CPA Services Blog
Summer is a good time to review your current year tax situation and maybe prevent a big surprise come next April. Reviewing your withholdings during the summer might be able to prevent the surprise.
The Massachusetts Department of Revenue is currently allowing a period of amnesty from penalties for the tax years 2012, 2013 and 2014. This will allow taxpayers who are behind on tax filings to save money, as they will only owe any tax and interest due.
One of the provisions of the ACA, the health care credit for employers, helps small businesses receive a tax credit for their health insurance expense based on criteria preset by the credit.
Most taxpayers need to determine how to deal with the new Tangible Property Regulations starting with 2014. Decisions made with the 2014 tax returns will have an impact on 2015 and future years. Implemented properly, these new taxpayer friendly regulations can increase cash flow, reduce taxable income, lower quarterly estimated tax payments, potentially recover prior year taxes paid, and provide audit protection for prior years. The effect can be felt at the state as well as federal level.
What to know about Taking the Student Loan Interest Deduction on your Federal and Massachusetts Tax Return
Here’s a quick overview of what you should know about the student loan interest deduction on your federal and Massachusetts tax returns.