Do you receive your health insurance coverage through the government’s Health Insurance Marketplace? Many who do also qualify for a premium tax credit, which those with moderate incomes can use to help pay for coverage. You can choose to get the credit immediately or to receive it as a refund later when you file your tax…
As an accounting firm, LG&H is an essential service. For the safety of our clients and staff, our office is closed to the public and our staff is working remotely. We can be contacted via phone and email. All returns will be prepared and securely emailed or postal mailed to you. Since most returns are e-filed, we will provide you with a form 8879 for authorization. Please sign and email or fax it to us. If faxing or emailing is not available, we can make other arrangements for your authorization.
We want to extend all the best to you and your families in the troubling time. We are all dealing with many challenges, and will minimize the tax filing process as much as possible.
Sincerely
LG&H
There have been some tax developments that we thought may be of interest. If you would like to discuss any of these or other topics, do not hesitate to call LG&H in Bangor, Maine at 207-990-4585. Social Security wage base could increase to $126,000 for 2017. The Social Security Administration’s Office of the Chief Actuary…
At Loiselle, Goodwin, & Hinds, we feel it is important for tax planning purposes to stay abreast of current developments in the tax arena and pass them on to you. The following is a summary of important tax developments that have occurred since January that may affect you, your family, your investments, and your livelihood….
The recently enacted “Protecting Americans from Tax Hikes Act of 2015” (i.e., the 2015 PATH Act) extended and expanded an important tax provision for business: bonus depreciation. Here’s an overview of the bonus depreciation provisions in the new law. Please call our office at 207-990-4585, or e-mail by clicking contact us above, for details of…
It’s January and it’s cold here in Bangor, Maine. With all the snow and wind and freezing temperatures, it’s understandable that you may not want to venture out for a meeting with your accountant. However, there are many important tax developments that have occurred in the past three months that may affect you, your family,…
The good news is…the enhanced capitalization regulations that were enacted last year have changed. On November 24, 2015, the IRS announced that they were simplifying the paperwork and recordkeeping requirements for small businesses by raising from $500 to $2,500 the safe harbor threshold for deducting certain capital items. As you may remember, new regulations…
PurposeThis accounting policy establishes the minimum cost (capitalization amount) that shall be used to determine the capital assets that are to be recorded in ABC Company’s annual financial statements (or books). Capital Asset definitionA “Capital Asset” is defined as a unit of property that: (1) has an economic useful life that extends beyond 12 months;…
If you employ 50 or more full-time employees, you may be subject to the Shared Responsibility payment and reporting rules under the Affordable Care Act (ACA). Employer Pay or Play Rules Applicable Large Employers (ALEs) are subject to the Employer Shared Responsibility rules, known as the Employer Mandate. An employer is generally an ALE for…
As the end of the year approaches in Maine and around the country, it is a good time to think of planning moves that will help lower your tax bill for this year and possibly the next. Factors that compound the challenge include turbulence in the stock market, overall economic uncertainty, and Congress’s failure to…
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