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...
Taxes
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...
Here’s How Saying “I do” Can Affect a Massachusetts Couples Tax Situation
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...
IRS Tax Tip: Changes to the Earned Income Tax Credit for 2022
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...
Should My Massachusetts Child File a Tax Return?
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...
IRS Tax Tip: How Small Business Owners Can Deduct Their Home Office From Their Taxes
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...