A recent report by Apartment Guide found that Maine had the 3rd largest increase in rent in the country last year. With Portland and the surrounding area experiencing a great deal of growth and development, that may not come as a surprise to many. If you own your home and are planning on moving, you  Continue Reading »

If you’re a business owner in Maine who provides some form of retirement plan or account for your employees, you should be aware of the new Setting Every Community Up for Retirement Enhancement (SECURE) Act. Signed into law late last year, its primary purpose is to help individuals save for retirement. But it also contains  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 »

There are many perks of working from home, including the tax deduction available to many taxpayers who have a home office. However, the Tax Cuts and Jobs Act (TCJA) has effectively eliminated the long-standing home office deduction through 2025. But if you are self-employed, there are still some deductions you may be able to take  Continue Reading »

Amazon.com, Inc. v. Commissioner The 9th Circuit recently affirmed the U.S. Tax Court’s 2017 decision in favor of Amazon in this key transfer pricing case, finding the governing regulations limited the definition of “intangible” to independently transferable assets. This interpretation supported the Tax Court’s favoring the comparable uncontrolled transaction (CUT) method over the discounted cash  Continue Reading »

With unemployment at record lows — both here in Maine and across the nation — retaining and attracting employees is a high priority for many business owners. So as the year winds down and you look ahead to 2020, one way you can address this issue is by improving your employee benefits, which may include  Continue Reading »

Here in the greater Portland area, real estate prices are increasing and development is booming — which is good news for owners of underdeveloped or underutilized land. But if you’re among those who are looking to sell, develop or subdivide a highly appreciated property, it could result in an astronomical tax bill. However, there are  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 »