In light of the new tax plan that went into effect on January 1, many Americans are expecting a larger tax refund when they file next year. They shouldn't plan on it and here's why: The IRS just released revised tax withholding schedules last week and it's possible people will be underpaying their taxes.  It's important...

Every year, a typical family may spend well over $5,000 on insurance premiums (not including health insurance): Life insurance, car insurance, homeowners insurance, umbrella coverage, smart phone insurance, etc.  What's the point of paying these premiums year after year?  These policies protect you and your family from a potentially large financial loss even if the...

With a major tax bill pending, now is the right time to see what you can do to reduce your income tax bill before year's end.  Here are some ideas: Defer to the Second Half In football, when a team wins the opening coin toss, they can elect to receive the ball to start the...

The proposed Trump tax plan makes some significant changes to the Internal Revenue Code.  Although being promoted as major middle-class tax relief, some seniors may actually face a massive tax increase.  Under the proposed plan, taxpayers could no longer itemize medical expenses on Schedule A.  The current tax code allows a taxpayer to take an...

Timing is everything, especially when it comes to long-term care/asset protection planning.  Enter the dreaded "Five Year Look Back."  It is one of the first things a prospective client asks me about.  When applying for long-term care MassHealth benefits, the applicant must disclose all transfers for less than fair market consideration made in the previous...

It looks like Congress will be extending the payroll tax cut through the end of 2012.  Many people assume it is a good thing, but don’t understand how it affects their tax returns.  This payroll tax cut actually went into effect in January in 2011.  Will you see a bigger tax refund?  For most people,...

I have represented many first-time home buyers.  These clients are typically very enthusiastic about purchasing their first home.  I have also helped many clients (as young as 18 years old and as old as 99 years old) with estate planning.  As you can imagine, these clients are polar opposites from my first-time home buyer clients. ...

Due to last minute tax changes by Congress, the IRS has announced that some tax returns will not be processed until February 14.  If you itemize your deductions on Schedule A (mortgage interest, taxes paid, charitable contributions, etc), claim the higher education tuition and fees deduction, or claim the educator expense deduction, you will not be...

We are pleased to announce the launch of our new website, www.delaneylawoffice.com!  Between the detailed website content and frequent blog entries, we hope to keep our clients up to date on developments in real estate, estate planning, tax law, and elder law.  We are also teaming up with a company called LegalVault to offer a...