January 30, 2012
What you can do with your retirement plan balance when you have an employment transition
If you are leaving a current employment where you have a retirement plan that is not a defined benefit (pension) plan, you generally have four options for what to do with the balance in your account: Read more
December 23, 2011
Are you an employee, self-employed or an independent contractor?
The question of whether you are an employee or a self-employed independent contractor is very important and may not always be easy to answer. You should understand the category you fall under, since it’ll affect how you pay your taxes. Read more
December 23, 2011
Pay attention to changes for healthcare savings programs
The affordable Care Act of 2010 made some changes to healthcare programs offered by employers. If you participate in any of these programs, here’s what you should know that could impact your 2011 funds and planning for 2012. Read more
November 21, 2011
Recordkeeping makes sense, especially when it comes to your taxes!
This is a great time to get your personal files in order before the tax year ends and deadlines approach quickly. There are many reasons to keep records, including keeping track of your expenses, tracking the basis of your house or other property and keeping records for insurance purposes or for getting a loan. Read more
November 21, 2011
Charitable contributions may help lower your tax bill. It’s also important to keep proper documenation.
If you made charitable contributions to a qualified organization, it may help lower your tax bill. Here are some tips to help ensure your contributions pay off on your tax return. Read more
October 25, 2011
State of Maine Legislature Enacts New Tax Laws during the 2011 Session That Effect Inividuals and Businesses
The State of Maine 125th Legislature approved numerous Maine laws during their January – June 2011 session. The tax laws go into effect on various dates. Read more
October 25, 2011
Owe the IRS, but can’t pay? An Offer in Compromise may be the answer.
If you are unable to pay your tax liability in a lump sum or through an installment agreement and you have exhausted your search for other payment arragements, you may be a candidate for an Offer in Compromise. Read more
September 22, 2011
Did you receive a letter from the IRS?
Each year the Internal Revenue Service sends millions of letters and notices to taxpayers for a variety of reasons. You may receive a notice requesting payment of taxes or notifying you of a larger refund, a correction to your tax return or requesting additional information. Each notice normally covers a very specific issue about your IRS account or tax return. Read more
September 7, 2011
Certain Companies Who Have Off-Highway Fuel Costs May Be Eligible For the Maine Special Fuel and Gasoline Tax Refund
Your company may be eligible for a Maine excise tax refund if you purchased excise taxed fuel for off-highway use in qualified equipment. Read more
June 16, 2011
The Bonus Depreciation and Sec. 179 Increases Can Mean Big Savings
On Dec. 17, 2010 President Barack Obama signed the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010 (TRJA). In addition to providing incentives for small business, the TRJA extended the depreciation bonus for 2011 and 2012 and extended Sec. 179 expensing limits through the end of 2012 to encourage equipment purchasing. The economic stimulus law can potentially mean big tax savings for you. This article is intended to help those of you that are considering buying equipment in 2011 and 2012 understand the basics of the TRJA and answer common questions.
What exactly do the TRJAs capital investment incentives mean for my business?
By lowering your taxable income, the depreciation bonus (for new equipment) and Sec. 179 (for new and used equipment) can dramatically cut your 2011 and 2012 federal tax bills, thereby freeing up cash in the near term. Read more
June 15, 2011
Summer day camp and childcare expenses may qualify for the Child/Dependent Care Credit.
Need to reduce the amount of tax that you owe? Well … you may be able to claim a credit if you pay someone to care for a dependent under the age of 13, or for your spouse or dependent who is not able to care for himself or herself. The credit can be up to 35 percent of your expenses. To qualify, you must pay these expenses so that you can work or look for work. Here are some things you need to know: Read more
June 14, 2011
Wedding season is in full swing!
Congratulations! You have tied the knot and cut the cake… Now what? Although next year’s tax day seems far away, it will be here before you know it. Here are four simple steps you can take soon after tying the knot to make your first joint income tax return less stressful. Read more