickBooks Online. Intuit is a leader in cloud-based accounting software that allows small business owners and their accountants to have access to real-time financial data to better manage their...

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5 Tips for a Successful 2017

John T. Lally

Many businesses are nowhere near reaching their potential. 

Are you one of them? If so, here are 5 easy tips that are easy to implement.

  1. Do you have a strategic plan? This plan should include long-term goals, a look at the future of your business and industry, internal strengths and...

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2016 TAX PLANNING TIPS

John Lally

  1. Know your expected income for 2016. If you own a business, you need good books and records to get an accurate idea of your profit or loss. This is your starting point for any planning to save on income taxes. Many businesses have sloppy records that make it difficult to do tax or business planning. If that sounds like you, there are many new software options that can help put you on...

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Year End Reminders

Happy Holidays!

Following are a few reminders and tips for your business year end.

  1. There are new due dates for Forms W-2 and 1099-Misc. The due date for the recipient copy is still January 31 but the due date for the government copy has been moved up to January 31 as well.
  2. Form 1099-Misc should be filed to report payments of $600 or more to unincorporated...

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Our New Website

John T. Lally

John T. Lally CPA, PC is excited to announce the recent launch of our firm’s new website. We’ve been working very hard to enhance our website and give our firm a fresh look. We’ve also continued to research and identify the latest and greatest technologies to improve the services we provide and ensure we continue to meet your needs.

Take a moment to look around our...

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 What our clients are saying...

I started working with John T. Lally CPA, PC about two years ago, and right from the start have been impressed with the service and responsiveness...

Mario R. Ribeiro, The Pasta House
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John has helped us to reduce our costs, increase our profits and create a close connection between the everyday operation of our business and our financial reporting...

Bradford F. Niemiec, Niemiec Marine, Inc.
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John has become more than my accountant. He has become a business advisor and someone I trust to look out for my best interest...

Bruce E. Rocha. Sr., Fisher & Rocha. Inc.
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