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Changes in Maine State Tax Law A large tax reform bill was signed by Governor Baldacci on June 12, 2009.  One of it's largest provisions is the broadening of the Sales Tax Base.

Many businesses whose goods/services were previously untaxed, will be faced with collecting and paying sales tax.  These changes are effective in January, 2010. For a complete list, Click Here. PDF (23kb)

 

"Cash For Clunkers" Bill- $3,500 or $4,500 President Obama on June 24th signed legislation that contains a "Cash for Clunkers" program.  The law authorizes the issuance of an electronic voucher to offset the purchase price or lease price for a qualifying lease of a new fuel efficient vehicle upon the surrender of an eligible trade-in vehicle to a dealer participating in the program.

Read MorePDF (285kb)
www.cars.gov

 
Maximizing Deductions If you have claimed the standard deduction in the past, you may be surprised to discover that by accelerating certain deductions into the current year, you are able to itemize deductions and decrease your tax liability. Read More PDF (13kb)
 
2009 First Quarter Federal Tax Developments The first three months of 2009 have seen a flood of new federal tax developments. We'd like to highlight some of the more important federal tax developments for you. As always, please give our office a call or send us an e-mail if you have any questions about these developments. Read More PDF (23kb)
 
2009 Tax Planning for Self-Employed Individuals Owning your own business can be very rewarding, both personally and financially. Being the sole decision-maker for this important undertaking can also be overwhelming at times. There are many choices that have to be made with consequences that are not always foreseen. We can help you to minimize the tax burden on your hard-earned income by identifying and maximizing business deductions, providing guidance on substantiation of expenses, and pointing out tax planning alternatives that are uniquely available to the self-employed. Read More PDF (13kb)
 
2009 American Recovery and Reinvestment Act PDF (80kb)
 
2008 IRS e-file Refund Cycle Chart  pdf (99Kb)
 
IRS News Release February 2008
 
  2008 Economic Stimulus Act  
 

Facts about the 2008 Stimulus Payments  (24Kb)

IRS will send Stimulus Payments automatically starting in May; eligible taxpayers must file a 2007 tax return to receive rebate..
READ MORE  (21Kb)

Stimulus Payments: instructions for low-income workers and recipients of Social Security and certain veterans' benefits..
READ MORE  (20Kb)

 

Publication 3 (2007), Armed Forces' Tax Guide
 
 

For federal tax purposes, the U.S. Armed Forces includes commissioned officers, warrant officers, and enlisted personnel in all regular and reserve units under control of the Secretaries of the Defense, Army, Navy, and Air Force. The U.S. Armed Forces also includes the Coast Guard. It does not include members of the U.S. Merchant Marine or the American Red Cross.

Members of the Armed Forces receive many different types of pay and allowances. Some are included in gross income while others are excluded from gross income.

   
 

For use in preparing 2007 returns, this IRS online publication covers the special tax situations of active members of the U.S. Armed Forces. Click Here
 

   
Summary of Credit for Qualified Hybrid Vehicles
 
  For a full summary of the Hybrid vehicle credit please Click Here.
   
 

 

 

 

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