January 13, 2016

The City of Bangor’s Commission on Cultural Development invites you to attend a workshop on Self-Employment Taxes and Tax Issues. This free workshop will be held Wednesday, January 20, 2016 from 6-7:30 p.m. in the Story Room of the Bangor Public Library. The Story Room is located on the third level level off the Children’s […]

June 22, 2015

Edwards, Faust & Smith co-sponsored a seminar with Groth and Associates on May 19, 2015, at the Spectacular Events Center. Kurt Czarnowski, a former communications director for the Social Security Administration for thirty-four years, was the keynote speaker. Mr. Czarnowski was organzed, thorough and informative in his talk, and most importantly, he was interesting. The […]

April 16, 2015

EFS is pleased to announce that we will be co-hosting a seminar concerning the ins-and- outs of social security on May with Judy Groth and Associates in May 19th from 5:30 to 7pm at the Spectacular Events Center in Bangor. Kurt Czarnowski will be the primary speaker. For those of you who have heard Kurt […]

April 10, 2015

To help our clients with their finances, EFS offers tax planning utilizing software designed specifically to assist with tax projections. During the fall, we are able to offer this at an off season discount for $275. The package includes two meetings and a report summarizing the results. Several of our clients have used this service […]

January 16, 2015

There is a lot of information to absorb about the Affordable Health Care Act. In each newsletter, we include a few pieces of information that you may find helpful. Fees for individuals who do not purchase “minimum essential coverage” health insurance will increase in 2015. The basic fine will be the higher of the following: […]

January 16, 2015

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.

January 16, 2015

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.

January 16, 2015

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 […]

January 16, 2015

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 […]

January 16, 2015

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 […]

January 16, 2015

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 […]

September 29, 2014

The City of Bangor’s Commission on Cultural Development will be hosting a workshop on self-employment taxes and tax issues, particularly those relevant to artists, both new and established. Lily Dalton, Hilary Clark, and Al Faust, from EFS, will be offering a one-hour presentation, with a 30-minute question and answer period to follow, to help artists […]