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      September 19, 2018

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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.


Gonzalez revenue plan would tax state's major colleges and universities

"I'm very disappointed that that's the tack he's taking, particularly given how important colleges and universities are to the economy of Massachusetts." Gonzalez's plan would levy a 1.6 percent tax o...

Published:  Tue, 18 Sep 2018 18:00:00 GMT

School Projects Could Raise Average Andover Tax Bill By 5.66%

ANDOVER, MA -- The average Andover residential property tax bill of $9,965 could jump by as much as $668, or 5.66% under the most expensive capital improvement project for Andover Public Schools.

Published:  Thu, 13 Sep 2018 04:47:00 GMT

5 Legal Tax Shelters Almost Everyone Should Use

Tax shelters have gotten a bad rap ... a certified financial planner at New England Financial Planning Group in Burlington, Massachusetts. Think of your refund as an interest-free loan to Uncle ...

Published:  Wed, 12 Sep 2018 07:54:00 GMT

How high does Elizabeth Warren want to raise taxes Her challenger wants to know.

"I asked (Senator Warren) by how much does she want to raise taxes on MA 50% or 90%" another tweet on Monday said. "Warren again refused to answer how much. For someone who recently stated, "˜I want ...

Published:  Mon, 10 Sep 2018 10:29:00 GMT

Columbia Threadneedle Investments Launches Tax Efficient Portfolios

Columbia Threadneedle Investments today announced the launch of Columbia Tax Efficient Portfolios (TEP), a suite of equity separately managed account strategies designed to provide investors consisten...

Published:  Mon, 17 Sep 2018 07:30:00 GMT

124 Zeno Crocker Rd, Barnstable, MA 02632

124 Zeno Crocker Rd, Barnstable, MA 02632 is a single family home for sale. Browse® for nearby schools and neighborhood information. Find homes similar to 124 Zeno Crocker Rd within your p...

Published:  Sat, 15 Sep 2018 02:18:00 GMT

Springfield City Council overrides mayoral veto, expanding tax incentive requirements for businesses

Some tax incentives provided to companies for housing projects ... In addition to the carpenters union, groups that advocated for the TIF labor requirements include Massachusetts Jobs with Justice, Pi...

Published:  Tue, 11 Sep 2018 17:54:00 GMT

Debate on new tax cuts undercut by GOP election pressure

"Republicans are cutting taxes on the rich for the second time in less than a year," said Rep. Richard Neal of Massachusetts, the panel's senior Democrat. Rep. Ron Kind, D-Wis., called the session "st...

Published:  Thu, 13 Sep 2018 15:01:00 GMT

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