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...

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...

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.

The news came Wednesday of long-awaited progress on an issue impacting homeowners across Boston: Property tax bills at risk of rising due to falling commercial property values. Mayor Michelle Wu announced the temporary tax shift following agreement with major business groups. “We want to make sure residents don’t have a major residential tax spike come January,” Wu said Thursday....

City officials say the compromise temporary tax hike to make up for empty office space post-COVID is necessary, though critics say a long-term solution for city revenue is needed.

Mayor Michelle Wu announced that she’s reached a deal to temporarily raise tax rates for local businesses amid a revenue shortfall. 

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...

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.

With her proposal to address the impending increase stalled in the Senate, Boston Mayor Michelle Wu’s office said city residents’ taxes could increase 28%— a large quarterly jump but less than originally estimated — unless senators on Beacon Hill act on her plan to shift more of the city’s tax burden onto businesses by late November. “It affirms that this…

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.”

The annual sales tax holiday is one of the best weekends of the year for people in the Bay State to pick up certain items they need.

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...

Empty office buildings are causing commercial property values to plummet and creating a revenue vacuum that without action, would fall on Boston homeowners.

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.