Put another way if you earn $100,000 in Massachusetts where the average price of a home is $208 per square feet, so a 2,000 square foot home is $ 416,000 and you are also in the top 10 states for median income taxes, sales taxes and real estate taxes paid per person. Should you pay […]
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The current tax code has an intended or unintended regionalization of tax brackets. Think of it this way. If you earn $100,000 in Massachusetts where the average price of a home is $208 per square feet, so a 2,000 square foot home is $ 416,000 and you are also enjoying being in one of […]
Automobiles used for business are subject to strict limits on how much you deduct each year. However, vehicles with a Gross Vehicle Weight rating of 6,000 or more are exempt from these auto limitations. They can expense $ 25,000 under code section 179 and take the normal annual depreciation of the additional value. […]
Do you have a child with a disability? If so, there may be income tax deductions, exemptions or credits available to you. Some of the available income tax benefits are unfamiliar even to tax preparers, and some of the favorable treatment options are available to people who provide care for other family members, as well. […]
Small-business owners, entrepreneurs and employees who work from home could save big money on their taxes by taking a home office deduction, as long as they meet the IRS’ requirements and keep good records. If you use part of your home regularly and exclusively for business-related activity, the IRS lets you write off associated rent, […]