CPA Practice

DECEMBER 26, 2023

It’s almost January, which means the 2024 income tax filing season is coming soon. Although last minute tax law changes can have an impact, the IRS usually starts accepting e-filed income tax returns in the last week of January each year. Updated: Dec. 26, 2023 , 9:31 pm ET. Paper check mailed sent apx. 16)** Feb.

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CPA Practice

FEBRUARY 11, 2023

This means that people in the following states do not need to report these state payments on their 2022 tax return: California, Colorado, Connecticut, Delaware, Florida, Hawaii, Idaho, Illinois, Indiana, Maine, New Jersey, New Mexico, New York, Oregon, Pennsylvania and Rhode Island.

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CPA Practice

JANUARY 8, 2024

The IRS has announced that it will start accepting and processing income tax returns on January 29, 2024. This article includes a handy reference chart taxpayers can use to estimate how soon they may get their income tax refund. Paper check mailed sent apx. 1 week after that): IRS will start accepting returns on Jan.

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Tax tax return income tax Massachusetts 98

CPA Practice

APRIL 8, 2023

One bit of great news is that the IRS has been processing tax returns this year even faster than in the last few years, when it was still struggling to overcome issues related to the pandemic. April 17 is also Patriot’s Day, a state holiday in Maine and Massachusetts. The IRS and tax professionals strongly encourage electronic filing.

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income tax Tax tax return Massachusetts 115

CPA Practice

DECEMBER 15, 2023

It’s almost January, which means the 2024 income tax filing season is coming soon. Although last minute tax law changes can have an impact, the IRS usually starts accepting e-filed income tax returns in the last week of January each year. Paper check mailed sent apx. 22, 2024. * Jan 22, 2024 Feb. 29, 2024 Feb.

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Tax tax return income tax Massachusetts 97

CPA Practice

JANUARY 30, 2023

Will the 2023 tax filing season be normal? It will likely be closer to normal than it has been since 2019, the last tax filing season before COVID-19 caused widespread office closures, even at the IRS, which delayed the 2020 tax filing deadline by several months. where the IRS is headquartered. tool on the IRS website.

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CPA Practice

AUGUST 21, 2023

By Joy Taylor, Kiplinger Consumer News Service (TNS) Businesses that sell marijuana have a heavy federal income tax burden. They are taxed on their income but can’t write off most of their business expenses. Here is the main federal income tax implication. Look for more states to follow suit. _

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CPA Practice

OCTOBER 4, 2023

By Bruce Willey, JD, CPA, Kiplinger Consumer News Service (TNS) Now that the U.S. Supreme Court has agreed to take up a lower court decision on taxation ( Moore v United States ) that could open or slam the door on a federal wealth tax, it’s worth a deep dive into just how terrible a wealth tax would be for American taxpayers.

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CPA Practice

JANUARY 8, 2024

April 15 tax filing deadline for most taxpayers For most taxpayers, the deadline to file their personal federal tax return, pay any tax owed or request an extension to file is Monday, April 15, 2024. Taxpayers living in Maine or Massachusetts have until April 17, 2024, due to the Patriot’s Day and Emancipation Day holidays.

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Tax tax return income tax Massachusetts 133

CPA Practice

DECEMBER 7, 2023

Three rounds of stimulus checks—known officially as Economic Impact Payments—were sent by the federal government to income tax filers between March 2020 and March 2021 as a way to offset some of the hardships of the COVID pandemic. “There is no fourth round of [stimulus checks] from the Treasury Department,” he said.

Montana 118

Montana Idaho New Mexico Illinois 118

CPA Practice

FEBRUARY 24, 2023

One bit of great news is that the IRS has been processing tax returns this year even faster than the last few years, when it was still struggling to overcome issues related to the pandemic. April 17 is also Patriot’s Day, a state holiday in Maine and Massachusetts. The IRS and tax professionals strongly encourage electronic filing.

