Tax

September 26, 2014

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, […]

September 26, 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 […]

September 26, 2014

Sometimes, our clients, due to unexpected expenses, have made withdrawals from their retirement accounts before reaching the minimum age of 59 ½. This leaves them vulnerable to income tax and a 10% early withdrawal penalty on the amount withdrawn. While we strongly recommend that people not access their retirement accounts early, there are a few […]

September 26, 2014

There is a lot of information to absorb about the Affordable Health Care Act. Here are a few pieces of information that you may find helpful. Taxpayers with incomes that fall between 100% & 400% of the federal poverty level, and who do not receive their insurance at work, may be eligible for a tax […]

February 22, 2014

The State of Maine has a 5 year look-back window for gifts when considering your eligibility for MaineCare. If you make gifts to your family within 5 years of needing MaineCare to pay for nursing care, you will be assessed a penalty for the amount of the gifts. The penalty is not monetary – it […]

February 22, 2014

As the IRS finds itself more and more stretched, the likelihood of an audit may decrease.  However, there are a number of “red flags” which can draw the IRS attention to your return. Here are some of the items which gain their attention. Claiming 100% business use of a vehicle Large Schedule C deductions for […]

February 22, 2014

Lily and Hilary recently spoke at one of the monthly senior luncheons sponsored by the Waldo Y. Lily discussed required minimum distributions; Hilary discussed Gift Tax Returns and the State Look Back Window. Nearly 100 attended the luncheon. Hilary and Lily are available to speak should you have a group interested in tax issues.

February 22, 2014
Tax

Business 56 cents per mile Medical or Moving Miles 23.5 cents per mile Charitable Miles 14 cents per mile The business, medical and moving expenses are a decrease of .5 cents.  The charitable rate is determined by statute. Remember that you cannot use the standard mileage if you have used MACRS depreciation or SECTION 179.

February 22, 2014

There is no shortage of phone and email scams these days. Often times, scammers pretend to be the IRS. The IRS only communicates by U.S. mail.

February 22, 2014

To assist our clients with their finances, EFS offered tax planning utilizing our new planning software this past summer and fall. The package included two meetings and a report summarizing the results. Several of our clients used this service. Although we cannot discount the consultations during tax season, it is still available.

February 22, 2014

In order to have adequate time to prepare your return properly, we must receive your information early enough to allow us to input and analyze your data and have a partner review your return so that we may provide you with the best results for your tax situation.Therefore, we ask that you have all 1040 information […]

February 22, 2014

Lily Dalton has passed all four parts of The Uniform CPA Examination, which is one of the three requirements to become a CPA. The other two requirements are education (150 college hours with a specified number of accounting/auditing courses) and two years’ experience totaling 400 hours. The exam takes four days of testing to complete; […]