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      September 18, 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.


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

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

House Republicans move to lock in cuts with Tax Reform 2.0

Richard E. Neal of Massachusetts, the top Democrat on Ways and Means. "This new tax legislation is more of the same: It disproportionately benefits the wealthiest Americans while growing the nation's ...

Published:  Mon, 10 Sep 2018 19:42:00 GMT

Ex-Restaurant Owner Pleads Guilty to Being Tax Cheat

STURBRIDGE, Mass. (AP) - A former owner of a Massachusetts pizzeria will not spend time behind bars after pleading guilty to cheating the state out of more than $100,000 in meals taxes. Theodore Metax...

Published:  Tue, 11 Sep 2018 07:04:00 GMT

Sturbridge pizzeria owner pleads guilty for evading meals taxes

Metaxas admitted he failed to report and pay meals taxes on cash sales to the Massachusetts Department of Revenue between 2011 and 2014, which accounted for about 40 percent of his sales. He only repo...

Published:  Mon, 10 Sep 2018 18:32:00 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 13:01:00 GMT

Murphy balks at 10% marijuana tax rate

Under the bill's framework, the tax rate under consideration would be three-quarters of a percentage point less than the 10.75 percent rate in Massachusetts and less than a third the 37 percent tax ra...

Published:  Mon, 17 Sep 2018 04:00:00 GMT

America's New Sales-Tax Mess

Only seven states - Alabama, Connecticut, Georgia, Massachusetts, Mississippi, Ohio, and Tennessee - have higher revenue thresholds than South Dakota. Oklahoma, Pennsylvania, and Washington currently ...

Published:  Wed, 12 Sep 2018 03:30:19 GMT

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