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income tax Tax tax return Massachusetts 98

CPA Practice

NOVEMBER 20, 2023

It’s almost December, which means the 2024 tax filing season is coming soon. The IRS usually starts accepting e-filed income tax returns in the last week of January each year, with the deadline to file returns being April 15 (which can vary based on weekends or state holidays). Paper check mailed sent apx. 22, 2024. *

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Tax income tax tax return Massachusetts 52

Anders CPA

MAY 23, 2023

Be aware that misclassifying an employee as an independent contractor with no reasonable basis for doing so can result in stiff punishment, including being held liable for employment taxes for that worker without the ability to access relief provisions. Several states also have paid family and medical leave (PFML) programs.

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CPA Practice

JANUARY 29, 2024

The IRS reminds taxpayers the deadline to file a 2023 tax return and pay any tax owed is Monday, April 15, 2024. Taxpayers living in Maine or Massachusetts have until April 17, 2024, due to the Patriot’s Day and Emancipation Day holidays. Most tax return preparers provide outstanding and professional tax service.

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CPA Practice

JANUARY 29, 2024

It’s back to regular IRS deadlines this year, but with a new tool for many low- and moderate-income households: a service that will prepare and file their tax returns online for free. Can you fill out your state tax return through Direct File?

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CPA Practice

APRIL 11, 2024

Thanks to funding from the Inflation Reduction Act and as part of an ambitious modernization effort, this new public tool makes tax filing faster, easier and cheaper for eligible filers. Importantly, Direct File can be used to claim the child and earned income tax credits, providing valuable support to millions of working families.

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Tax tax return income tax Arizona 52

CPA Practice

APRIL 15, 2024

Additional free help at volunteer sites: The IRS saw tax return preparation work at volunteer sites increase to more than 2.3 million returns this tax season, up 2000,000 from last year following work at Volunteer Income Tax Assistance and Tax Counseling for the Elderly sites.

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Tax tax return Maine Massachusetts 119

Anders CPA

MAY 15, 2023

Below we dive into the state and unemployment tax responsibilities employers need to know. Learn more about how we can ensure compliance with state payroll tax withholding requirements and the associated fees by contacting Anders below.

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CPA Practice

APRIL 12, 2023

By missing out on filing a tax return, people stand to lose more than just their refund of taxes withheld or paid during 2019. Many low- and moderate-income workers may be eligible for the Earned Income Tax Credit (EITC). The EITC helps individuals and families whose incomes are below certain thresholds in 2019.

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Rhode Island tax return Tax West Virginia 122

CPA Practice

MARCH 14, 2023

The FBAR filing deadline follows the Federal income tax return filing deadlines. FBAR returns are filed separately from the taxpayer’s federal tax returns. person. : The value of the Specified Asset is more than $50,000 on the last day of the tax year or more than $75,000 at any time during the year. 4 th 1 (1 st Cir.

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CPA Practice

JANUARY 15, 2024

The sooner you provide the required information to your tax professional, the sooner you can relax. Usually, the IRS grants taxpayers an extra day or two to meet the filing deadline for federal income taxes. Note: Residents of Maine and Massachusetts have until April 17, 2024 to file because of Patriot’s Day.

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CPA Practice

OCTOBER 17, 2023

According to the IRS, Arizona, California, Massachusetts, and New York have decided to work with the agency to integrate their state taxes into the Direct File pilot program for the 2024 filing season. This will help us gather important information about the future direction of the Direct File program.”

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Withum

FEBRUARY 16, 2023

Most state income tax systems fall into two categories: progressive tax and flat tax. Massachusetts touts a “flat tax” system. Everyone pays the same percentage of their income. Not exactly the best example of a “flat tax” system, right? What does this mean for Massachusetts Taxpayers?

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CPA Practice

JANUARY 3, 2024

Taylor, Kiplinger Consumer News Service (TNS) As we venture into the new year, 2024 brings a wave of changes in state taxes across the country. From gas taxes to property tax amendments and income tax cuts, being aware of these changes is crucial since state and local taxes are among the highest taxes most people pay.

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Tax Kansas income tax Montana 128

CPA Practice

APRIL 7, 2023

Why April 18 is the Tax Deadline This Year The deadline to submit 2021 tax returns or an extension to file and pay tax owed this year falls on April 18, instead of April 15, because the 15th falls on a Saturday, and Monday, April 17 is the Emancipation Day holiday in the District of Columbia, and Monday is also the Patriot’s Day holiday in Maine and (..)

