Peter A Norton, CPA, PC

07/09/2025

Proper payroll recordkeeping is critical for every business to ensure tax compliance and guard against litigation. Most companies must keep information regarding federal income, Social Security and Medicare taxes for at least four years after the due date of an employee’s personal income tax return for the year in which the payment was made. This is known as the “records-in-general” rule, and various data and documents fall under it. Contact us at (508) 624-5534 to schedule a review of your payroll recordkeeping processes today!

07/08/2025

Grabbing lunch with a client doesn’t just build rapport. It can also trim your tax bill. Under tax law, you can generally deduct 50% of qualifying business meal costs. Whether you're dining with clients, partners or employees, these deductions can reduce your taxable income. Keep detailed records of the expenses, including receipts. Document the business purpose of each meal and the business relationship of the people you dine with. Contact us at (508) 624-5534 with any questions about this deduction.

07/07/2025

You’re never too young to start planning for retirement. We can help you juggle multiple financial goals, including saving for a home, your children’s education and a secure retirement. Contact us at (508) 624-5534 to discuss tax-advantaged retirement plans as well as other investment opportunities, income tax-reduction strategies and risk-mitigation measures (such as insurance). On the other hand, are you getting a late start? We have tips for making and reaching aggressive retirement savings goals.

07/04/2025

What does it mean if you receive a CP24 notice from the IRS? Don’t panic. It’s probably not bad news. The IRS sends this notice when the amount of tax paid on a taxpayer’s return doesn’t match its records of estimated tax payments posted. A CP24 generally will inform you that the IRS has corrected your return and will be refunding the overpaid balance, usually in four to six weeks. If you already qualify for a refund and haven’t yet received it, the overpayment will likely be added to your refund. However, if you owe other tax, the IRS will apply the balance to that debt first. Contact us at (508) 624-5534 with questions and to help avoid errors in the future.

07/02/2025

If you're self-employed and use part of your home exclusively and regularly for business, you may qualify for home office tax deductions. You can deduct a portion of your rent, mortgage, utilities and more. There’s even a simplified option if you don’t want to keep track of all the costs. Don’t wait until tax time: Start tracking your expenses now. Questions? Contact us at (508) 624-5534 to see if you qualify. We’re here to help!

07/01/2025

Don’t let inherited retirement account rules catch you off guard! Most nonspouse beneficiaries must fully withdraw inherited IRA or 401(k) funds within 10 years if the original owner died after 2019. Depending on the situation, you may not have the option to wait and take a lump-sum distribution at the 10-year mark but instead be required to take annual required minimum distributions (RMDs). Not taking an RMD can trigger a penalty equal to 25% of the missed RMD. Could you be affected? Let’s review your circumstances together. Call us at (508) 624-5534.

06/30/2025

Working capital (the difference between current assets and current liabilities) is more than just an accounting figure. It fuels your business operations and must be closely monitored. When too much cash is tied up in receivables and inventory, it can drain your reserves and cause you to miss growth opportunities. But operating too lean can leave you vulnerable in today’s uncertain markets. Looking to strike the right balance? Contact us at (508) 624-5534 for practical solutions to speed up collections, right-size your inventory and manage payables more efficiently.

06/27/2025

Effective bookkeeping isn't just about tracking expenses, it's key to business growth! From smarter decisions to easier tax time and stronger cash flow, good records keep your business on track. https://bit.ly/4k92qt2

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As a business owner, managing your finances effectively is one of the most important aspects of running a successful operation. Bookkeeping, the process of recording and organizing financial transactions, provides the foundation for making informed decisions, maintaining compliance, and planning for...

06/25/2025

Choosing the right accounting software is key to efficient financial management. Consider factors like ease of use, scalability, automation, and security to find the best fit for your business. https://bit.ly/4k4OU9G

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Managing your business finances effectively starts with choosing the right accounting software. Whether you're a solo entrepreneur, a small business owner, or running a growing company, the right software can streamline your bookkeeping, help with tax compliance, and provide financial insights. With...

06/23/2025

Looking to support a charitable cause while also securing your retirement income? A Charitable Remainder Trust (CRT) could be the perfect solution! By setting up a CRT, you can enjoy an income stream, tax benefits, and reduce your taxable estate size. Diversify your portfolio by selling non-income-producing assets tax-free and reinvesting the proceeds. Contact us at (508) 624-5534 to learn more about how a CRT can benefit you!

06/20/2025

Dealing with international taxes? Tax treaties can help you avoid double taxation, reduce tax rates, and simplify compliance. https://bit.ly/3ZtXK8G

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Tax treaties might seem complex, but understanding them can help you save money and avoid double taxation. Whether you're an expat, a business owner operating internationally, or just curious about how countries work together to simplify taxation, this guide is for you. Let's dive into what tax trea...

06/18/2025

For those age 50 or older, a great way to make up for not having saved enough for retirement in the past (or to simply maximize your tax-advantaged nest egg) is to make “catch-up” contributions to a 401(k), 403(b), 457 plan, SIMPLE or IRA. New starting in 2025, if you’re age 60 to 63, you can boost your 401(k) or other employer-sponsored retirement plan contribution even more: up to 150% of the regular catch-up limit. For 2025, this means a catch-up contribution of $11,250 ($5,250 for SIMPLEs). Want to make the most of tax-advantaged retirement savings opportunities? Let’s talk! (508) 624-5534