Ameritax Massachusetts Inc.

08/14/2024

Upcoming: a 60-day tax amnesty program for Massachusetts taxpayers, with details to be determined by DOR. The amnesty will waive penalties for eligible taxpayers who voluntarily file proper returns and pay the total amount of delinquent taxes owed. More information, including the dates of the program, will be coming soon.

12/28/2023

To MA residents:

Contribute by 12/29 for a 2023 MA tax deduction

If you contribute to your U.Fund College Investing Plan account by 4 p.m. ET on 12/29/2023 (noon for EFT), you could save for your child's education while potentially getting triple tax advantages. In addition, you can invite friends and family to gift to your 529 account to help hit your savings goals.

You may be eligible to receive a Massachusetts state income tax deduction of up to $1,000 for single filers or $2,000 for couples filing jointly.

Any earnings will grow federal and state income tax-deferred.

When the money is withdrawn for qualified educational expenses, it will be federal and state income tax-free.

11/03/2023

From SSA:

Your Social Security Statement is streamlined and easier to read than ever before. That is because we redesigned the statement to provide you the most useful information up front and at a glance.
We encourage you to check your statement at least once a year to review:

• Your earnings record (to make sure it’s accurate and notify us if you see any errors);
• Your personalized monthly retirement benefit estimates (which now display how much you can expect to receive depending on when you decide to start your benefits between ages 62 and 70);
• Other useful information that will explain your benefits and help you prepare for your financial future; and
• New fact sheets that provide additional information based on your specific age group and earnings situation.

You can access your new statement by signing into your account at socialsecurity.gov/reviewyourstatement.

Now that you can access your Statement instantly and anytime online, we will not automatically send one by mail.

10/25/2023

Whenever tax credits are made available, there are rogues ready to take advantage!

A New Jersey tax preparer was arrested today on charges related to fraudulently seeking over $124,000,000 from the IRS by filing over 1,000 tax returns falsely claiming COVID-19-related employment tax credits.

09/25/2023

September 25 2023: The IRS announced tax relief for individuals and businesses affected by Hurricane Lee anywhere in Maine and Massachusetts. Taxpayers now have until Feb. 15, 2024, to file individual and business tax returns and make tax payments. This includes entities with an extended deadline of 9/15/2023.

07/27/2023

IRS Ends Unannounced Revenue Officer Visits To Taxpayers

The Internal Revenue Service announced a major policy change that will end most unannounced visits to taxpayers by agency revenue officers to reduce public confusion and enhance overall safety measures for taxpayers and employees.

The change reverses a decades-long practice by IRS revenue officers, the unarmed agency employees whose duties include visiting households and businesses to help taxpayers resolve their account balances by collecting unpaid taxes and unfiled tax returns. Effective immediately, unannounced visits will end except in a few unique circumstances and will be replaced with mailed letters to schedule meetings.

IRS Commissioner Danny Werfel announced the change as part of a larger effort to transform IRS operations following passage of the Inflation Reduction Act last year and the creation of the new IRS Strategic Operating Plan in April.

11/05/2022

Massachusetts tax rebates as of November 1, 2022:

Who:

Anyone who paid 2021 Massachusetts personal income tax and filed the 2021 return by October 17, 2022.

What:

The rebate will be 14.0312% of the 2021 Massachusetts income tax liability after credits (line 32, MA Form 1).
There's an online tool to use to estimate your rebate, but note that it can be reduced by any previously unpaid tax liability, unpaid child support, or certain other debts.

When:

Payments began November 1, 2022. If you filed a 2021 Massachusetts tax return by October 17, 2022, you should receive your rebate by mid-December. If you file your state return after October 17, 2022 but not later than September 15, 2023, it should take a month to get your rebate.

Massachusetts law requires that when tax revenue collections in a given fiscal year exceed an annual tax revenue cap, the excess revenue is returned to taxpayers.

10/13/2022

Massachusetts will send out rebate checks to Massachusetts taxpayers, resident and non-resident, in November after the last tax returns are filed on or before October 17, 2021 (extension date). To be eligible one must have filed a state tax return by that date. Those who do not have a state tax liability are not eligible, meaning low-income earners will not qualify. Those with a small liability will receive very little. High-income earners with high tax liabilities will receive most!

The rebate is approximately 13% of a taxpayer's 2021 state income tax liability. The exact amount will not be finalized until the end of October. Rebates can be offset by unpaid state taxes, child support, and other debts managed by DOR in an offset program.

Look at line 32 of your MA Form 1 to find your state tax liability, then multiply by 13% to find your approximate rebate.