Saturday, April 6, 2013
Should the state forge ahead with Gov. Deval Patrick's bold plan to invest now? Or should it follow the Legislature leadership's proposal to address the bottom line before embarking on bigger initiatives?
Massachusetts legislators this week answered Gov. Deval Patrick's ambitious plan to raise $1.9 billion for transportation and education with a $500 million plan of their own, which says the governor is asking for too much, too soon as the Bay State shakes off the effects of the Great Recession. Who's right? Should the state forge ahead in a bold plan to invest now? Or should it cautiously address the bottom line before embarking on bigger initiatives? While Patrick's plan includes funding for both the state transportation system and increased education funding from preschool through college, House and Senate lawmakers eschew new revenue for education, focusing solely on closing the transportation budget gap over the next five years. The …
Wednesday, March 20, 2013
How does cooking meatballs on the grill relate to writing things off? Ron Mutascio has the answer.
Ron Mutascio is a certified public accountant with a business office located at 415 Belgrade Ave., West Roxbury. Patch: What is a write-off? I've heard about it. There's even that famous funny clip on 'Seinfeld' when Jerry and Kramer joke about not knowing what a write-off is, but businesses "just write it off." And more importantly what are some easy write-offs for the average person - and how do they go about making sure they have the right info to "write something off"? Mutascio: This week we are going to look at a commonly used phrase that is used in a variety of ways. The phrase is write-off. It can be used as 'I’ll just write it off,' 'it’s a total write-off,' 'don’t worry my tax guy will write it off', or the dreaded 'lets write …
Tuesday, January 29, 2013
Residents who worked in 2012 and earned less than $50,000 are eligible for this service, offered at sites around the city.
Need help preparing your taxes, but don't have money to pay a professional? The Boston Earned Income Tax Credit Coalition offers free tax preparation for Boston residents who worked in 2012 and earned less than $50,000. Sites around the city opened in January and will continue serving eligible residents throughout the tax season. The deadline to file federal income tax forms is Monday, April 15. The deadline to file Massachusetts income tax forms is Tuesday, April 16 (Monday is a state holiday, Patriot's Day). Boston EITC tax prep locations near Beacon Hill include: See the flyer above for a complete list of locations and details about what to bring with you for a tax prep meeting. For more information, call Boston EITC Coalition at 617-…
Friday, January 18, 2013
Standard deductions go up, but the ceiling for itemized deductions go down in 2013, plus other changes that will affect your taxes this year.
Friday, January 18
On Friday, the Internal Revenue Service announced annual inflation adjustments for tax year 2013, including the tax rate schedules, and other tax changes from the recently passed American Taxpayer Relief Act of 2012. The tax items for 2013 of greatest interest to most taxpayers include the following changes. Details on these inflation adjustments and others are contained in Revenue Procedure 2013-15, which will be published in Internal Revenue Bulletin 2013-5 on Jan.28, 2013. Other inflation adjusted items were published in October 2012 in Revenue Procedure 2012-41.
Wednesday, January 16, 2013
Money would help pay to improve transportation system and education in the commonwealth.
Gov. Deval Patrick is expected to propose $1 billion in new taxes to help pay to improve the state’s transportation system and expand early education programs, reported The Boston Globe. Patrick is expected to announce the plan at his State of the Commonwealth speech Wednesday night. The plan is to increase the state income tax from 5.25 percent to 5.66 percent, which would raise $1 billion. Patrick’s plan would also need to raise other taxes and fees to pay for the spending increases of $1.5 billion next year and $2 billion annually after that, according to The Globe. What do you think of the governor's proposal? Do you support raising taxes to fund these programs?
Saturday, December 1, 2012
Massachusetts Democrats in Congress want to avoid cuts in benefits as part of any deal, but proposals such as raising the eligibility age for Medicare are still on the table. What would you do?
As Congress negotiates a deal to avoid the so-called "fiscal cliff" on Jan. 1, Massachusetts' congressional representatives have voiced their opposition to any cuts in benefits such as Social Security, Medicare and Medicaid, the Boston Globe reports. However, there are proposals still on the table that would change those benefit programs, including linking Social Security benefits to a more conservative inflation index that would slightly reduce annual increases, or raising the eligibility age for Medicare from 65 to 67. The Globe reported that while the Bay State's legislators were united against changes to Social Security, there's some wiggle room on Medicare. Rep. Ed Markey opposes raising the Medicare eligibility age; Rep. Michael …
Monday, June 11, 2012
Amendment withdrawn in face of opposition on new taxes.
Soda won't be taxed in Massachusetts any time soon. Although most Massachusetts voters want to see soda taxed, the effort did not have adequate support in the Legislature, which is wary of imposing any new taxes on state's citizens. Representative Kay Khan (D-Newton) had proposed to lift the tax exemption on several beverages including sodas, juice drinks with less of 50 percent natural juice, and bottled coffee and tea drinks. The amendment was one of 275 attached to the 188-page health care reform bill, designed to cut $160 million in spending over the next 15 years. The amendment was backed by Reps. Jason Lewis (D-Winchester) and Carl Sciortino (D-Medford). Khan had argued that soda is not food and should be exempt from the state's 6.…
Wednesday, April 18, 2012
Hundreds of concerned citizens took to the streets of the Financial District Tuesday to protest "tax-dodging" corporations.
A massive group of protesters took to the streets in Boston’s Financial District late yesterday afternoon to demand major corporations and the wealthiest 1 percent of Americans pay their fare share of federal and state income taxes. Organized primarily by the MassUniting Coalition and the Right to the City Alliance, the extremely lively and vocal tax day protest was aimed at the Commonwealth’s “most egregious tax-dodgers,” according to a press release announcing the rally and subsequent march, which snaked its way through the heart of the Financial District, and caused police to shut down both Summer and Franklin Streets for periods of time. Assembling at Dewey Square, quickly becoming the spiritual home of Boston activism, at around 5:30 …
Monday, April 9, 2012
Tax Day is nearly upon us. Have you finished yours already?
Your state and federal taxes are due Tuesday, April 17 this year, and it's time to get them done. Need help finding a place? See the accountants and firms that other Patch readers in the area recommend. Or, see a list of some on Beacon Hill.
Saturday, April 7, 2012
Patch readers from around the Boston area voted on the tax preparers they trust the most, and here are the results.
This week we asked Patch readers from around Greater Boston an important question: Where's the best place to do your taxes? After five days of voting, here are the results: Charlestown H&R Block, 142 Main Street. Malden William C. Nelson, 712 Salem St Medford Quigley Ramio and Company, 0 Governors Ave. Melrose Melrose Accounting & Tax Specialist, 543 Main St., and Hughes and Company, 1 West Foster St. Somerville Paul B. Bain, Jr., 17 College Ave. South End Gordon E. Parry, C.P.A., 509 Columbus Ave Stoneham H & R Block, 212 Main St. Wakefield JMS Tax and Financial Services, 599 North Ave (#9-3)