One of the best times to pause and review your financial planning strategy is Fall. A lot can happen in a year. You may need to revise your long-term financial plans if your personal life, market conditions or tax laws have changed. Here are some retirement and estate planning considerations that may be worthwhile. Roth  Continue Reading »

Vacation properties in Maine are subject to different federal income tax rules depending on how much personal and rental use they have during the year. Now is a good time to plan how to use your Maine vacation property for the rest of this year with tax savings in mind. Tax Rules for Maine Vacation Home  Continue Reading »

ABCs of Education-Related Tax Breaks It’s back-to-school time in Maine and across the country. Whether or not the school buses are already disrupting your commute to work, the start of the school year brings opportunities for tax breaks. There are numerous education-related federal tax deductions and credits to consider on a personal level. But save those  Continue Reading »

Now that both major political party conventions are finally behind us, it’s time to focus on the upcoming national election. Among their many differences, the Republicans and Democrats have widely divergent tax platforms. It’s good to know what tax positions the two parties and their presidential candidates have staked out even though platforms are always relatively  Continue Reading »

Even though few people in Maine enjoy giving money to the IRS, some types of taxes are viewed more unfavorably than others. Here are three worthy candidates contending for the title of most-hated tax. Penalty Tax on Individuals without Health Insurance The Affordable Care Act (ACA) imposes a penalty on individuals who fail to have so-called  Continue Reading »

Charitable giving is on the rise, and given the natural disasters and human tragedies that have happened in recent months, the momentum is expected to continue. Charitable donations reached an all-time high last year of approximately $373.25 billion, according to Giving USA 2016: The Annual Report on Philanthropy for the Year 2015. This report is published jointly  Continue Reading »

If divorcing spouses own part of the stock in a closely held corporation, this may be one of their biggest marital assets, and often one spouse decides to buy out the other party’s shares by transferring some assets in exchange for the stock. However, it’s important to consider the expected tax consequences before jumping into these  Continue Reading »

The time for filing last year’s individual federal income tax return passed you by in April, unless you’ve extended the due date to October 17. What if you didn’t extend and you haven’t yet filed your Form 1040? And what if you can’t pay your tax bill? Here’s an explanation on how to handle these  Continue Reading »

Estate planning can be a challenge for many Maine family business owners. Often times, wealth is tied up in their companies, which creates a conflict between the desire to transfer ownership to the next generation and the desire to stay in control. Recapitalizing the business into voting and nonvoting shares is one potential solution, as  Continue Reading »

It happens all the time. Shortly after filing their tax returns, many taxpayers discover a deduction they overlooked or some income that should have been included. You might find yourself needing to change things on your tax return; maybe due to a discovery of a deduction that was overlooked on a federal tax return that has already  Continue Reading »