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...
The arrival of summer is also the start of wedding season. Marriage changes many things and taxes is one of them. Newlyweds should know how tying the knot can affect their tax situation. Here’s a tax checklist for newly married couples: Name and address changes...
The EITC is one of the federal government's largest refundable tax credits for low-to moderate-income families. The recent expansion of this credit means that more people may qualify to have some much-needed money put back in their pocket. The IRS urges people to...
Child Tax Credit and the impact it will have on your tax returns have been a hot topic in recent weeks as the tax season approaches. Depending on the circumstances, your Massachusetts dependent children may be of assistance to you in claiming your tax refund. It is...
The home office deduction allows qualified taxpayers to deduct certain home expenses when they file taxes. To claim the home office deduction on their 2021 tax return, taxpayers generally must exclusively and regularly use part of their home or a separate structure on...
With tax filing season is just around the corner, this is a good time for those who don’t normally file to consider the benefits of filing a 2021 tax return. Filing can help them claim a refundable tax credit or get an income tax refund. Here are some things taxpayers...
If you are one of the 75% of Americans who receive a tax refund annually, 2022 could bring an unwelcome surprise. Your tax refund could be smaller, non-existent, or you may even find that you owe the IRS money on April 15. CNBC reported three reasons Americans could...
The IRS gives Massachusetts married couples the option to file their federal income tax returns jointly or separately. Most American couples choose to file taxes jointly. However, there are situations when you might want to file taxes separately. What are the reasons...
The IRS encourages taxpayers to get informed about topics related to filing their federal tax returns in 2022. These topics include special steps related to charitable contributions, economic impact payments and advance child tax credit payments. Here are some key...
Not every state chooses to, but some do tax Social Security benefits. In 2022 the average check for a single beneficiary will rise from $1,565 to $1,657. This gives claimants an extra $92 per month. The COLA rose by 5.9% in an effort to help offset inflation prices...