State Tax – Edelstein & Company, LLP https://www.edelsteincpa.com Accounting for You Mon, 19 Sep 2022 16:47:37 +0000 en-US hourly 1 https://wordpress.org/?v=6.5.3 Emerging Tax Alert- Massachusetts Announces Taxpayer Refunds https://www.edelsteincpa.com/emerging-tax-alert-massachusetts-announces-taxpayer-refunds/?utm_source=rss&utm_medium=rss&utm_campaign=emerging-tax-alert-massachusetts-announces-taxpayer-refunds Mon, 19 Sep 2022 15:11:32 +0000 https://www.edelsteincpa.com/?p=7249 On Friday, September 16, 2022, the Baker-Politio Administration announced details for a return of $2.941 billion in excess tax revenue that will be refunded to Massachusetts taxpayers. Massachusetts law requires that when tax revenue collections in a given fiscal year exceed annual tax revenue cap, the excess revenue is returned to taxpayer’s. To be eligible, you must have filed a 2021 state tax return on or before October 17, 2022. Those who are eligible for a refund, will automatically receive it as a check sent through the mail or via direct deposit.

For the most part, eligible taxpayers will receive a refund of approximately 13% of their Massachusetts personal income tax liability for Tax Year 2021. To learn more and use the Massachusetts Department of Revenue’s Refund Estimator, click here.

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