2024 is here, and tax relief with it

Anew year is here and, like it or not, the countdown to tax day is not far off. In October, Gov. Maura Healey signed a $1 billion tax relief package designed to benefit renters, caregivers, and seniors. The law went into effect when it was signed, but with residents poised to begin filing in the coming weeks and months, here is a refresher on some of the new changes and who they will affect. 
 

Caregivers

 

Two existing tax credits for child care and dependent care are set to be combined into one, a move that will help ease the burden on both parents and caretakers for disabled adults and seniors. Taxpayers will be able to claim $310 per dependent in the first year, up from $180. In the second year of implementation, the credit will increase to $440. 

Healey’s office says this will be “the most generous universal child and dependent tax credit in the country.” It will impact an estimated 565,000 families throughout Massachusetts.