Many people move during the summer. Taxpayers who are selling their home may qualify to exclude all or part of any gain from the sale from their income when filing their tax return. When selling a home, homeowners should think about: Ownership and use To claim the...
Taxes
14 Surprising Things That Are Taxable in Massachusetts
How many of these forms of income did you know were subject to federal taxes? Everyone knows that wages are taxed by the federal government, but Uncle Sam has a far-reaching definition of “taxable income.” It covers numerous types of earnings that many people don’t...
6 Income Tax Breaks That Massachusetts Retirees Overlook
How does the adage go? With age comes … new ways to save on taxes. While you can’t stop filing taxes just because you retire, being a retiree often means you can claim some worthwhile tax credits and deductions. In some cases, these tax breaks are available to both...
IRS Tax Tip: Information and Resources for Military Members and Veterans
The IRS offers a variety of tax resources and information designed to help members of the Massachusetts military community navigate their unique and sometimes complex tax situations. Reviewing these resources before filing can make completing an accurate tax return...
COVID IRS Tax Tip: Grandparents With Eligible Dependents Should Not Miss Out on Child Tax Credit
Grandparents, foster parents or people caring for siblings or other relatives should check their eligibility to receive the 2021 child tax credit. People who claim at least one child as their dependent may not realize they could be eligible to benefit from the child...
IRS Tax Tip: Understanding Taxes When a Family Member Signs the Paycheck
Many people work for a family member in Massachusetts, whether it’s a child helping out at their parent’s shop or spouses running a business together. When someone is employed by a family member, the tax implications depend on the relationship and the type of...
Massachusetts Parents Boost Your Back-to-School Budget By Filing Tax Return
Summer is slipping away and another school year is starting. As kids head back to the classroom, parents are ticking items off the school supply list. If they want to boost their back-to-school budgets, parents and guardians should make sure they aren’t missing out on...
6 Types of Retirement Income That Are Not Taxable
One often-overlooked aspect of retirement planning is the effect of taxes. Without proper planning, taxes can take a significant bite out of your nest egg. A $1 million dollar portfolio in a 401(k) plan or traditional IRA, for example, might be worth $800,000 or less...
8 Tax Credits For Massachusetts Parents
Raising a Massachusetts child is expensive, to say the least. Uncle Sam recognizes that — to an extent — at tax time. There’s a tax break for just about everyone — close to 90% of federal income tax returns claim the standard deduction, after all — but Uncle Sam does...
IRS Tax Tip: Tax Reminders For Massachusetts Residents Selling a Home
A lot of Massachusetts families move during the summer. Taxpayers who are selling their home may qualify to exclude all or part of any gain from the sale from their income when filing their tax return. Here are some things that homeowners should think about when...