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
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 Massachusetts Department of Revenue (DOR) recently announced a tax amnesty program for non-filers and those with outstanding tax liabilities. From November 1 to December 30, 2024, most penalties for eligible taxpayers who...more
The Internal Revenue Service recently acknowledged systemic problems processing tax returns for deceased taxpayers who are due to receive a tax refund.
The National Taxpayer Advocate (TAS) reported that the IRS experienced...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 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
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
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
Income tax effects are often the last thing on one’s mind when going through a divorce, but having sound tax advice during a divorce is important for many reasons.
FILING STATUS -
Divorce will change your income tax...more
8/5/2022
/ Alimony ,
Child Support ,
Dependents ,
Division of Assets ,
Divorce ,
Income Taxes ,
Marital Assets ,
Marital Status ,
Name Changes ,
Tax Liability ,
Tax Planning ,
Tax Returns ,
Withholding Tax
The Internal Revenue Service recently issued a reminder that all taxpayers filing Form 1040, 1040-SR or 1040-NR must answer a question concerning virtual currency at the top of the tax return.
The question asks “At any...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
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
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
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