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…

Beginning on Jan. 1, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be: 53.5 cents per mile for business miles driven, down from 54 cents 17 cents per mile driven for medical or moving purposes, down from 19 cents 14 cents per mile driven in service…

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…

Do you have a nanny or babysitter, a cleaning person, a caretaker, a health aide or private nurse? If so, you may have a household employee. Generally, if you control what work is done, when, and how it gets done, the worker is your employee. It doesn’t matter if you pay by the hour or…

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…

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…

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…