The Department of Revenue has recently published for the first time community statistics for usage of the popular Senior Circuit Breaker Tax Credit. This data shows growth of the credit over the years since its inception in 2001, and allows individual communities to see the extent …Continue Reading Senior Circuit Breaker Tax Credit community stats on line
The federal Earned Income Tax Credit (EITC) delivers up to $5,666 in federal tax credit and $849.90 in state tax credit — a combined $6,515.90 — for eligible taxpayers. Simply put, the EITC delivers big bucks to low- and moderate-income working families and individuals through …Continue Reading Earned Income Tax Credit (EITC) delivers big bucks
Who knew? GM Brian Cashman says the Boston Red Sox have a stronger team than his New York Yankees. And now, the Buffalo News reports that Massachusetts tax rates, and in particular its Proposition 2 1/2 property tax limitation law, are eyed with envy by higher-taxed residents …Continue Reading Empire State residents envious of MA taxation rates
The non-partisan, non-profit Tax Foundation has released its latest ranking of state sales taxes and Massachusetts ranks 31st (with No. 1 having the highest rate). Unlike many other states, Massachusetts , which has a sales tax of 6.25 percent, does not allow municipalities to levy their …Continue Reading MA sales tax less than national average
DOR released its January revenue report Tuesday afternoon, just as the latest snow event commenced. There was a blizzard of good news in the report as revenues came in at $2.053 billion, up $208 million or 11.3 percent from January 2010. Collections were strong across the board, with the only below …Continue Reading January revenues top $2 billion; capital gains make modest comeback
Income tax filing season is underway and so far the pace is slower than last year due to the IRS announcement that tax filers with itemized deductions should not file until Feb. 14, giving the IRS time to incorporate recent federal tax law changes into …Continue Reading Filing season underway; average refund $556
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