Massachusetts Tax Landscape Changes and Tips for 2024
Buckle up, Bay Staters! 2024 has landed, and with it come important changes to the Massachusetts tax landscape. From altered filing requirements to expanded deductions, staying on top of these updates can feel like deciphering ancient hieroglyphics. Worry not, because Drenen Financial Services is here to be your Rosetta Stone!
New Filing Rule for Married Couples: Remember that blissful feeling of filing separately on your state and federal returns? Well, brace yourself – for tax years starting Jan 1, 2024, married couples who file jointly on their federal return must also file jointly for Massachusetts. This aims to prevent some high earners from skirting the newly implemented 4% surtax on income exceeding $1 million. So, couples, grab your coffee (and maybe a lawyer?), it’s time to strategize!
Sweet Relief for Renters and Seniors: Feeling squeezed by housing costs? Get ready for a sigh of relief! The rental deduction cap has been bumped up to $4,000, offering much-needed tax relief for renters. And our senior friends? Rejoice! The maximum “senior circuit breaker credit” has doubled to a whopping $2,400, easing the tax burden for qualifying elders.
More Savings in Your Pocket: The good news keeps rolling in! The earned income tax credit has been boosted to a generous 40% of the federal credit, putting more money back in the pockets of hard-working individuals and families. Plus, a slash in the short-term capital gains tax rate from 12% to 8.5% means savvy investors get to keep more of their hard-earned profits.
Dates You Don’t Want to Miss: Mark your calendars, folks! Massachusetts income tax returns for the 2023 tax year are due on April 15, 2024 (not including extensions). Estimated tax payments for 2024 are due on April 15, June 15, September 15, and December 15. Remember, procrastination hurts your wallet – stay ahead of the curve!
Feeling Overwhelmed? We’re Here for You! At Drenen Financial Services, we understand the intricacies of the Massachusetts tax system. Our team of seasoned tax professionals can help you navigate these changes, optimize your deductions, and ensure you file a stress-free, accurate return. We offer comprehensive individual and business tax preparation services, as well as expert bookkeeping solutions to keep your finances organized and thriving.
Don’t let the Massachusetts tax maze turn you into a Minotaur! Contact Drenen Financial Services today at 413-569-0015 or visit our website at [website address] to explore our services and discover how we can help you navigate the 2024 tax landscape with confidence. Remember, peace of mind doesn’t have to cost a fortune – let Drenen Financial Services be your tax-season savior!