The Tax Cuts and Jobs Act (TCJA) has effectively lowered the cost of acquiring capital assets by making substantial changes to the income tax rules for bonus depreciation and other “cost recovery.” There’s a lot to discuss, but please bear with me. There’s a good chance that one or more of these changes will change…
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
Category: Blog Articles
Individual Tax Rate Change The recently enacted Tax Cuts and Jobs Act (TCJA) imposes a new tax rate structure with seven tax brackets: 10%, 12%, 22%, 24%, 32%, 35%, and 37%. The top rate was reduced from 39.6% to 37% and applies to taxable income above $500,000 for single taxpayers, and $600,000 for married couples…
Effective December 11, 2016, the Maine State Housing Authority has issued a rule for a tax credit (up to $9,000) for expenses incurred for modifications made to a home to make it accessible to an individual with a disability who lives or will live in the home. This will be available for taxpayers whose federal…
On Tuesday, November 22, 2016, a federal judge temporarily blocked the new overtime pay rule that was to go into effect December 1, 2016. What does this mean? Employers currently do not need to comply by the original December 1 effective date. The injunction is temporary pending further review of the court. We will keep…
As 2016 winds down, now’s an excellent time to review your current tax planning strategies to ensure they’re still meeting your needs and to develop plans for 2017. It’s also a good time to take advantage of last-minute planning opportunities that could save you money now and in the coming year. With all that in…
On October 18, 2016, the Social Security Administration announced the 2017 tax rates and wage base. The Social Security wage base will increase from $118,500 to $127,200 for individuals starting January 1, 2017, and there will be no limit for Medicare wages. The tax rate for Social Security remains at 6.2% and Medicare at 1.45%…
Maine wants to be an attractive destination for both current and future military retirees. In an effort to do this, Maine has passed some tax provisions that will benefit Maine veterans. These include: Eliminating the tax on military pensions – Military pension benefits, including survivor benefits, will be completely exempt from state income tax beginning…
Now that the summer is approaching an end we thought we would alert you to some recent changes and will post updates as we get them. Effective December 1, 2016 the new Department of Labor rules take effect for the salary minimum wage increasing to $47,476. Pay plans should be reviewed for compliance and to…
12 Stillwater Ave • Bangor, ME, 04401 • 207-990-4585
8:00 – 4:30 from Memorial Day to Labor Day
8:00 – 5:00 from Labor Day to Memorial Day