2017/2018 Updates

ITEMS NEEDED TO COMPLETE YOUR 2017 TAX RETURN

DIRECT DEPOSIT IS THE FASTEST WAY TO RECEIVE YOUR REFUND. IF YOU HAD DIRECT DEPOSIT LAST YEAR PLEASE VERIFY THE INFORMATION LISTED IN YOUR ORGANIZER.
•PLEASE VERIFY THE BIRTH DATES LISTED IN YOUR ORGANIZER.
•PLEASE PROVIDE US WITH FORM 1099 HC. THIS CONTAINS THE HEALTH INSURANCE INFORMATION WE NEED TO PROCESS YOUR MASSACHUSETTS INCOME TAX RETURN.
•CHILD CARE DEDUCTION? PLEASE PROVIDE THE PROVIDER’S NAME, ADDRESS AND TAX ID NUMBER.
•MILEAGE CAN BE CLAIMED FOR THE BUSINESS USE OF YOUR VEHICLE, INCLUDING CHARITABLE WORK AND TRAVEL FOR MEDICAL, INCLUDING PARKING AND TOLLS.
•MEDICAL DEDUCTIONS, WE ONLY NEED THE TOTALS FOR PRESCRIPTIONS, DOCTORS, DENTISTS, EYEGLASSES, ETC. YOU DO NOT NEED TO BRING IN YOUR RECEIPTS AND CANCELLED CHECKS.
•EXCISE TAX — YOU CAN CLAIM A DEDUCTION FOR YOUR EXCISE TAX IF YOU ITEMIZE YOUR DEDUCTIONS.


Mileage Deduction

Below you’ll find the 2017 standard mileage rates for taxpayers to use in computing the deductible costs of operating an automobile for business, charitable, medical, or moving expense purposes.

*The following reflects the 2017 standard mileage rates:

  • Business rate per mile- $0.53.5
  • Medical and moving rate per mile- $0.17
  • Charitable rate per mile- $0.14

The good news…They’re going up for 2018!

Beginning on Jan. 1, 2018, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be:

  • 54.5 cents for every mile of business travel driven, up 1 cent from the rate for 2017.
  • 18 cents per mile driven for medical or moving purposes, up 1 cent from the rate for 2017.
  • 14 cents per mile driven in service of charitable organizations.

For those who deduct mileage on their taxes we found the following IRS links to be very useful:

2017 Standard Mileage Deduction Rates

2018 Standard Mileage Deduction Rates


 


Tax Resources:

Internal Revenue Service  

http://www.irs.gov/

Massachusetts Department Of Revenue 

 http://www.mass.gov/

 U.S. Social Security Administration

http://www.ssa.gov/SSA_Home.html

Mortgage Calculator

http://www.bankrate.com/

  Financial Aid

 http://www.mefa.org/loans/?gclid=CNe0nZv2hq0CFQXd4Aodaxcflg