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...
Taxes
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...
Tax Tips For New Massachusetts Parents
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...
Massachusetts Taxpayers Can Appeal When They Disagree With an IRS Decision
When taxpayers disagree with the IRS’s decision on their tax situation, they can submit a written request to have the IRS Independent Office of Appeals review the decision. The goal of Appeals is to resolve tax disputes outside of the courtroom in a way that is fair...
IRS Tax Tip: Tax Planning Does Not Stop After Filing A Tax Return
Just because a Massachusetts taxpayer filed a tax return doesn’t mean they should forget taxes until next year. What a taxpayer does now may affect the tax they owe or the refund they may receive next year. Here are some simple year-round tax planning pointers for all...
Tax Considerations When Selling a Massachusetts Home
Many people 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. When selling a home, homeowners should think about: Ownership and use To claim the...
14 Surprising Things That Are Taxable in Massachusetts
How many of these forms of income did you know were subject to federal taxes? Everyone knows that wages are taxed by the federal government, but Uncle Sam has a far-reaching definition of “taxable income.” It covers numerous types of earnings that many people don’t...