Presentation on theme: "Jim Briggs The Tax Detective"— Presentation transcript:
1 Jim Briggs The Tax Detective Federal & MA Taxes for 2012Jim BriggsThe Tax Detective
2 Session Outline What are the filing requirements FederalMassachusettsTax filing status rulesSources of income:Wages/Stipends/Scholarships/Interest/DividendsEducation Credits/Deductions/Student Loan Interest
3 IRS Publications IRS Publication 17 – Your Federal Income Tax IRS Publication 970 – Tax Benefits for EducationMA -
28 Lifetime Learning Credit Maximum of $2,000 per student20% of first $10,000 of qualifying educational expenses (tuition, books and fees)IRS form 8863Reduces federal tax dollar for dollar
29 Extension of time to file FederalFile form 4868 by April 15, 2013Automatic 6 month extension untilMAFile M-4868 by April 15, 20136 month extension untilMust have paid at least 80% of final tax by April 15, for extension to be valid
30 SuggestionsFind a good CPA to advise you on federal and state tax issues and to prepare required tax returns Schedule an annual review in October/November with your CPA to obtain recommendations to ways to reduce your taxes.
31 Questions Questions on the 1040 or 1040A? Questions on your MA return? Questions on filing for an extension?Any other questions?
32 The EndThe BU Medical School office and Jim Briggs thank you for your participation.