Qualified individuals affected by COVID-19 may be able to withdraw up to $100,000 from their eligible retirement plans, including IRAs, between Jan. 1 and Dec. 30, 2020. These coronavirus-related distributions aren't subject to the 10% additional tax that generally...
In mid-April, the government began sending out direct payments to Massachusetts residents as part of the larger coronavirus stimulus package. While the money was much needed by those who lost income as a result of the pandemic, many are wondering whether there's a...
Massachusetts taxpayers receiving Social Security benefits may have to pay federal income tax on a portion of those benefits.Social Security benefits include monthly retirement, survivor and disability benefits. They don't include supplemental security income...
One of the first boxes you'll check on a Massachusetts or Federal income tax return is your filing status. It's important to pick the right one for your situation, because this choice affects the amount of taxes you'll pay, the standard deduction you can take and...
Massachusetts taxpayers with dependents may qualify to claim a few different tax credits. One of these is the child tax credit. The child tax credit benefits people whose dependent meets a series of tests. If the dependent doesn't meet those qualifications, the...
With tax season quickly approaching, Massachusetts parents and students should look into tax credits that can help with the cost of higher education. They do this by reducing the amount of tax someone owes on their tax return. If the credit reduces tax to less than...
Active duty military personnel have multiple options for free federal tax preparation. IRS Free File allows taxpayers to prepare and file their federal individual income tax return for free using brand name tax preparation and filing software. While Free File is for...
The IRS has some good news for Massachusetts taxpayers who are selling their home. When filing their taxes, they may qualify to exclude all or part of any gain from the sale from their income.Here are some things that homeowners should think about when selling a...
Summertime activities often affect the tax returns people file the following year.Here are some things taxpayers do during the summer along with tips they should consider now: Getting married. Newlyweds should report any name change to the Social Security...
Educators may be able to deduct unreimbursed expenses on their tax return. This deduction can put money right back in the pockets of eligible teachers and other educators.Here are some things to know about this deduction:· Educators can deduct up to $250 of trade or...