taxes

The dreaded drop off the fiscal cliff has been avoided, so what does it mean for our taxes.  Before the agreement, there were dire predictions that many middle-class Americans could see their yearly tax bills go up by some three thousand dollars, if Congress and the White House did not agree on a tax and spending plan by the time the ball dropped in Times Square.

Medical device makers are warning of job losses and other consequences if a 2.3 percent excise tax takes effect on Jan. 1, as scheduled.

The tax is one of several imposed on segments of the health care industry to pay for President Barack Obama's health care overhaul.

Lobbyists representing the medical device industry have been urging Congress to include a postponement of the tax as part of any compromise to avert the so-called fiscal cliff.

On this edition of Vox Pop, joining us to discuss personal finances, including estate planning and charitable giving, is a panel of financial experts.

Thomas Brockley is senior vice president, financial advisor and branch director in the portfolio focus program at Royal Bank of Canada’s Wealth Management division in Albany, New York.

Bill Ringham is vice president and senior wealth strategist, also with RBC Wealth Management, based in Minneapolis, Minnesota. Bill works with high net worth clients in the firm’s north region.

AP

Republican Senator Scott Brown and Democratic challenger Elizabeth Warren have sharp differences when it comes to taxes, with both claiming their policies would lower taxes for the middle class.

Brown and Warren both support extending Bush-era tax cuts for families earning less than $250,000 per year. Warren, however, wants the cuts to expire after December 31 for those above that income level, while Brown would extend cuts for Americans in all tax brackets.

President Barack Obama is accusing Republican Mitt Romney of caving under pressure from Rush Limbaugh for saying that requiring all Americans to buy health insurance amounts to a tax.

Obama says in an interview with NBC affiliate WLWT in Cincinnati that Romney supported the individual mandate as Massachusetts governor but "has suddenly reversed himself." Obama says it raises questions over whether Romney is abandoning a principal after "getting pressure for two days from Rush Limbaugh" or other critics.

Amazon.com is opening a research facility in Cambridge and is acquiring a robotics facility in North Reading, and some are now wondering if the company is subject to the Massachusetts sales tax.

A 1992 Supreme Court decision said that states cannot make out-of-state businesses collect sales tax. In other words, a retailer must have a physical presence in the state to pay sales taxes. Spokesman for the Massachusetts Department of Revenue Bob Bliss…

State, Federal Taxes in MA Due By Midnight

Apr 17, 2012

Last minute tax filers in Massachusetts have until midnight to double-check their math before submitting their state and federal tax returns this year. 

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