Tax Tips

massachusetts tax return

5 Reasons to E-File Your Income Tax Return Soon!

Did you know you can e-file your income tax return to save time?

Some taxpayers go the old route of filing paper tax returns. This is a great time to implement electronic filing. Since the April tax deadline is very close, this is the as good a time as any to e-File with the IRS. This blog lists 5 reasons why you should e-file your income tax return soon.

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Year-End Tax Strategy: Do You Have One?

Year-End is Just Around the Corner, Do You Have a Year-End Tax Strategy?

Do you have a year-end tax strategy? Year-end and the holidays are just around the corner. It is time to think about what you can do at the last-minute to improve your tax situation. Year-end tax planning is probably something you will want to deal with before the holiday season crush. Here are some tax tips and a year-end tax strategy to help you.

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Alternative Minimum Tax

When looking over your tax return, do you notice an amount on line 45? That amount is because you are subject to the alternative minimum tax. The Alternative Minimum Tax or AMT is an income tax that does not allow some of the tax preferences and deductions that regular tax computation allows. Basically, a punitive tax. When an AMT computation results in a higher tax, the higher tax applies. The additional tax from the Alternative Minimum Tax is added on line 45 of your return.

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