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....
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...
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...
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...
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...
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...
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...
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...
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...
Massachusetts kids are expensive. Whether someone just brought a bundle of joy home from the hospital, adopted a teen from foster care, or is raising their grandchild. There are several tax breaks that can help. Here are some tax tips for new parents Get the child a...