The $2.2 trillion Coronavirus Aid, Relief, and Economic Security (CARES) Act is delivering some much needed relief to Maine people and businesses. While this legislation is designed to help us move forward economically, it also provides some retroactive tax relief. There are provisions in the CARES Act that can affect 2018 and 2019 returns that  Continue Reading »

If you’re a business owner here in Maine, the new year comes with new payroll rules. Here are five of the most significant changes for 2020: 1. Significant revisions have been made to Form W-4 The IRS has redesigned Form W-4 for this year to reflect changes from the Tax Cut and Jobs Act (TCJA)  Continue Reading »

Maine has seen an increase in startups and technology-based companies, especially around the Portland area. Many — if not most — went through a process that included designs, models and patents that helped bring their respective idea to market. For a long time, those self-created intangible assets qualified as capital assets, and, thusly, qualified for  Continue Reading »

Like every summer in Maine, it went by much too fast. But now that fall is here and the end of the year is in sight, it’s a great time to think about crossing off a few of your financial to-do’s. One important project you can tackle is reducing your current-year adjusted gross income (AGI)  Continue Reading »

With the recent reduction in interest rates — and reports that further cuts could be on the horizon — you may be considering refinancing your home. If you are, there are some tax implications involved that you should know about. Here’s a quick overview. Deductions for Home Mortgage Interest In terms of your federal income  Continue Reading »

Though the individual federal income tax rates established by the Tax Cuts and Jobs Act (TCJA) aren’t scheduled to expire until the end of 2025, some analysts think they could be repealed sooner. Next year’s presidential election and concerns over an increasing national deficit are two reasons why tax breaks may not stick around for  Continue Reading »

While people are jumping in their cars and hitting the road here in Maine for some summer adventures, you and your small business may be hitting the road in a new vehicle. If you are adding a new car or truck to your business’ fleet, the purchase could qualify for some tax breaks under the  Continue Reading »

Small business owners are often looking for additional ways to lower their taxes. One simple and effective tax planning technique that is available thanks to the Tax Cuts and Jobs Act (TCJA) is to purchase a “heavy” vehicle, work from a qualifying home office, and keep detailed business expense records. This opportunity will be available  Continue Reading »

The Tax Cuts and Jobs Act (TCJA) may have interfered in some of your summer plans by scaling back or eliminating certain tax breaks. But individuals and small business owners in Maine still have lots of opportunities to save on their taxes. Check out these six ideas for this summer. Host an Employee Outing Under  Continue Reading »

Thanks to a pilot program from the Department of Labor’s Wage and Hour Division (WHD), eligible employers may now be able to conduct a self-audit of certain wage practices. This program — called Payroll Audit Independent Determination (PAID) — was launched recently to enable employers to uncover payroll errors on their own. Employers who use the PAID  Continue Reading »