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...
Fall is here and another school year is in full swing. Many teachers are already dipping into their own pockets to buy classroom supplies that will help set their students up for success. Doing this all year long can add up fast. Fortunately, eligible educators may be...
Massachusetts parents who share custody of their children should be aware of how the advance child tax credit payments are distributed. It is important to remember that these are advance payments of a tax credit that taxpayers expect to claim on their 2021 tax return....
Families come in all shapes and sizes – and some families may not realize they could receive advance payments of the 2021 child tax credit in the last months of this year. The IRS urges grandparents, foster parents or people caring for siblings or other relatives...
The credit for other dependents is a tax credit available to taxpayers for each of their qualifying dependents who can’t be claimed for the child tax credit. The maximum credit amount is $500 for each dependent who meets certain conditions. These include: Dependents...
By requesting innocent spouse relief, you can be relieved of responsibility for paying Federal and Massachusetts tax, interest, and penalties if your spouse (or former spouse) improperly reported items or omitted items on your tax return. Generally, the tax, interest,...
It’s important for taxpayers to understand how selling their home may affect their tax return. When filing their taxes, they may qualify to exclude all or part of any gain from the sale from their income. Here are some key things homeowners should consider when...
The educator expense deduction allows eligible Massachusetts teachers and administrators to deduct part of the cost of technology, supplies and training from their taxes. They can only claim this deduction for expenses that were not reimbursed by their employer, a...