The IRS has a variety of resources to help Massachusetts members of the military, veterans and their families navigate the unique and sometimes complex circumstances that come with filing taxes while in the military. Here’s a list of some of the resources these...
There are cost of living adjustments that may affect a taxpayer’s pension plan and other retirement-related savings next year. People should familiarize themselves with these adjustments, so they aren’t caught off guard. Here are some highlights of the 2021 changes:...
Whether it’s online, in-person, part-time or full-time, higher education can be expensive for Massachusetts residents. The good news is there are tax credits that can help offset these costs. These credits reduce the amount of tax someone owes. If the credit reduces...
The IRS reviewed its collection activities to see how it could provide relief for Massachusetts taxpayers who owe taxes but are struggling financially because of the pandemic. The agency is expanding taxpayer options for making payments and other ways to resolve tax...
When Massachusetts residents get ready to file their federal tax return there are new things to consider when it comes to which credits to claim and what deductions to take. These things can affect the size of any refund the taxpayer may receive. Here are some new key...
December is flying by in a flurry of last-minute presents, cold snaps and virtual holiday parties. But don’t get so caught up that you forget your finances. As the calendar year ends, time is running out for you to maximize your 2020 tax benefits. Dec. 31 is a major...
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...