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
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
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
On August 9, 2023, Massachusetts Governor Maura Healey signed a $56 billion Fiscal Year 2024 state budget that increases state spending by 6.2% compared to a year ago. However, what was missing from this budget was the highly...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
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
The IRS recently issued the 2022 annual adjustments for numerous tax provisions that are by law to be adjusted annually. These adjustments include changes to tax brackets and standard deductions. Popular provisions that were...more
Since the Tax Cuts and Job Act of 2017 (TCJA) was passed, a little-known deduction for unreimbursed partner’s expenses (UPE) has taken on more significance.
Partner’s in partnership and members of an LLC often incur...more
1/26/2021
/ Business Expenses ,
Income Taxes ,
Itemized Deductions ,
Limited Liability Company (LLC) ,
Operating Agreements ,
Out-of-Pocket Expenses ,
Partnership Agreements ,
Partnerships ,
Tax Cuts and Jobs Act ,
Tax Deductions ,
Tax Returns
Since it began in 2012, Giving Tuesday, the Tuesday after Thanksgiving, has become more and more popular. A recent survey suggests that 62% of Americans plan to participate this year.
The main purpose behind Giving Tuesday...more
The IRS recently issued the 2021 annual adjustments for numerous tax provisions that are by law to be adjusted annually. These adjustments include changes to tax brackets and standard deductions. Popular provisions that were...more
With so many people forced by government ordered shut downs to work from home, a question many workers might ask is whether they can deduct expenses for their home offices.
As a general rule, expenses that otherwise might...more
Since the MGM casino opened in August, gamblers have reportedly wagered more than $428 million on MGM Springfield’s slot machines that generated about $40 million in revenue for MGM and reportedly another $18.5 million in...more
The Tax Cuts and Jobs Act of 2017 (“TCJA”) made substantial changes to the Tax Code of 1986 by reducing tax rates and “simplifying” tax compliance for many by significantly increasing the standard deduction and eliminating...more
11/9/2018
/ HELOC ,
Home Equity ,
Home Equity Line of Credit ,
Homeowners ,
Income Taxes ,
Interest Payments ,
IRS ,
Itemized Deductions ,
Mortgage Interest ,
Tax Code ,
Tax Cuts and Jobs Act ,
Tax Deductions ,
Tax Rates ,
Tax Reform ,
Tax Returns
Since 2002, bonus depreciation under the Job Creation and Worker Assistance Act has been allowed in some form. Bonus depreciation allows for more current expensing for eligible property than allowed under the current...more
4/3/2018
/ Bonus Depreciation ,
Business Assets ,
C-Corporation ,
Corporate Taxes ,
Income Taxes ,
IRS ,
Net Operating Losses ,
Protecting Americans from Tax Hikes (PATH) Act ,
Section 179 Property ,
Tax Cuts and Jobs Act ,
Tax Deductions ,
Tax Planning ,
Tax Rates
If Congress is successful in lowering tax rates for at least some taxpayers in 2018, there are several year-end taxing-saving tips to consider prior to December 31st....more
12/6/2017
/ Alternative Minimum Tax ,
Bonuses ,
Charitable Donations ,
Flexible Spending Accounts ,
Homeowners ,
Income Taxes ,
Itemized Deductions ,
Mortgage Interest ,
State Taxes ,
Stocks ,
Tax Deductions ,
Tax Deferral ,
Tax Planning ,
Tax Reform ,
Taxable Distributions ,
Taxable Income
It is estimated that less than 20% of those affected by Hurricane Harvey, and a week later Hurricane Irma, had flood insurance. Home owner’s and renter’s insurance policies exclude damage caused by floods. Those affected...more
9/14/2017
/ Casualty Insurance ,
Construction Loans ,
Flood Insurance ,
Homeowners ,
Hurricane Harvey ,
Hurricane Irma ,
Income Taxes ,
Itemized Deductions ,
Loss Coverage ,
Natural Disasters ,
Property Damage ,
Property Insurance ,
Rental Property ,
Severe Weather ,
Tax Deductions