![]() ![]() Trusted by millions: Based on the millions of unique users that have filed with TaxSlayer.. Trustpilot: Learn more about TaxSlayer’s TrustScore and how customers rate TaxSlayer /review/taxslayer. Actual prices are determined at the time of print or e-file and are subject to change without notice.Īverage federal refund: According to the IRS the average refund was $3,536 as of. Simply Free ($0 federal for simple tax returns and $0 state) is only available for those with a qualifying tax situation offer may change or end at any time without notice. ![]() Taxpayers interested in this option should expect the Department of Revenue to closely scrutinize changes in domicile.Start for free: TaxSlayer pricing is based on your tax situation and the type of support you want and varies by product. This is more complicated than just changing your mail address. Relocating your residence or domicile from Massachusetts to a lower-tax state.Filing separate tax returns, as opposed to a joint returns for married couples, as the $1 million threshold applies to both joint and individual income tax returns.Gifting appreciated assets to younger generations directly or via non-grantor trusts.Transferring income-producing assets to non-grantor trusts that are domiciled outside Massachusetts.Selling appreciated assets on an installment basis if doing so will result in income below the $1 million threshold.Investing eligible gains in qualified opportunity funds or consider Section 1031 like-kind exchanges for real estate.Consider selling appreciated securities, real estate, operating businesses and collectibles before the end of 2022. Accelerating recognition of income into the 2022 tax year (before the new surtax takes effect). ![]() Massachusetts taxpayers who may be subject to the new surtax may consider certain strategies to mitigate its impact, including: This amendment to the Massachusetts tax law may have significant implications for certain Massachusetts taxpayers as it increase the marginal tax rate on the portion of income above $1 million by 80%. The 4% surtax is levied in addition to the existing Massachusetts tax rate of 5%, resulting in a total tax rate of 9% on the portion of income above $1million. The new 4% surtax will be imposed on income earned beginning January 1, 2023. Revenues generated from this additional tax will be used for public education and for the repair and maintenance of roads, bridges and public transportation. ![]() The $1 million dollar threshold is adjusted annually to reflect increases in the cost of living, using the same method as used to establish federal income tax brackets. This tax will apply to high earners, as well as those with one-time income in excess of $1 million, including from the sale of a home or a business. On the Novemgeneral election ballot, Massachusetts voters approved the adoption of an amendment to the Massachusetts Constitution to establish an additional 4% state income tax (“surtax”) on the portion of a taxpayer’s annual income that exceeds $1 million. ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |