Download - Jim Briggs The Tax Detective
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Jim Briggs
The Tax Detective
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What are the filing requirements ◦ Federal
◦ Massachusetts
Tax filing status rules
Sources of income: ◦ Wages/Stipends/Scholarships/Interest/Dividends
◦ Education Credits/Deductions/Student Loan Interest
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IRS Publication 17 – Your Federal Income Tax
IRS Publication 970 – Tax Benefits for Education
MA - http://www.mass.gov/dor/
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5.25% of taxable MA income
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Are there questions on:
◦ Tax filing thresholds?
◦ Tax filing status?
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Maximum of $2,000 per student
20% of first $10,000 of qualifying educational expenses (tuition, books and fees)
IRS form 8863
Reduces federal tax dollar for dollar
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Federal ◦ File form 4868 by April 15, 2013
◦ Automatic 6 month extension until 10-15-13
MA ◦ File M-4868 by April 15, 2013
◦ 6 month extension until 10-15-13
◦ Must have paid at least 80% of final tax by April 15, 2013 for extension to be valid
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Find 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.
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Questions on the 1040 or 1040A?
Questions on your MA return?
Questions on filing for an extension?
Any other questions?
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The BU Medical School office and Jim Briggs thank you for your participation.