What happens to U.S. Savings Bonds with the death of the bondholder? The answer depends on who owns the savings bond and whether others are also listed as owners or beneficiaries....more
8/1/2025
/ Beneficiaries ,
Bondholders ,
Bonds ,
Co-Ownership ,
Estate Planning ,
Income Taxes ,
Inheritance ,
Intestacy ,
IRS ,
Personal Representatives ,
Probate ,
U.S. Treasury
Earlier this year, the Internal Revenue Service issued long awaited guidance on the taxation of paid family medical leave. The revenue ruling is effective for payments received on or after January 1, 2025....more
Mistakes happen, and the tax law can be complex and ambiguous. The question becomes, what does a taxpayer do if they discover a mistake on their tax return? Should an amended tax return be filed? In some cases, the taxpayer...more
It is possible to reduce both your energy bills and your federal income tax through use of the energy tax credit. If you make energy efficient home improvements after January 1, 2023, you may qualify for a tax credit up to...more
Due Date -
The due date for Massachusetts Income Tax Returns is April 15, 2025.
Income Tax Rate -
The tax rate on most types of taxable income is 5%. The tax rate on long-term gains from the sale or exchange of...more
1/20/2025
/ Child Tax Credit ,
Filing Deadlines ,
Filing Requirements ,
Income Taxes ,
Joint Tax Returns ,
Property Tax ,
State Taxes ,
Surtax ,
Tax Credits ,
Tax Deductions ,
Tax Liability ,
Tax Planning ,
Tax Rates ,
Tax Returns
The IRS recently issued the 2025 annual adjustments for numerous tax provisions, including changes to tax brackets and standard deductions. Popular adjustments include:
- Estates of decedents who die during 2025 will have...more
11/20/2024
/ Cafeteria Plans ,
Estate Tax ,
Estate-Tax Exemption ,
Flexible Spending Accounts ,
Gift Tax ,
Gift-Tax Exemption ,
Income Taxes ,
Inflation Adjustments ,
IRS ,
Standard Deduction ,
Tax Exemptions ,
Tax Planning ,
Tax Rates
The Massachusetts Department of Revenue recently announced the annual increase to the popular Massachusetts “circuit breaker credit” for certain persons who are 65 years of age or older.
The circuit breaker tax credit is...more
The 2024 Paris Olympics are in full swing, and it is never too early for U.S. athletes to consult with their tax advisor. As was done in 2021, the United States Olympic & Paralympic Committee has pledged to award U.S....more
As a general rule, when a married couple files a joint tax return, they are jointly and severally liable for the entire tax. But what happens if one spouse failed to report income and the other spouse did not know or have...more
7/9/2024
/ Equitable Relief ,
Failure to Report ,
Federal Taxes ,
Income Taxes ,
Innocent Spouse Exception ,
Joint and Several Liability ,
Joint Tax Returns ,
Spousal Tax Relief ,
Tax Code ,
Tax Liability ,
Tax Relief ,
Tax Returns
Education income tax credits are one way students and parents can help pay for college. There are two types of federal tax credits available to taxpayers: the American opportunity tax credit (AOTC) and the lifetime learning...more
2/27/2024
/ Colleges ,
Educational Institutions ,
Federal Taxes ,
Income Taxes ,
IRS ,
Student Loans ,
Students ,
Tax Credits ,
Tax Returns ,
Tuition ,
Universities
Now that the 2023 tax filing season is underway, many taxpayers are having an unpleasant surprise when they file their tax return this year and find out they are getting a much smaller refund than they were expecting, or...more
After the excitement of the wedding and honeymoon is over, newlyweds should start thinking about joint finances and their income taxes. A common question for those recently married is whether or not to file a joint tax...more
Massachusetts taxpayers will be able to deduct charitable contributions on their state income tax returns for charitable contributions made after January 1, 2023. The deduction will be allowed even if the taxpayer does not...more
The IRS recently issued the 2024 annual adjustments for numerous tax provisions, including changes to tax brackets and standard deductions. Popular adjustments include...more
As the 2023 tax year winds down, owners of individual retirement accounts (IRAs) might consider combining the 2023 tax benefits of charitable giving with a qualified charitable distribution (QCD) from their IRA....more
The long-awaited Massachusetts tax reform package was signed by Governor Maura Healey on Wednesday, October 4, 2023.
Among the provisions:
Estate Tax Reform: Establishes a non-refundable credit of $99,600 for each estate,...more
10/5/2023
/ Capital Gains Tax ,
Dependents ,
Estate Tax ,
Income Taxes ,
Popular ,
State Taxes ,
Tax Code ,
Tax Credits ,
Tax Deductions ,
Tax Exemptions ,
Tax Loopholes ,
Tax Rates ,
Tax Reform ,
Tax Relief ,
Tax Returns
Despite the predictions and media attention, electric vehicles (EV) accounted for only 5.7% of all automobiles purchased in the United States in 2022.
Globally, EV sales rose to 14% in 2022....more
A friend backs out of the long-planned group outing to see Taylor Swift’s opening night of “The Eras Tour” in Glendale, Arizona. Rather than have the ticket go unused you decide to sell the extra ticket online. Do you have to...more
Massachusetts Governor Maura Healey’s long awaited tax reform package was released on Monday February 27, 2023. Among the proposals:
- Dependent Credit: Establishes a $600 fully refundable credit per qualifying...more
Along with twenty other states, Massachusetts made special payments to taxpayers in 2022. In Massachusetts, the rebate was the result of state law that returned excess state revenue to taxpayers. In California these payments...more
It is expected that sports betting will be allowed in Massachusetts in the coming weeks. Initially, sports betting will be allowed in-person at Plainridge Park Casino in Plainville, MGM Springfield and Encore Boston Harbor in...more
Many mutual fund investors have seen their mutual fund investments drop 30% or more in 2022. The Fidelity Growth Company Fund (FDGRX) is down 33.78% for 2022. The Vanguard US Growth Fund Investor (VWUSX) is down 39.64%....more
On October 31, 2022, the Massachusetts Department of Revenue (DOR) announced that tax refunds consisting of about $2.9 billion in excess tax revenue will begin on November 1, 2022....more
Massachusetts taxpayers are about to get a tax rebate. That’s right. A tax rebate.
Governor Charlie Baker announced that revenue collections in Fiscal Year 2022 far exceeded the annual tax revenue cap, thereby triggering a...more
During the 2022 tax filing season, many taxpayers had an unpleasant surprise when they filed their tax return and found out they were getting a much smaller refund than they were expecting, or worse, had a balance due....more