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Circuit Breaker Credit

Dec 6, 2017 | Taxes, Uncategorized

By Patrick Crowley of Hershman, Fallstrom & Crowley, Inc.
There is a Massachusetts income tax credit that many senior citizens may not be aware of. Senior citizens who are homeowners or renters and meet income and other eligibility requirements may be entitled to a Massachusetts refundable tax credit of $1,080 even if they have no Massachusetts taxes due or Massachusetts filing requirement. Senior citizen homeowners may claim the credit if they paid more than 10% of their total income for real estate taxes and water and sewer charges. If you’re a renter you can count 25% of the rent paid as real estate taxes. Those seniors who have no filing requirements due to their limited income should look into filing a Massachusetts income tax return next spring as they may be due a refund of up to $1,080 for 2017. In addition, it’s not too late to file a 2014, 2015 or 2016 tax return to claim the credit if you fall into this category. For those seniors out there who have filed tax returns and weren’t aware of this credit, make sure you determine whether you are eligible for the credit in 2017. If you are, you should look into amending your previous 3 years tax returns to claim the refunds that you are due. http://www.hfctax.com/

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Federal Tax Deadline Extended To April 17, 2012

Feb 8, 2012 | Taxes

Tax Day moved to April 17, 2012

Traditionally, federal income taxes must be filed with the IRS on, or before, April 15 each year. The date has become such a part of U.S. culture that many people simply call it “Tax Day”.

This year, however, for the 3rd time in 7 years, your federal income taxes will not be due April 15. Instead, because of a combination of the calendar, a holiday, and tax law, Tax Day 2012 is delayed until Tuesday, April 17.

You will have two extra days to prepare and file your federal income taxes this year.

Here’s why.

First, April 15 is a Sunday and all federal offices are closed on Sundays. This means that that taxes can’t be filed on April 15, as regularly scheduled. Rather, the tax due date should roll over to the first available business day — Monday.

However, Monday, April 16 is Emancipation Day, a holiday in (more…)