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Who Is Exempt from Paying Income Taxes in Boston?
May 9th, 2023
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News & Politics
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3 minute read
Who Is Exempt from Paying Income Taxes in Boston?
Boston, MA - Taxes are a certainty for most individuals and businesses, there are occasions where a person or entity does not need to pay any income tax for the year. While this is generally a small percentage of the population at any given time, there are a few situations where the person may not need to file a tax return at all, or they may find that they do not have any tax liability to the federal government or the state where they live. Before making the choice to not file or pay any income taxes, lawyers should be consulted to ensure that there will not be any negative consequences for doing so. Certain non-citizensSome individuals who live in the United States but are not citizens may not owe the government any taxes. This can depend on if they have any income, what country the income comes from, and tax filing status. Boston tax lawyers can provide more detail regarding how a person’s immigration status and their sources of income can affect their taxes. Legitimate non-profit organizationsThere are certain types of organizations that are not run like a normal business for the purposes of generating a profit. This can include certain religious groups, those who help people in need, some educational institutions and charities. If the group has filed for and received 501(c)(3) status from the IRS, they do not need to pay income taxes. However, during the process of setting up such entities, Massachusetts tax lawyers are usually necessary as not all organizations that apply will receive this status. Years with large deductions
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