Thursday, April 18, 2013
The IRS will automatically provide an extension to anyone living in Suffolk County.
The IRS is granting a three-month extension of income tax filings and payments to anyone living in Suffolk County, and those affected by the Boston Marathon bombings. Instead of the April 15 deadline, taxpayers will have until July 15 to file their 2012 returns and pay taxes without penalty, according to an IRS announcement. This tax relief applies to all individual taxpayers living in Suffolk County, including victims, their families, first responders, and others "impacted by this tragedy who live outside Suffolk County and taxpayers whose tax preparers were adversely affected." “Our hearts go out to the people affected by this tragic event,” said IRS Acting Commissioner Steven Miller through press release. “We want victims and others …
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 …
Friday, March 8, 2013
The program also allows users to develop their own plan and see its effects on their tax bill.
In an effort to further promote his proposed $34.8 billlion budget, Gov. Deval Patrick this week rolled out an online tool that would help families see the effect his plan would have on their bottom line. The tool was released less than a week after Patrick unveiled 400 online maps showing what each district would receive in transportation and education benefits under his tax plan. "We are proposing meaningful investments in education and transportation, and people want to know what that means for them," Patrick said. "Last week, with the maps, we showed what long-postponed projects would get done in each community. Now, with this tool, we show just what the costs or savings will be for individual households." The program not only lets …
Thursday, January 31, 2013
Residents who worked in 2012 and earned less than $50,000 are eligible for this service, offered at sites in the South End and 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 Charlestown 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-…
Monday, January 28, 2013
Their proposal calls for a two-thirds majority vote before tax increases can be passed.
House Republicans are proposing new rules that would make tax increases harder to pass. Now, tax increases need a simple majority to pass but under the GOP's proposal they would need a two-thirds majority to become law, the AP reported. Republicans also want any change to apply to withdrawals from the state's rainy day fund as well. They also want to bar the house speaker from voting unless there is a tie, claiming that the speaker's vote tends to strongly influence the vote of majority party members. The proposals came out just before Gov. Deval Patrick submitted his $34.8 billion budget to the State House. The budget calls for an income tax increase of one percentage point – from 5.25 percent to 6.25 percent – coupled with a decrease …
Tuesday, January 15, 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.
Tuesday, January 15
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. SOUTH END PATCH: Facebook | Twitter | E-mail Updates
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 …
Tuesday, September 4, 2012
You'll recognize some businesses on the list, such as National Grid and NSTAR.
Can you name the company that has the highest tax bill in Boston for $83,628,890? Give up? The answer: Blackstone Real Estate Partners. According to statistics provided by the City of Boston (see attached), the powerhouse real estate company had the highest tax bill for fiscal year 2012. Boston Properties had the second highest tax bill - $67,577,332. But the tax bill comes with an asterisk - that the company purchased the Hancock Tower from Normandy Real Estate in Dec. 2010. The Hancock Tower was reflected in Normandy’s real estate figure last year, as they were listed as the owner of record in the fiscal 2011 assessment, according to the attached memo. The Hancock Tower is in Boston Properties’ real estate figure. And this move lowered …
Monday, April 30, 2012
Don't forget to pay your quarterly tax bill this week.
Welcome to May! The temperature's rising, the days are getting longer, and your quarterly property tax payment is due to the city. You can read a property tax FAQ on the city of Boston's website. What happens if you don't pay? The vig starts running; the city will assess a 14 percent per annum interest rate on the amount owed. And no, the city won't accept the Steve Martin "I forgot" defense. Click here to pay your tax bill online. And cheer up, because once that payment's processed, you get a whole three months until the next installent comes due.
Monday, April 16, 2012
The filing deadline for state and federal taxes in tomorrow, April 17!
If you haven't done your taxes yet, you're almost out of time. Whether you're doing them yourself or hiring someone, the deadline is April 17. That is this Tuesday—tomorrow! Last week, our "Best of Patch Reader's Choice" poll asked readers where the best local spot was to get taxes done. South End residents resoundingly said Gordon E. Parry. on Columbus Avenue. A number of other accountants were featured in last week's poll as well. If you'd like a full list, click here. Remember, you only have until Tuesday. While federal and state taxes are due by April 17, Massachusetts residents can file for an extension by tomorrow and extend the due date until Oct. 15. Do you know about an important upcoming deadline? Share it in the comments below …