This IRS video course discusses 501(c)(3) eligibility, the benefits of exemption, the typical life cycle of a public charity, and how to apply and filing requirements while waiting for a determination letter. Ensure that your organization is eligible for tax exemption before applying. Organizations may operate as a tax-exempt organization while waiting on approval. Donors have [...]
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 [...]
This video highlights recent law changes within the Massachusetts Department of Revenue, including Massachusetts tax conformity to certain provisions within the One, Big, Beautiful Bill. There may be some differences between MA and federal law for tax year 2025. Additionally, it covers the annual update of the Senior Circuit Breaker credit. The maximum amount of the [...]
Anyone who files 10 or more information returns with the IRS is now required to file those returns electronically using the Information Returns Intake System, also known as IRIS. Using IRIS is a quick and easy process that also helps reduce common errors that can happen when filing them on paper. IRIS is free, secure, accurate, [...]
Now that car loan interest can be tax-deductible, going out for a ride seems more relaxing! Thanks to the One Big Beautiful Bill, the maximum car loan interest deduction is $10,000. It's available for both itemizing and non-itemizing taxpayers. You must include the vehicle identification number (VIN) on your tax return to claim the deduction. Learn [...]
