Building a personal portfolio of valuable assets through hard work and dedication is a truly rewarding process. Once you’ve accumulated enough wealth to gain financial independence and freedom, you might think the hard part is over, but with a diverse portfolio spread across various investment classes, industries, and locations, it’s easy to lose track of where your money is going and how it’s performing. Managing your accumulated assets isn’t just a best practice, it’s a responsibility. Many advisors agree that maintaining accountability of your financial affairs through consolidation and regular review leads to the highest rates of return, optimized tax structure, and integrity of your estate plan.

The IRS recently announced January 23rd as the official start to the 2023 tax filing season! With W-2 and 1099 reporting deadlines mostly in the rearview mirror and that information starting to arrive in your mailbox, now is a great time to start accumulating your documentation and other information to prepare for the tax filing deadline.

On November 1st, Massachusetts Department of Revenue began distributing tax refunds in accordance with Chapter 62F

Real Estate Investing – How Material Participation Can Reduce Your Taxes
When done right, real estate investing is an extremely popular and proven strategy to accumulate wealth and create stable cash flow. One of the most attractive reasons investors flock to real estate is the amount of available tax opportunities to reduce and defer taxes. While there are many interesting and valuable components, one that comes up frequently with our clients is the concept of material participation.

When filing your #taxes, you may end up in a position where your total tax owed is less than the tax you paid during the year. This means you overfunded your tax piggybank! By law, the IRS must give you the option to receive a #refund of those overpaid tax dollars back to your bank account. The second option is to apply those dollars to next year’s taxes.

Cryptocurrencies continue to become more widely accepted as payment for goods and services, and remain as the bedrock of #nft transactions. This means that your likelihood of winding up with reportable crypto activity is growing fast. Exchanges like Coinbase make it easy for the average investor to dabble in crypto, and quickly buy and sell a variety of cryptocurrencies. What you may not know is that your crypto activity may be creating taxable events.