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      May 25, 2019

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Tax Relief in Massachusetts

Massachusetts MapMassachusetts residents have one of the lowest personal income tax rates in the nation with its flat rate of 5.2%. This puts the state 21st lowest among all states that levy an individual income tax. However, with an average of $1,761 collected per person in state and local income taxes, Massachusetts ranks fourth highest in the nation.

Similarly, state residents pay the fourth highest amount in average federal taxes per year at $15,552, more than $4,000 higher than the U.S. average. Property taxes are also high compared with the rest of the nation, as Massachusetts’ state and local governments collected more than $2,000 per person. These three taxes have made it necessary for many individuals in Massachusetts to seek tax relief as their financial burdens increase.

Even with a median income of $62,963, Massachusetts residents have seen a decline of more than 8% in the average household income over the past few years.

This relatively high median income does not stop many people in Massachusetts from having taxes owed to federal, state, and local government. When forced to choose between saving money to pay the IRS and feeding their families, it is no surprise that many families use their income to buy groceries, put gas in the car, or pay the rent. When April 15th rolls around, individuals find themselves with little-to-no money in savings to meet their tax obligations.

Because of the challenges faced by many living in Massachusetts, tax relief is becoming one popular strategy to manage mounting pressures due to job loss, medical bills, or increasing tax bills. Experienced tax relief companies have a wide range of tools available to help their clients alleviate the stress of owing taxes at the federal and state level, and of knowing that wages may be garnished or assets seized. Tax relief can come in many formats, such as audit representation and reconsideration, setting up various types of payment plans with the IRS, and tax return review.


New York Passes Bill Giving Congress a Way to Get Trump's State Tax Returns

Neal, the Massachusetts Democrat. "State returns would not help us evaluate this program." At the same time, Steven M. Rosenthal, a tax lawyer and senior fellow at the Urban-Brookings Tax Policy ...

Published:  Fri, 24 May 2019 07:55:00 GMT

Anti-tax activist Chip Faulkner dead at 73

Citizens for Limited Taxation questions claims made by backers of higher tax on Massachusetts millionaires Opponents of a proposed additional income tax on Massachusetts millionaires claim the group ...

Published:  Fri, 24 May 2019 08:56:00 GMT

For 'millionaires tax,' debate rages on

BOSTON - Buckle up, because the road to establishing a "millionaires tax" on the state's wealthiest earners has been a long and winding one, with several years of debate to come. The Massachusetts ...

Published:  Fri, 24 May 2019 05:10:00 GMT

Massachusetts man pleads guilty in lottery tax fraud scheme

BOSTON (AP) - A Massachusetts man has pleaded guilty to tax fraud as part of a scheme in which he bought millions of dollars' worth of winning state lottery tickets a discount. Prosecutors say 80-year ...

Published:  Wed, 22 May 2019 17:30:00 GMT

Bernie Sanders has a way to raise $2 trillion -- tax Wall Street trading

Such a tax could conservatively raise tens of billions of dollars per year, according to the Congressional Budget Office, which estimated the potential revenue at $776 billion over a decade. A 2017 ...

Published:  Thu, 23 May 2019 14:20:00 GMT

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