Tax
John Baiamonte, one of our CPAs from Dover, will be spending more of his time in the Penquis area to assist our many long time clients as well as seek new clients who have the need for a CPA.
Congratulations John! John Baiamonte has passed all four parts of The Uniform CPA Examination. The exam is one of three requirements to become a CPA, the others being education(150 college hours with a specified number of accounting/auditing courses) and two years’ experience (including 400 hours in audit/accounting and 200 in taxation/advisory). The exam takes four days to complete. It […]
To assist our clients with their finances, EFS is offering a tax planning package utilizing our new planning software. The package includes two meetings and a report summarizing the results and is available to our 1040 clients. The cost for this planning package is available at a discounted flat fee of $225 through November 15, […]
Maine sales tax rates are changing effective October 1, 2013. The 5% rate will increase to 5.5%; the 7% rate will increase to 8% (the 10% rate does not change.) Consequently, the state is requiring annual filers to prepare two returns this year, one for the period through September 30th due on October 15, 2013 and one […]
The Maine Circuit Breaker program has been repealed and replaced with a Property Tax Fairness Credit. This credit can be claimed on the Maine Individual Income Tax form using the Property Tax Fairness Credit Worksheet which will be available in January of 2014. Eligibility requirements include: Maine residency for any part of the tax year […]
We are all dealing with the many ins and outs of the new Affordable Health Care Act. Although its intent is to help control the cost of health care, it is a very complex law with changes and delays making it even more difficult to comprehend. Lily Dalton, in our office, has been assigned the task […]
Edwards, Faust & Smith will be holding a seminar for clergy, clergy spouses, financial secretaries, church treasurers, and individuals who prepare W-2s for the clergy. The Seminar will be at FIRST UNITED METHODIST CHURCHESSEX STREET, BANGOR ME MONDAY JUNE 24, 20131:30 PM – 4:30 PMCheck-in starts at 1:00 PM $10.00 per person Clergy and Congregations […]
Business Miles 56.5 cents Medical/Moving 24 cents Charitable 14 cents The standard business rate is based on an annual study of the fixed and variable costs of operating a car. Taxpayers have the option of calculating the actual costs of using their vehicle in lieu of the standard rates. The standard rates cannot be used […]
More and more taxpayers are experiencing identity theft; their refunds are stolen by culprits who have obtained enough of the taxpayer’s personal information to file a return before the taxpayer does. They submit a change of address form and then paper file a return. Electronically filed returns require additional information from the prior year’s return […]
To ensure adequate time to prepare your return, please have all corporate tax information to us by February 25, 2013. Individual return information must be provided to us no later than March 28, 2013. Extensions are not automatic, so we must have your information submitted to us by the above dates to give us adequate time to prepare […]
Every year, numerous small businesses fail – not because they had a bad business nor for lack of business, but because they didn’t take the time to control their finances. If you want to survive in today’s economic climate, you must have financial information that tells you if you are making money, which expenses are […]
Sometimes clients are confused as to how we bill and will question why certain services are billed. In the next few paragraphs, we will try to explain what is involved in the billing process. CPAs have only one product to sell – our expertise in audit, accounting and taxation. It takes years of study and […]