Massachusetts — falling
Are you living in Massachusetts? If yes, here’s another good reason to help others this year: the state brags about a new income tax deduction when it comes to charitable contributions. The best part? This type of deduction is available to virtually all Massachusetts residents who pay taxes.
So, no matter if you decide to itemize your deductions or claim the standard one, you’ll still be able to benefit from the new income tax deduction.
When we look back in time, Massachusetts wanted to do the same thing approximately twenty years ago. Still, something happened in between back then, and here we are twenty years after fulfilling the state’s biggest dream: the state’s personal income tax falling from 5.05 percent to 5 percent.
Want to avoid paying income taxes? Here Are 12 States That Won’t Tax Your Retirement Income!