January 17, 2020 | Freya Allen Shoffner, Esquire | Main Office

Canceling a Credit Card

If you are going to cancel a credit card, do it wisely. Closing a credit card can impact your credit scores but it doesn't have to.

The standard advice is to leave credit card accounts open. That being said, there are reasons you may want to close your cards. It is prudent to close joint credit card accounts during a separation or divorce. This protects you from liability for charges made by your former spouse. On joint accounts the lender will hold ...
January 15, 2020 | Freya Allen Shoffner, Esquire | Main Office

IRS helps workers, businesses with new Gig Economy Tax Center

Gig Economy Tax Center

What is the Gig Economy?

The gig economy—also called sharing economy or access economy—is activity where people earn income providing on-demand work, services or goods. Often, it's through a digital platform like an app or website.

Gig Economy Income is Taxable

January 08, 2020 | Freya Allen Shoffner, Esquire | Main Office

Estate and Other Tax Changes for 2020


There will be changes to tax exclusions and deductions in 2020. The estate tax exclusion will go up $180,000 to $11.58 million. Individual estates worth up to $11.58 million will not be subject to federal or gift taxes. Estates for married couples will not be subject to federal or gift taxes if they don't exceed $23.16 million.

Gift tax exclusions will remain at $15,000.

December 17, 2019 | Freya Allen Shoffner, Esquire | Main Office
December 11, 2019 | Freya Allen Shoffner, Esquire | Main Office

Essentials of Security Deposits


Security deposits are held by landlords to protect them from unpredictable tenants. They are designed to protect landlords from damage to their property. While the landlord holds the deposit, it belongs to the tenant.

Massachusetts law dictates that...
December 05, 2019 | Freya Allen Shoffner, Esquire

Savings' Goals


Savings are important and we have a lot to save for. Most of us need emergency savings covering 6 – 9 months of expenses for an unexpected financial need. We need medium-term savings for expenses such as a home down payment or college tuition. Lastly, we need a retirement account.
November 26, 2019 | Freya Allen Shoffner, Esquire | Main Office

Investing Habits of the Very Wealthy

One's wealth or net worth is made up of shares in private and public companies, real estate, and personal investments. This wealth is acquired in different ways. There are some investing commonalities that the very wealthy share that many other investors don't. The very or ultra-wealthy understand how to make their money work for them and know how to take calculated risks. Below are some investing habits the very wealthy have that many others don't.
November 20, 2019 | Freya Allen Shoffner, Esquire | Main Office

Divorce, Children, and Reunification Therapy


Divorce is complicated and often has a high impact on the relationships between the children and the parents. Strained relationships may evolve for a variety of reasons to include conflict between the two parents, extended time apart, or a lack of time for a parent to spend with the children. Reunification therapy can be ordered by family court for therapeutic intervention when there is difficulty with the children visiting the noncustodial parent.

November 12, 2019 | Freya Allen Shoffner, Esquire | Main Office

Strategies for Retirement Savings


We want to make sure that we can afford to retire. Saving for retirement takes careful planning and follow-through. There are steps you can take to help ensure your financial future.
November 08, 2019 | Freya Allen Shoffner, Esquire | Main Office

Common Mistakes About Social Security

Social Security can be confusing with many people believing many things. We've been hearing that Social Security is about to run out of money and many people believe it. Social Security funds come from taxes collected from our paychecks and from a trust fund of U.S. Treasury securities. It is the trust fund that is in jeopardy not money collected through our paychecks. This means that if the trust fund is depleted, Social Security can still pay 77% of anticipated benefits. Congress will very likely step in to strengthen Social Security's finances.
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