Massachusetts Expense Account Form
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How to fill out Expense Account Form?
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FAQ
MA does not allow federal itemized deductions. MA has several additional deductions of it's own. An example would be medical or adoption deduction, which are specifically allowed in MA law. The Massachusetts estate tax references the Federal Tax code as of 1/1/1999 with a $1,000,000 exemption.
As a result of the TCJA, for the tax years 2018 through 2025, you cannot deduct home office expenses if you are an employee. The TCJA did not change the home office expense rules for self-employed persons. If you are self-employed, you can continue to deduct qualifying home office expenses.
If you are single you can claim a standard deduction of $12,400. So, if you pay more than $12,400 in state income taxes and other itemized deductions, then consider itemizing your taxes.
Itemized deductions include amounts you paid for state and local income or sales taxes, real estate taxes, personal property taxes, mortgage interest, and disaster losses. You may also include gifts to charity and part of the amount you paid for medical and dental expenses.
Home office deductionThe allowable deduction for home office expense is $5 per square foot (maximum of 300 square feet) of qualified home office space used, up to a maximum yearly deduction of $1,500.
The home office deduction Form 8829 is available to both homeowners and renters. There are certain expenses taxpayers can deduct. They include mortgage interest, insurance, utilities, repairs, maintenance, depreciation and rent. Taxpayers must meet specific requirements to claim home expenses as a deduction.
The 2020 standard deduction is increased to $24,800 for married individuals filing a joint return; $18,650 for head-of-household filers; and $12,400 for all other taxpayers. Under the new law, no exceptions are made to the standard deduction for the elderly or blind.
Qualifying expenses are determined using the federal CDCTC criteria, but the deduction is not subject to the federal limits. The Massachusetts deduction is instead capped at $4,800 for one qualifying individual and $9,600 for two or more.
The Massachusetts income tax rate will drop to 5% on January 1, 2020. For more information, please see the release from the Baker-Polito administration. Please review the Income Tax Withholding Tables at 5.0% - effective January 1, 2020 (pdf).
Claiming home office expenses One of the benefits of running your own business is that you can choose who you work for and where you work from. If you use a room in your home as office space for running your business, you may be entitled to claim certain costs as a business expense.