Tax preparation and bookkeeping for Massachusetts residents, including millionaire surtax planning.
Massachusetts filing deadline: April 15. Massachusetts has a flat 5% income tax plus a 4% surtax on income over $1M.
4% 'millionaire tax' surtax on income over $1 million.
Services in Massachusetts: Tax Preparation, Bookkeeping, Payroll, Tax Planning.
What is the Massachusetts millionaire tax? Starting in 2023, Massachusetts imposes an additional 4% tax on annual income exceeding $1 million, bringing the top rate to 9%. The threshold adjusts annually for inflation.
Does Massachusetts tax capital gains differently? Short-term capital gains (held less than 1 year) are taxed at 8% in Massachusetts — higher than the standard 5% rate. Long-term gains are taxed at the regular 5% rate.
How does the MA pass-through entity excise work? Massachusetts allows S-corps and partnerships to elect entity-level taxation, providing a SALT cap workaround. The entity pays the tax and members receive a credit.
Millionaire surtax planning — income timing strategies to manage the $1M threshold
Short-term vs. long-term capital gains optimization (8% vs. 5% MA rates)
Pass-through entity excise election analysis for SALT cap savings
Tech and biotech startup tax guidance for Massachusetts' innovation economy