November 8, 2024 | Vol. 53, Issue 21

The only bilingual Chinese-English Newspaper in New England

From Dick’s Desk at the AACA LITC

Dear Dick I file my taxes on time by April 15. Then, in no time, I get a tax notice from the IRS. Some years, I get several tax notices from the IRS These IRS tax notices are really stressful to deal with. First, it’s hard to understand what the IRS wants. The writing is technical. The paragraphs list tons of numbers and calculations of tax deficiencies, big penalties, and interest charges they say I owe. The IRS tax letters […]

From Dick’s Desk at the AACA LITC
(Asian American Civic Association Low Income Taxpayer Clinic)

Dear Dick Massachusetts is one of the 46 states in the US that has legalized marijuana.  So, I decided to petition my City of Cambridge to open a medical marijuana dispensary.  Medical marijuana can effectively treat pain, headache, muscle spasms, eye disease, and many other medical problems. I received a good deal of support locally and from the Commonwealth of Massachusetts in forming my cannabis business. That is, until I heard that the federal government still has not legalized marijuana. […]

From Dick’s Desk at the AACA LITC
(Asian American Civic Association Low Income Taxpayer Clinic)

Dear Dick I am a journeyman finish carpenter. I spent the whole week sorting through my lumber supply invoices and pay records for my construction helper. But….I am relieved.  I managed to file my income tax returns by the April 15 tax deadline this year. At the same time, I am worried that the IRS is going to audit me again. I’m being audited for last year.  When I went to my mailbox, I noticed a thick letter with the […]

From Dick’s Desk: What’s an HSA?

Dear Dick I’ve been happily working at my current job.  I’m an electrician.  I love my co-workers.  I look forward to coming to work every day. The employee benefits are good, particularly, the health care coverage for me and my family. Everything is fine.   That is, until 5 pm last Friday. My supervisor called me into the conference room.  I lost my job along with 20 other employees.  The company needed to cut costs to remain profitable. Since then, […]

From Dick’s DeskTax Credits and Deductions for College Education

Dear Dick: I have two children attending two high priced Boston colleges.  My son is a junior, and my daughter is a sophomore. So, I have two more years of tuition checks to write. Are there any tax writeoffs I can take to get some relief from the high cost of tuition expense? “Over-educated and Over-Taxed” —————————————————- Dear “Over-educated and Over-Taxed,” I agree, it costs a small ransom to send children to college these days. But you may benefit from […]

From Dick’s Desk

Hi, Dick- My wife and I own a vacation home on Cape Cod.  We enjoy having our family, especially the grandchildren, visit and spend time relaxing on the beaches of the National SeaShore. We receive a number of inquiries from real estate brokers to rent our vacation property to tourists and vacationers. How should we handle the financial obligations from our vacation home which now has become a lucrative business situation? Sincerely, “Retired and Sunburned” Dear “Retired and Sunburned:” When […]

If You’re Getting a Tax Return, Here’s Why You Should Skip the Check

As the 2022 tax filing season begins, the Internal Revenue Service is asking taxpayers to file tax return electronically and use direct deposit for refunds. Here’s why that would be a good idea: Using a direct deposit is the safest and most convenient way to receive a tax refund. Choosing IRS direct deposit is the fastest way for taxpayers to get their refund. Getting your refund electronically is secure. Since refunds are electronically deposited, there’s no risk of having a paper check stolen or […]

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