Taxes

Boston residents face the prospect of a 28% quarterly property tax increase if Mayor Michelle Wu’s plan to temporarily raise taxes on businesses doesn’t get approved in the state Senate.

The Massachusetts House on Monday approved the City of Boston’s request to temporarily reconfigure the way it splits property taxes between commercial and residential taxpayers. Norwell Rep. David DeCoste slowed the bill’s advancement on Thursday and Friday but was not in the House chamber when Democrats put the bill up for a vote at the immediate outset of their 11...

Whichever party wins control of the House and Senate must decide how to handle a slew of consequential policy matters.

A plan to temporarily shift more of Boston’s property tax burden onto commercial owners is headed back to Beacon Hill after the City Council approved a revised version with a lone objection. The council voted 12-1 Wednesday to approve a new home rule petition that would enable the city to move more of the city’s property tax burden onto commercial...

There’s still time to lower your taxes or boost your refund for 2024, financial experts say. Here are some strategies to consider before year-end.

With her existing proposal hung up on Beacon Hill, Boston Mayor Michelle Wu said Wednesday that she’s sending a new proposal to the State House that she believes will “stabilize property taxes and protect homeowners and renters from a dramatic spike.” The Massachusetts House in July approved a home rule petition from the City of Boston designed to shift some...

The IRS has announced new changes affecting the earned income tax credit, child tax credit, adoption credit and annual gift tax exclusion for 2025.

The IRS has announced higher federal income tax brackets and standard deductions for 2025. Here’s what taxpayers need to know.

Will the IRS “give you your money!?” Watch this explainer to see if you will qualify for the federal child tax credit.

The Biden administration has proposed a new rule that would require the largest U.S. companies to pay at least 15% of their profits in taxes.

The State Department can deny a passport application or revoke an active passport if the IRS certifies a tax debt as “seriously delinquent.”

This Saturday and Sunday, Aug. 10-11, are Massachusetts’ sales tax holiday, in which many things you can buy — but not everything — are tax-free.

An end to the formal session on Beacon Hill left Boston Mayor Michelle Wu’s property tax plan in question. “I can’t overemphasize how important this is for the city,” Wu told NBC10 Boston. Empty office buildings are causing commercial property values to plummet and creating a revenue vacuum that without action, would fall on Boston homeowners. “It’s to the...

Coca-Cola Co. says it will pay $6 billion in back taxes and interest to the Internal Revenue Service while it appeals a federal tax court decision in a case dating back 17 years.

The milestone is meant to showcase how the agency is making use of the money it received as part of the Biden administration’s Inflation Reduction Act. It comes as Republicans threatened cuts to the IRS.

Tax identity theft victims are waiting nearly two years for resolution and refunds from the IRS. But the agency is working on improvements.

The head of the Internal Revenue Service just wrapped up his first year with the agency and he is on the road.  He recently made a stop at our NBC10 Boston studios. “I’m sitting here, getting the word out, as the IRS commissioner urging residents of Massachusetts and beyond to be wary, to be skeptical that scams are on...

The Internal Revenue Service plans to end another major tax loophole that could raise more than $50 billion in revenue over the next decade.

The Massachusetts House and Senate on Thursday adopted a resolution setting the weekend of Aug. 10-11 as this year’s sales tax holiday. The annual tax holiday enables shoppers to avoid the sales tax on many purchases, although critics say it doesn’t generate much new economic activity and merely shifts consumer buying patterns. Over the years, public officials have settled...

You could leverage tax planning strategies after unemployment if your income is lower in 2024, experts say. Here’s what to know.