With the stock market hitting record levels and interest rates at historic lows, some investors are moving away from low-risk securities like bonds and money-market funds and investing in precious metal such as gold, silver or platinum. If you’re considering doing the same within your IRA, you should consider some of these tax related issues.  Continue Reading »

With the year ending and tax season on the horizon, it can be helpful to get clarity on various tax credits. With COVID impacting the economy and quite possibly your business, you should ensure you can save every dollar you can. Congress enacted three tax credits that can provide some relief to eligible employers at  Continue Reading »

Unless Congress takes action in the next few months, several significant federal tax breaks will expire at the end of this year. In the past, lawmakers have routinely made “extender” provisions to continue expiring tax breaks for another year or two. However, with the disruptions caused by COVID, the likelihood of that occurring remains uncertain.  Continue Reading »

This past Friday marked the opening of Maine’s recreational marijuana market, which allows licensed retailers in the state to legally sell cannabis and cannabis products. While marijuana businesses in Maine may be in compliance with state laws, the federal government considers them to be engaging in an illegal activity. This can create some unique tax  Continue Reading »

The COVID-19 pandemic has impacted nearly every facet of life — including our relationships. Some reports indicated the stress of the crisis, combined with people’s close and constant contact with their spouse might be to blame for some recent divorces. A divorce is a stressful and complicated issue. The emotional toll it takes can oftentimes  Continue Reading »

The IRS compiles and shares a list of common tax scams each year. This year, with the COVID-19 pandemic complicating tax matters in numerous ways, scammers are becoming more aggressive and sophisticated in their methods. Here are some of the scams you should look out for in 2020. Phishing Phishing is a practice that’s been  Continue Reading »

With the extended July 15 deadline for 2019 federal income tax returns behind us, it’s time to think about your tax situation for this year. Obviously, 2020 has been far from typical, and it is quite possible that this abnormal year has created some abnormal tax considerations. The COVID-19 pandemic has resulted in many losing  Continue Reading »

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 »

After years of historic gains, financial markets have been thrown into uncertainty, in a large part due to the COVID-19 pandemic. The recent bull market, combined with the rise in popularity of more passive investment tools such as index funds, may have caused some people to take a hands-off approach to their investments. But with  Continue Reading »

While the divorce rate in Maine is below the national average, it is still common. Divorce is obviously an emotionally and personally impactful event. But beyond that, it is also a financially impactful one. A divorce can create negative tax consequences, especially in terms of dividing up tax-favored retirement accounts. Here is how to manage  Continue Reading »