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…

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….

Now that the rush of tax season is over, and we all have a moment to take a deep breath, it is time to look ahead to changes in the coming tax season. It may seem a little early to worry about next year, but the truth is, it’s never too early to look ahead…

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 were…

Purpose This 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 definition A “Capital Asset” is defined as a unit of property that: (1) has an economic useful life that extends beyond…