The deadline for filing federal income tax returns in 2020 is April 15. However, Boston taxpayers do not have to wait that long to file. In fact, getting their tax returns to the IRS early could provide them with some benefits.The most obvious benefit of filing early...
Month: January 2020
The IRS may not impose tax on discharged student loans
Not every college experience works out as Boston residents plan. Any number of things can happen that cause a individual not to complete a degree program at a certain institution. In some cases, any student loans taken out could be discharged by the Department of...
What’s the deal with box 3 on IRS Form 1099-MISC?
Income can be earned in different ways, which means it will be reported in different ways at tax time. For instance, miscellaneous income is reported in boxes 1 through 10 on Form 1099-MISC and must be reported to the IRS. However, Boston taxpayers may actually...
Are you afraid your unfiled tax returns will cause you trouble?
It is a new year, and April 15 will creep up on many Boston residents before they know it. Are you dreading tax day because you have unfiled tax returns that you need to address? You may find that enlisting some assistance could help take the sting out of making up...
Business owners and tax deductions: 4 things to know
Business owners have access to a unique set of tax deductions not available to the general worker. For example, the Internal Revenue Service (IRS) generally allows the self-employed the ability to deduct the following: Mileage or vehicle expenses. In most cases, the...
Understanding what it means to get a refund from the IRS
Now that the holidays are over, many Boston residents are looking forward to filing their federal income tax returns in order to get the refund that will pay for their gift purchases and maybe more. Considering the fact that the average refund the IRS sent out for the...