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Taxes Archives

IRS Tax Tip: Do You Have to Pay Taxes on Your Coronavirus Stimulus Check?

In mid-April, the government began sending out direct payments to Massachusetts residents asStimulus check 1.jpg part of the larger coronavirus stimulus package. While the money was much needed by those who lost income as a result of the pandemic, many are wondering whether there's a catch. Will the money be taxed later? Is it simply a tax refund advance that will need to be paid back next year?

IRS Tax Tip: Married Couples: Filing Jointly Or Separately?

One of the first boxes you'll check on a Massachusetts or Federal income taxTaxes 5.jpg return is your filing status. It's important to pick the right one for your situation, because this choice affects the amount of taxes you'll pay, the standard deduction you can take and any tax breaks you're eligible to claim.

IRS Tax Tip: How the credit for dependents can benefit Massachusetts taxpayers

Massachusetts taxpayers with dependents may qualify to claim a few different taxTax law.jpg credits. One of these is the child tax credit. The child tax credit benefits people whose dependent meets a series of tests. If the dependent doesn't meet those qualifications, the taxpayer may be able to claim the credit for other dependents.

IRS Tax Tip: Two education credits help Massachusetts taxpayers with college costs

With tax season quickly approaching, Massachusetts parents and students should look into taxTax Credit.jpg credits that can help with the cost of higher education. They do this by reducing the amount of tax someone owes on their tax return. If the credit reduces tax to less than zero, the taxpayer may get a refund.

IRS Tax Tip: Military members offered FREE Federal tax preparation

Active duty military personnel have multiple options for free federal taxTax Help.jpg preparation. IRS Free File allows taxpayers to prepare and file their federal individual income tax return for free using brand name tax preparation and filing software.

What's New With the Child Tax Credit After Tax Reform For Massachusetts Parents

Many Massachusetts parents claim the child tax credit to help offset the cost ofTax Filing.jpg 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.

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