Educators may be able to deduct unreimbursed expenses on their tax return. This deduction can put money right back in the pockets of eligible teachers and other educators.Here are some things to know about this deduction:· Educators can deduct up to $250 of trade or...
Many Massachusetts parents claim the child tax credit to help offset the cost of raising children. Tax reform legislation enacted last year made changes to that credit. Here are some important things for taxpayers to know about the changes to the credit. Credit...
The earned income tax credit is a benefit for working people with low and moderate incomes. To qualify, taxpayers must meet certain requirements and file a tax return, even if they don't owe any tax or aren't required to file. Here are some things taxpayers should...
As Massachusetts taxpayers prepare for the January 29 start of filing season, they should consider a direct deposit of any refunds due. It's easy, safe, fast - and the best way to get a refund. That's why 80 percent of taxpayers choose it every year.IRS Direct...
From scrapbooking to glass blowing, many Massachusetts residents enjoy hobbies that are also a source of income. A taxpayer must report income on their tax return even if it is made from a hobby.However, the rules for how to report the income and expenses depend on...
The Earned Income Tax Credit (EITC) is a refundable tax credit. That means, even if your tax liability is zero, if you qualify for the EITC, the credit will be paid to you. It was created to benefit low-income, working families. However, the criteria for claiming the...
When settling a divorce case the issue of which parent is going to claim the dependent child exemption on his/her tax return should be settled. Experience has demonstrated that failure to settle this at the time of the divorce will often lead to future disputes...
The Child and Dependent Care Tax Credit can reduce the taxes you pay. If you paid someone to care for a person in your household last year while you worked or looked for work, then read on for 10 facts from the IRS about this important tax credit: Child, Dependent or...