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October 2019 Archives

Recent tax court litigation could affect many taxpayers

Many Massachusetts residents work outside the country. As such, they can take advantage of certain tax rules to save money, but it requires filing their personal income tax returns in a specific manner. However, without the proper assistance, it could be easy to make mistakes. The IRS may forgive certain inadvertent and/or immaterial errors, but recent tax court litigation could make it more of a challenge to make that claim.

Failing to consider the IRS in retirement could cost dearly

Most people who retire do so within a budget. Like numerous others across the country, many Massachusetts residents begin planning for their retirement as soon as they can, but that could be at different stages of their lives, so the budgets will be different. One mistake many people make when doing their planning is how the IRS will treat those precious funds.

Will the IRS accept returns with certain tax breaks for 2019?

With all the changes to the Internal Revenue Code that took effect in the 2018 tax year, it may not surprise Boston residents that more changes could come for 2019. Not all tax breaks survive through to another year, and this year may be no exception. As the country enters the fourth quarter of the year, some people may already be looking to taking advantage of as many tax breaks as possible when they file their returns with the IRS.

Massachusetts and the IRS treat Social Security differently

After working for decades, many people can begin drawing Social Security benefits. While it would make sense for these benefits not to be taxed, the IRS still classifies them as taxable income. Fortunately, the state of Massachusetts is among 37 states who believe recipients are entitled to keep as much of this money as possible.

Taxpayers may be innocent victims in tax crimes

Like other people across the country, when Massachusetts residents do not know how to do something, they often turn to someone who does. For instance, fixing an electrical problem, treating an illness and even preparing their tax returns often require some help. People rely on those with the knowledge and experience in certain areas to handle matters on their behalf. When it comes to preparing taxes, the person someone relies on could potentially end up committing tax crimes. What happens to the taxpayers?

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