Taking care of a Massachusetts pet might feel like a full-time job, now the IRS is allowing citizens to reap the benefits of said ‘parenthood’ Even though pet parenting might feel like a full-time job, you can’t claim pets as dependents on taxes — but you might be...
Taxes
IRS Tax Tip: Educator Expense Deduction Can Offset Out of Pocket Classroom Costs
The Educator Expense Deduction lets eligible teachers and administrators deduct part of the cost of technology, supplies and training from their taxes. They can claim this deduction only for expenses that weren't reimbursed by their employer, a grant or other sources....
IRS Tax Tip: Hobby or Business – What Massachusetts Residents Need to Know If They Have a Side Hustle
Hobbies and businesses are treated differently when it comes to filing taxes. The biggest difference between the two is that businesses operate to make a profit while hobbies are for pleasure or recreation. Whether someone is having fun with a hobby or running a...
IRS Tax Tip: Summer Activities That Could Affect Massachusetts Parents Tax Return Next Year
While summer is a time for fun, it’s never the wrong time to thinking about taxes – and some of those summer activities could have an impact. Here are a few summertime activities and tips on how Massachusetts taxpayers should consider them for filing season. Marriage...
IRS Tax Tip: Massachusetts Newlyweds Tax Checklist
Summer wedding season has arrived, and newlyweds can make their tax filing easier by doing a few things now. A taxpayer's marital status as of December 31 determines their tax filing options for the entire year, but that's not all newlyweds need to know. Report a name...
IRS Tax Tip: 16 Types of Income the IRS Does Not Tax
Turns out the adage that only death and taxes are certain isn’t 100% true — in a good way. As you’re painfully aware, the federal government takes a piece of the income pie to help pay for public projects and the infrastructure we use. So do the vast majority of most...
IRS Tax Tip: 5 Ways the IRS Can Fine You
How could you end up owing the IRS a penalty? There are more reasons than you might realize. It’s bad enough that you have to fork over a chunk of your income to the IRS each year. If you make a mistake while doing so, you could get hit by a penalty that might add...
6 Most Overlooked Itemized Tax Deductions for Massachusetts Residents
If you qualify for a few of the six itemized deductions below, you might consider going this route on your 2023 taxes. Out-of-pocket medical expenses You're allowed to deduct out-of-pocket medical expenses that exceed 7.5% of your adjusted gross income in 2023. For...
Tax Bill Savings For Massachusetts Families in 2024
The Massachusetts bill expands tax credits for parents and caregivers, reduces the estate tax, increases the earned income tax credit, and boosts breaks for renters, seniors, and low-income families, among other things. “These tax cuts translate to real money back in...
IRS Tax Tip: Homeowners: Review These House-Related Deductions and Programs
The summer months are a popular time to buy or sell a house. New homeowners should put reviewing the tax deductions, programs and housing allowances they may be eligible for on their move in to-do list. Deductible house-related expenses Most home buyers take out a...