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Posts tagged "taxes"

Avoid These Costly Mistakes When Dividing an IRA During a Massachusetts Divorce

Massachusetts divorces are often messy, but recent cases in the tax court remindDividing Retirement Accounts.jpg us that that there are only two ways to make a tax-free transfer of IRA assets in a divorce proceeding.

Filing Taxes During Massachusetts Divorce: Joint or Separate Returns?

Couples in the midst of a Massachusetts divorce often face difficult decisionsTax Time 3.jpg regarding taxes. One of them is whether to file a tax return as "married filing jointly" or "married filing separately." This article briefly examines the factors to consider in making what could prove a critical choice during a divorce.

IRS Tax Tip: What is the Earned Income Tax Credit!

The earned income tax credit is a benefit for working people with low andTax10.jpg 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 know about the EITC:

IRS Tax Tip: What Massachusetts Members of Military Should Know about the Earned Income Tax Credit

The IRS reminds members of the Massachusetts military and veterans that they Tax Planning.jpgmay qualify for the earned income tax credit. This credit benefits certain people who work and have earned income that's less than $53,930.

IRS Tax Tip: Massachusetts Grandparents Caring For Grandchildren May Be Eligible For EITC

Massachusetts grandparents who work and are also raising grandchildren mightGrandparent and child 1.jpg benefit from the earned income tax credit. The IRS encourages these grandparents to find out, not guess, if they qualify for this credit. This is important because grandparents who care for children are often not aware that they could claim these children for the EITC.

IRS Tax Tip: Reasons to Use Direct Deposit For a Tax Refund in Massachusetts

As Massachusetts taxpayers prepare for the January 29 start of filing season, theyTax 7.jpg 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.

Alimony Tax Reform Will Dramatically Change Massachusetts Divorce

The new tax reform law would eliminate the tax deduction for alimony and makeAlimony 17.jpg alimony income tax-free to the recipient for divorce decrees executed after December 31, 2018 and it wouldn't affect existing divorces. 

IRS Tax Tip: Things to Remember About Hobby Income and Expenses

From scrapbooking to glass blowing, many Massachusetts residents enjoy hobbiesTax 10.png that are also a source of income. A taxpayer must report income on their tax return even if it is made from a hobby.

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