The Massachusetts legislature was very busy during the last few weeks of the session just concluded, passing a fiscal year 2015 state budget of approximately $36.5 billion. Among the provisions passed and enacted were several new and expanded tax credits and incentives that offer taxpayers in the Commonwealth a number of opportunities to reduce their tax burden. Continue reading
School is out for summer, and for many families that means one or more children will be enrolled in childcare or a summer day camp during the workday. If you have a child in daycare during the summer months you may qualify for a federal Child and Dependent Care Credit. Although this credit is not limited to the summer months, many families find themselves paying for childcare only during non-school periods, and may not be aware of their eligibility to claim the credit. Continue reading
The “Tax Reform Act of 2014” is the largest proposed change in the U.S. tax code since 1986. The tax reform will have a huge impact on all taxpayers, both individual and corporate.
While nobody knows what the final language of the Tax Reform Act of 2014 will be, it is vital that you know as much about the proposed changes as possible.
In case you missed our recent webinar on the proposed tax reform and/or you would like to share this information with your colleagues, now you can access the webinar recording online!
Timing is everything, and that is especially true when it comes to getting your taxes filed on time. Late filing can result in penalties and fees, which are completely avoidable with a little planning and preparation. The first step is to know your filing deadlines for the coming year. We have listed the most important filing dates for this year below. Continue reading
While it seems the IRS piles on new regulations annually, the 2014 tax year is shaping up to be even busier in terms of updates and changes that could have a significant impact on both corporate and individual taxpayers. Here is a brief look at some of the new provisions that will require your attention in the months ahead. Continue reading
Beware of an interest assessment surcharge from your state!
Private sector employers pay both federal and state unemployment taxes, which are based on wages paid. The federal tax is 6.0%, which is usually offset by a credit of 5.4% when an employer also pays state unemployment insurance taxes. This reduces the effective federal unemployment tax rate to 0.6%. Continue reading
Part of dealing with the death of a family member is the need to file a federal (and, in many cases, state) estate tax return. Even those decedents whose total assets fall below estate and gift tax exemption thresholds are well advised to file Form 706, which must be submitted within 9 months of the date of death.
However, because many estates are tied up in probate or total assets cannot be properly assessed within a 9 month window, it is common practice for people to file for an extension using Form 4768. This extends the filing deadline an additional 6 months. Continue reading