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The MA Office of Travel and Tourism is running a campaign to support local businesses called “My Local MA.”
There is a statewide website VisitMA.com that offers an opportunity for businesses in the tourism industry; Shopping, Restaurants, Lodging and Attractions to be featured for FREE. It's fast and easy for to create.
Simply go to https://business.visitma.com/ and fill in the info, add photos, add store info and link a website. Businesses can makes changes at any time. These featured businesses reach domestic and international tourists.
Important Tax Tips for Seniors
Senior Circuit Breaker
What is the circuit breaker?
It’s called the Circuit Breaker Tax Credit
because it’s “triggered,” like an electrical
circuit breaker, when property tax payments
exceed 10% of a senior citizen’s annual
income. Those who qualify will still be
required to pay property taxes to their local
communities.
Seniors who are homeowners may be eligible
to receive a credit on their Massachusetts
state income taxes if their property taxes paid,
together with half of their water and sewer
bills, exceed 10% of their income. If the
credit is greater than the amount of taxes
owed, the state will refund the difference.
The maximum credit allowed for tax year
2020 is $1,150.
Seniors who are renters may be eligible to
receive a credit when 25% of their
annual rent exceeds 10% of their total income,
subject to the same $1,150 maximum.
Who is eligible?
Massachusetts residents who:
Are age 65 or older by January 1, 2021 (for joint filers, it is sufficient if one taxpayer is 65 years of age or older).
Own or rent residential property in Massachusetts and occupy the property as primary residence.
Have an annual income of $61,000 or less for a single filer who is not the head of household; $76,000 or less for a head of household; or $92,000 or less for joint filers.
Have property assessed at no more than $848,000.
Who is NOT eligible?
Nonresidents
Married persons who do not file jointly.
Those who are a dependent of another tax filer.
Those who receive a federal or state rent subsidy directly, or those who live in a property-tax exempt facility.
Those whose property is assessed at a value of more than $848,000.
Those who rent from a landlord who is not required to pay real estate taxes.
Is there a special application?
If eligible, you can claim the credit by
submitting a completed Schedule CB,
Circuit Breaker Credit, with your 2020
state income tax return.
Eligible seniors must file a return and
claim a refund even if they do not owe
taxes.
Additional Tax Tips for Seniors
No Tax Status
If qualified, you may not have to pay MA income taxes if your adjusted gross income is:
Single - Less than $8,000
Head of Household - Less than $14,000 (plus $1,000 per dependent)
Married, Joint Return - $16,400 (plus $1,000 per dependent)
Limited Income Tax credit
You may qualify if your adjusted gross income is between:
Single - $8,000-$14,000
Head of Household - $14,400-$25,200 (plus $1,750 per dependent)
Married, Joint Return - $16,400-$28,700 (plus $1,750 per dependent)
Exemption for Age 65+
You are eligible for a $700 exemption if you are age 65 or older by January 1, 2021.
The same exemption is available for your spouse if they are age 65 by January 1, 2021.
Dependent Deduction
For households with elderly or disabled dependents, the deduction is $3,600 for a single dependent and $7,200 for two
Blindness, Medical, and Dental Exemptions
You are eligible for a $2,200 exemption if you or your spouse are legally blind. You are allowed an exemption for medical and dental expenses paid during the taxable year.
Non-Taxable Income
Social Security payments received, as well as Veterans Administration compensation, are not taxable in Massachusetts.
Please Consult a tax professional for guidance on these items.
If you have questions about filing for the Circuit Breaker Credit, please call the Massachusetts Department of Revenue at 1-800-392-6089.
To find an AARP Foundation Tax-Aide, please call 1-888-227-7669.