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Posts tagged "taxes"

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.

Members of the Armed Forces Get Special Tax Benefits for 2017

Members of the military may qualify for tax breaks and benefits. Special rules could lower the tax they owe or give them more time to file and pay taxes. In addition, some types of military pay are tax-free.

Alimony: Exceptions to Durational Limits in Massachusetts

The Massachusetts alimony reform statute states that "alimony awards whichMoney Fight 1.jpg exceed the durational limits established shall be modified upon a complaint for modification without additional material change of circumstance, unless the court finds that deviation from the durational limits is warranted." The court must then look to whether deviation is "required in the interests of justice."

Think Your Husband is Fudging Numbers - Don't Sign That Tax Return!

Even though your husband may not be running multi-million dollar Ponzi scheme,Tax 5.jpg you could still be in for big trouble if he is fudging numbers, not reporting income, or claiming fictitious deductions on your joint tax returns. For example, if your husband owns a business or professional practice and the profit or loss from that business is declared on your personal tax returns as is usually the case with a sole proprietorship, partnership, limited partnership, LLC, or "S" Corporation and you are not privy to the finances of his business, you could be setting yourself up for a disaster.

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