This article was published by the IRS. The IRS has recently unveiled enhancements to the IRS Tax Withholding Estimator to reflect changes to credits and deductions under the One, Big, Beautiful Bill, including no tax on tips, no tax on overtime, and other tax benefits. The IRS Tax Withholding Estimator is a free, easy-to-use tool that [...]
This article was published by the IRS. A tax credit reduces the amount a person owes in income taxes dollar-for-dollar. Some tax credits are even refundable, meaning if a person's tax bill is less than the amount of a refundable credit, they can get the difference back in their refund. The One, Big, Beautiful Bill has [...]
This article was published by the IRS. Most people aren’t thinking about taxes when there’s summer fun to be had, but there’s some common activities that could impact taxpayers in the next filing season. Let’s look at a few. Summer day camp If a taxpayer is sending a child to summer day camp, the cost may [...]
The earned income tax credit is both a federal and a state tax credit for low to moderate-income families. For tax year 2025, the MA credit is 40% of the federal credit. It is refundable, meaning you can get money back, but only if you file your tax return. You must be a MA resident for [...]
The OBBBA adds and expands several other tax breaks, including: Expensing of Qualified Sound Recording Productions For productions commencing in tax years ending after July 4, 2025, the special expensing rules for qualified film, television, and live theatrical productions are expanded to include aggregate qualified sound recording production costs of up to $150,000 per tax year. [...]
