If you own a small or medium-sized business, it may be eligible for significant tax breaks that aren’t available for larger entities. Here are three examples to consider as you file your tax return for 2021 and plan for 2022. QBI Deduction The qualified business income (QBI) deduction was a centerpiece of the Tax Cuts  Continue Reading »

You may still have time to significantly reduce this year’s business federal income tax bill even with all the uncertainty about proposed tax law changes. Congress is currently considering some tax changes. Here are five possible moves to consider — but stay tuned for developments.    Claim 100% First-Year Bonus Depreciation for Last-Minute Asset Additions Thanks  Continue Reading »

After a most unusual, volatile and unprecedented year for Maine businesses, your finances — and tax situation — may be unlike any other “normal” year. Filing your business taxes can oftentimes be stressful, but with the economic hardships of the past year, it can be even more challenging. The silver lining is that there is  Continue Reading »

Every dollar counts, especially as the COVID pandemic continues to create economic uncertainty here in Maine and throughout the country. As tax season arrives, it can be helpful to learn about federal income tax credits that can significantly lower your tax obligations. It’s important to note that tax credits aren’t the same as tax deductions.  Continue Reading »

Ever since the CARES Act was passed in early 2020, many businesses in Maine and across the country have been waiting for additional government action to help handle the economic fallout of the COVID pandemic. After much back and forth — and much delay — the Consolidated Appropriations Act (CAA) was signed into law just  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 »

A small payment from the IRS may be coming your way in the near future. The tax agency announced it was sending interest payments to those who filed their 2019 returns by this year’s extended July 15 deadline and either received a refund in the past three months or will receive a refund. An estimated  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 »

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 »