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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.

 

Trump Tax Returns Request Raises 'Serious Constitutional Questions,' Mnuchin Says

Neal, a Massachusetts Democrat ... well-documented effort to expose the president's tax returns for the sake of exposure," Mnuchin wrote. Neal has said that the committee needs to see the ...

Published:  Wed, 24 Apr 2019 06:15:00 GMT



State eyes bigger net for online sales tax

In his preliminary budget, Gov. Charlie Baker called for a rule that retailers with at least $100,000 or more in online sales to Massachusetts residents collect and pay the state's 6.25 percent sales ...

Published:  Wed, 24 Apr 2019 14:39:00 GMT



The Wealthy In Massachusetts Don't Pay Enough In Taxes. We Can Change That

Here's something you might not know about liberal Massachusetts: In the past four decades, the commonwealth has seen the third-largest decrease in taxes of any state. The victims of this trend are ...

Published:  Thu, 18 Apr 2019 02:10:00 GMT



Elizabeth Warren wants to wipe away $640 billion in student debt - with a tax on the rich

Elizabeth Warren of Massachusetts released a proposal that would provide ... and Warren is proposing to pay for it through a tax on the super rich. Under her plan, borrowers with a household income ...

Published:  Wed, 24 Apr 2019 14:10:00 GMT



Massachusetts Tax Deadline Is April 17

BOSTON - Tax day is coming. And although it's usually April 15, you have until April 17 to file your 2018 federal tax returns without incurring a penalty from the Internal Revenue Service.

Published:  Tue, 16 Apr 2019 07:23:00 GMT



How High Are Taxes on Recreational Marijuana in Your State?

Ten states (Alaska, California, Colorado, Maine, Michigan, Massachusetts, Nevada ... The map below highlights the states that have legal markets and levy taxes on recreational marijuana. Of the states ...

Published:  Wed, 24 Apr 2019 15:20:00 GMT



Baker: New taxes not needed to address congestion

The governor's defense of his administration's approach to the state's transportation system woes came after new polling data was released showing that the vast majority of Massachusetts ... specifics ...

Published:  Wed, 24 Apr 2019 12:23:00 GMT



Filing taxes in Massachusetts: 6 key things to know, from due date to health insurance

Whether you're one of the people who rushes out of the gate to finish your taxes early or someone who waits until the very last minute, or even in between, taxes can be a daunting task. Thankfully ...

Published:  Fri, 12 Apr 2019 03:48:00 GMT



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