On December 8, Congress approved The Tax Relief and Health Care Act of 2006 (the Bill). The Bill includes provisions that would extend expiring, or already expired, tax provisions, including the sales tax deduction. The measure extends and/or modifies other tax relief, including energy tax and health savings account provisions, and other miscellaneous tax and [...]

2006 Income Threshold Amounts for Renters and HomeownersA Massachusetts taxpayer age 65 or older that owns or rents his or her principal residence is eligible for the circuit breaker credit if he or she meet certain requirements. For purposes of calculating the circuit breaker credit, total income, and maximum credit thresholds are adjusted annually to [...]

Personal Income Tax Commuter DeductionEffective 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?1. Amounts expended by an individual for tolls paid for through a Fast Lane [...]

Tax Tips client newsletters are a new feature provided on the web-site. They are updated twice yearly. The summer edition includes timely topics to help you make informed decisions relevant to your tax situation. The winter edition includes all the latest tax law changes so you can prepare for the upcoming tax season and [...]