Cormier & Rea announce additional office at 483 Summer St, Ste 2000, Arlington, MA
Personal Income Tax Commuter Deduction Effective for tax years beginning on or after January 1, 2006, the Massachusetts Legislature reenacted a deduction for certain commuter expenses. The following requirements must be met for a taxpayer to qualify for the commuter deduction: What qualifies? Amounts expended by an individual for tolls paid for through a Fast …
Massachusetts Tax law changes starting in 2005 and affecting future years. Commuter deduction: The commuter deduction is not available. This deduction was available for 2004 only. Teachers Deduction: Massachusetts has now adopted the “Teachers deduction” of up to $250.00 of classroom expenses. Circuit Breaker Tax Credit increased: This credit is available to taxpayers 65 and …
* * * Breaking News * * * Massachusetts lawmakers are to rescind retroactive 2002 tax bills! 157,000 tax returns will need to be amended before the statute of limitations expires! The Massachusetts Supreme Judicial Court decided that a law increasing the tax rate on long-term capital gains effective May 1, 2002 was unconstitutional. The …
Real Estate tax credit for persons age 65 Same-Sex Marriage; Filing Status Use Tax Liability Safe Harbor Real Estate tax credit for persons age 65 and older: Known as the circuit breaker credit: This is a refundable credit, which allows a tax refund even though no state taxes have been paid or withheld. Same-Sex Marriage; …