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 IRS recently issued the 2024 annual adjustments for numerous tax provisions, including changes to tax brackets and standard deductions. Popular adjustments include...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
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
It appears the wild ride for traders in GameStop (GME) stock has ended with shares trading at a fraction of what they were trading just a few weeks ago. Shares which once soared from around $20 a shares to a high of $380, as...more
2/15/2021
/ Capital Gains ,
Capital Gains Tax ,
Federal Taxes ,
GameStop ,
Holding Periods ,
Income Taxes ,
Investors ,
Short Selling ,
State Taxes ,
Stock Prices ,
Stock Trades ,
Tax Liability ,
Tax Planning ,
Tax Rates ,
Tax Returns
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
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
In a recent 5-2 decision, the Massachusetts Supreme Judicial Court struck down a proposal, dubbed the “millionaire’s tax,” which sought to impose higher income taxes on Massachusetts residents who make $1 million or more per...more
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
The over 3,700 small brewers (defined as those producing less than 2 million barrels) in the United States had something to cheer about in the Tax Cuts and Jobs Act, which was signed into law at the end of 2017. As part of...more