MBK Partner Kristina Drzal Houghton weighs in on the “Fiscal Cliff”
January 3, 2013
On January 3, 2012, Kristina Drzal Houghton , Partner and Director of MBK’s Tax Divition, weighed in on the Fiscal Cliff in Jim Kinney’s article in the Springfield Republican. Read Fiscal Cliff Uncertainty Left Mark On Econmy
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Tax Tip: Tax credits are more valuable than a tax deduction, however they are not unlimited. The general business credit can limit the aggregate value of tax credits.
Tax returns are due but once a year. However, paying taxes — through withholding from taxpayer wages, estimated tax payments, or both — is a year-round activity. That’s why it’s a good idea for taxpayers to review their tax payments regularly throughout the year to ensure they’re as accurate as possible.
As of November 2024, for Non-Profits operating in Massachusetts there are new audit and review thresholds to keep an eye on at a state and federal level.
