News
If you file a joint return, you and your spouse can make IRA contributions even if only one of you has taxable income. The combined contribution amount cannot be more than the taxable income reported on the return.
There is still time to contribute to your 2014 IRA. The maximum contribution is $5,500 (subject to limitations) and the catch-up contribution limit for individuals age 50 or over is $1,000 for a total of $6,500.
The contribution (deferral) limit for employees participating in 401(k) and 403(b) plans has been raised from $17,500 to $18,000 with a $6,000 catch-up contribution limit for individuals age 50 or over. The total contribution (employer and employee) cannot exceed the lesser of 100% of employee’s compensation or $53,000 ($59,000 with catch-up contribution.) Some 403(b) plans […]
Every year we provide tax deadlines because we need to have ample time to prepare and review your return thoroughly. This includes preparation of extensions, which also take time to do correctly. This year’s deadlines for 12/31/14 year ends are: 1099s January 22 W-2s January 22 1120s February 27 1065s March 27 1040s March 27 […]
Business: 57.5 cents per mile Medical or Moving: 23 cents per mile Charitable Service 14 cents per mile You have the option of claiming deductions based on actual costs rather than standard mileage rates. If actual costs are used in the first year, you may not switch to the standard rate. If the standard rate […]
As e-filing of tax returns has become the norm, we have observed that some clients no longer take responsibility for their tax returns. Efs cannot file your tax return until we have received a signed 8879 electronic authorization. Please review your return thoroughly; once you agree with the information, please sign and return the 8879 […]
We will co-host Bangor Greendrinks on Tuesday February 10, 2015, with the Maine Science Festival at the Maine Discovery Museum from 5 PM to 8 PM. Bangor Greendrinks is an organization of local business people who are interested in pursuing environmentally sustainable business practices. Each month, they get together to enjoy local foods and brews […]
EFS sponsored the December Piscataquis Chamber After Hours at the Center Theatre in downtown Dover-Foxcroft. A variety of local products were offered as door prizes to support chamber members. Additionally, craft beer from the Black Bear Brewery in Orono, a variety of appetizers, and several homemade cookies (for National Cookie Day) were served. Bill Pierce, […]
We will co-host Bangor Greendrinks on Tuesday February 10, 2015, with the Maine Science Festival at the Maine Discovery Museum from 5 PM to 8 PM. Bangor Greendrinks is an organization of local business people who are interested in pursuing environmentally sustainable business practices. Each month, they get together to enjoy local foods and brews […]
Hilary Clark has been elected by the Board of the Bangor/Waterville Chapter of the IMA (Institute of Management Accountants) to serve as head of membership. The IMA was founded in 1919 and its’ purpose is to provide a forum for research, knowledge sharing, practice development and emphasis of the highest ethical and best business practices […]
Qualifications: To qualify for Social Security retirement benefits, one must have earned 40 credits or 10 years of work. Until 1977, one credit was earned for every calendar quarter which had wages of at least $50. Since 1978, credit is based on one’s annual earnings, with a maximum of four credits per year. In 2014, […]
As e-filing of tax returns has become the norm, we have observed that some clients no longer take responsibility for their tax returns. A completed return will sometimes sit in an individual’s home for several weeks without being opened under the assumption that we have filed the return. EFS cannot file your tax return until […]