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Tax tax return Massachusetts Maine 98

CPA Practice

FEBRUARY 6, 2024

We predict that at least two more states will enact elective PTE taxes, despite the looming expiration of the federal SALT cap. Income tax rate fluctuations States are facing a very uncertain and non-uniform fiscal environment at the moment, affording some, but by no means all, states the ability to reduce state income tax rates.

South Dakota 124

South Dakota Tax Maryland income tax 124

CPA Practice

APRIL 29, 2024

And taxable income in the Beaver State that exceeds $3,750 ($8,100 for joint filers) is taxed at a minimum of 6.75%. Massachusetts High long-term capital gains tax rate: 9.0% While the Massachusetts income tax rate is 5% for most people, millionaires can pay significantly more.

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CPA Practice

APRIL 3, 2024

Unlike tax rates, which vary widely based on an individual’s circumstances, tax burden measures the proportion of total personal income that residents pay toward state and local taxes, according to WalletHub. Maine has the highest property tax burden, while Alabama has the lowest. 1 being the highest and No.

Rhode Island 111

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CPA Practice

APRIL 9, 2024

Unlike tax rates, which vary widely based on an individual’s circumstances, tax burden measures the proportion of total personal income that residents pay toward state and local taxes, according to WalletHub. Maine has the highest property tax burden, while Alabama has the lowest. 1 being the highest and No.

Rhode Island 105

Rhode Island Alaska Tax New Hampshire 105

CPA Practice

AUGUST 29, 2023

By Katelyn Washington, Kiplinger Consumer News Service (TNS) The most expensive states for millionaires tax high earners at high rates. And if you fall into the top federal income tax bracket , the IRS will tax some of your earnings at the 37% rate.) The top income tax rate is 11%. 9% or higher).

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CPA Practice

JULY 28, 2023

The ripple effects of the DAGRT case have also left states unclear on how to create, implement and manage their own digital advertising tax efforts. Currently, states with some form of digital advertising taxes include Connecticut, Massachusetts, New York and Texas.

Maryland 52

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CPA Practice

MAY 1, 2024

Of course, this decision has its critics, but it’s worth noting that the change would also impact federal income tax breaks for many cannabis businesses. State cannabis tax However, some states have taken steps to alleviate this burden by decoupling from 280E.

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CPA Practice

MARCH 8, 2023

For example, beginning this year, due to a change in the state constitution approved by voters, Massachusetts now has a “millionaires tax.” Bay Staters with taxable income that exceeds one million dollars are expected to pay 4% more in Massachusetts income tax. The tax would be 1% of net worth per year.

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CPA Practice

OCTOBER 2, 2023

Affected taxpayers now have extended tax deadlines of Feb. 15, 2024, to file certain tax returns and make tax payments. The tax deadline extension for Louisiana follows tax relief for several other states this year, including tax extensions for Maine and Massachusetts.

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CPA Practice

NOVEMBER 1, 2023

Those states still have among the highest incomes, though. 3 for personal income per capita overall at $86,674, from No. 2 in 2019, behind Massachusetts at $88,197 and the District of Columbia at $100,971. The knocks to personal incomes affected state revenues. In Connecticut, personal income tax revenue took a $1.3

North Dakota 52

North Dakota South Dakota Utah Connecticut 52

CPA Practice

MARCH 12, 2024

The 12 states participating in the Direct File pilot program this filing season are: Arizona California Florida Massachusetts Nevada New Hampshire New York South Dakota Tennessee Texas Washington Wyoming Users can log in to Direct File to start their return and complete it any time before the April filing deadline. This includes 5.2

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CPA Practice

MARCH 9, 2023

However, like the capital gains tax proposal, the Medicare tax rate increase is not likely to find enough support to pass, given congressional divides. Under Biden’s budget proposal, taxpayers making $400,000 would be taxed at a top rate of 39.6%. So, the seven tax rates that you are familiar with for the 2022 tax year (i.e.,

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