Taxonomy Archives - Cambridge | Somerville Independent

Tax tip of the week: Everyone has an estate. Who manages yours when you die?

by Vincent Hicks July 27, 2026

An estate is not something that applies only to wealthy families, but concerns anyone who dies owning property, holding financial accounts or owing debts.

TAXONOMY

Tax tip of the week: You’ll need to give away $15M as gifts before the IRS cares

by Vincent Hicks July 20, 2026

The federal gift tax system works somewhat like a lifetime ledger. In many cases, give a large gift and you need to report it – not write a check to the IRS.

TAXONOMY

Tax tip of the week: That gift, if it was a real gift, is tax free

by Vincent Hicks July 13, 2026

A true gift isn’t payment for work or services, and money or property inherited from a family member or friend is also generally not taxable income to the recipient.

TAXONOMY

Tax tip of the week: Think capital gains, and give that asset a birthday party before you let it go

by Vincent Hicks July 6, 2026

Before selling an investment that has increased in value, check how long you’ve owned it. Waiting more than one year may qualify you for a big tax break.

TAXONOMY

Personal finance tip of the week: You can withdraw your own Roth IRA contributions

by Vincent Hicks June 29, 2026

The goal is usually to leave the money invested for the long term, but it’s helpful to know your original contributions might be available if life throws a curveball.

TAXONOMY

Personal finance tip of the week: Look for the paycheck advance risking the least damage

by Vincent Hicks June 22, 2026

Unexpected expenses happen. If you find yourself relying repeatedly on advances between paychecks, it may be a sign a longer-term solution is needed.

TAXONOMY

Tax tip of the week: Your big refund from the IRS isn’t really good news

by Vincent Hicks June 15, 2026

For some taxpayers, provisions of Donald Trump’s so-called One, Big, Beautiful Bill Act reduced their tax liability, which may have led to larger refunds.

TAXONOMY

Personal finance tip of the week: Get your money advice from a fiduciary

by Vincent Hicks June 8, 2026

Fiduciaries are legally required to put your interests ahead of their own when providing financial advice or making recommendations.

TAXONOMY

Tax tip of the week: GoFundMe can help in a crunch, and donations are usually just ‘gifts’

by Vincent Hicks June 1, 2026

Crowdfunding has become a meaningful way to bring together community support at difficult moments. It is not a complete financial plan.

TAXONOMY

Tax tip of the week: Find out if you missed deductions that could have lowered your income taxes

by Vincent Hicks May 25, 2026

Many taxpayers overlook valuable deductions because they focus only on itemized deductions. They should dig into schedules 1 and 1A.