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          The Transportation First Series offers a platform to discuss the challenges faced by our region, with the input of experts and changemakers.

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          2:45pm - 4:30pm

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          • Call for Nominations
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          Our Women’s Leadership Program enables you to take your leadership to the next level by arming you with the most in-demand leadership toolkit.

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          Boston’s Future Leaders

          Our Boston’s Future Leaders (BFL) program provides emerging leaders with a socially conscious and civically engaged leadership toolkit, as well as the opportunity to apply their knowledge through experiential assignments.

          Read More
          Authentic Professionalism for Early Career Professionals

          Join us on June 12 for a highly interactive virtual workshop with Strategic Career & Leadership Coach Carole-Ann Penney.

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          arrow-go
          Read More
        • ...
          Economic Inclusion
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          We are developing an ecosystem of corporations and partners with the influence and buying power to transform economic inclusion for minority business enterprises (MBEs).

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          City Awake empowers young professionals in a variety of ways that encourages these rising leaders to stay invested in the region’s future success.

          Read More
          BIMA

          BIMA (the Boston Interactive Media Association) serves a vibrant community of like-minded professionals from agencies, brands, publishers, and ad-tech companies with business interests in the New England market.

          Read More
          Women’s Network

          For over 30 years, the Chamber’s Women’s Network has connected female professionals of all background and career levels. Today, our Women’s Network is the largest in New England, strengthening the professional networks of women each year.

          Read More
          Massachusetts Apprentice Network

          The Massachusetts Apprentice Network convenes employers, training providers, and talent sources interested in developing and implementing apprenticeship programs in occupations across industries and statewide in fields such as tech, advanced manufacturing, healthcare, financial services, and more.

          Read More
          Pacesetters

          We are developing an ecosystem of corporations and partners with the influence and buying power to transform economic inclusion for minority business enterprises (MBEs).

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Key Considerations for Filing Taxes in 2016

January 20, 2017

Hard to believe, but it’s already the end of January – and it’s time to start preparing your 2015 tax returns (on top of worrying when the next blockbuster snow storm may be?!)

The absolute deadline may still be three months away, but don’t wait. Due to two holidays, the initial filing deadline will be April 18, 2016, for Federal returns thanks to Emancipation Day, and April 19, 2016, for Massachusetts’ state returns due to Patriots’ Day.

Here are three must-know considerations as you get started:

1). The first day taxpayers are able to begin filing their returns is January 19, 2016, for both the IRS (Federal return) and MA Department of Revenue (state return). File your taxes as soon as you receive all of your tax documents. For those that are expecting a refund, filing earlier will ensure you get your money back sooner.

2). Those who do not have health insurance may be susceptible to additional taxes under the Affordable Care Act. The penalties have increased significantly from 2014 amounts. If you have health insurance, make sure you note this on your return.

3). For those filing in Massachusetts, make sure you don’t miss out on some benefits that may be available to you:

  • Renters: Certain taxpayers may be eligible for a deduction of up to $3,000 for rental payments made on their principal rental residence in Massachusetts.
  • Bank Interest: If you receive bank interest from certain banks with a physical location in the Commonwealth of Massachusetts, you may be able to exclude up to $200 of interest depending on your filing status.
  • Commuters: For commuters who spend their mornings on the MBTA, Mass. Pike and certain other qualified routes, the money you spend on the commuter rail, MBTA , and tolls paid through an E-ZPass account may be eligible as a deduction on your return. To qualify, you have to have spent at least $150 during the 2015 tax year, and you’re not eligible to deduct amounts reimbursed by your employer.

Fun fact: The tax rate on most Massachusetts income has also decreased effective January 1, 2015, from 5.2% to 5.15%.

Not too bad, huh?

Of course this is just skimming the surface of tax law. For additional information, don’t be afraid to reach out to tax professionals for help. Happy filing!

Robert Traester, CPA is an accountant at WithumSmith+Brown, one of the largest regional public accounting firms with an excellent reputation for innovation solutions and client service. He can be reached at [email protected].

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