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Wednesday, 10 February 2016 14:20

Maine's Best Tax Credit?

Emmys, Grammys, Tonys what awards should we give for great tax credits? The Creddys?

I may not have a good name for the award, but I have a great nominee the Maine Educational Opportunity Tax Credit.

What is the Maine Educational Opportunity Tax Credit?

It's a credit on your Maine tax return, reimbursing you for student loan payments made.

Published in Money
Wednesday, 12 September 2012 14:37

Tax cliffs

Many tax benefits gradually fadeout over as income increases. But not all: Tax cliffs have a hard and fast line where $1 more in income can cost far more in tax benefits. Don't believe me? Check out these three tax cliffs.

Earned Income Credit and Investment Income: Threshold not to pass: $3,200 in investment income. Benefit at risk: from $2 to $5,891. Earned income credit is a reward for working and is figured on four criteria: Adjusted Gross Income, Earned Income, Marital Status and Qualified Children. The credit is not a set amount; it varies from as little as $2 to as much as $5,891. But all along the range, if your investment income exceeds the cap ($3,200 in 2012) you're no longer eligible. Investment income can come from interest, dividends, sales of stocks, redeeming savings bonds AND rental property.

Published in Money

Missing a W-2? The first step is to contact your employer. If contacting your employer proves unsuccessful, AND it is after Feb. 15, then your next step is to contact the IRS at 1-800-829-1040.

When you contact the IRS, you should have the following information available:

Your employer's name, phone number and complete address. If available, the Employer Identification Number is requested (this would be available on prior year W-2 forms, block b).

Your name, address, social security number and telephone number.

An estimate of the wages you earned, the federal income tax withheld and period you worked for the employer. Ideally this would be year to date information from your final pay stub. If that is not available you need a reasonable substitute: an earlier pay stub, records or bank deposits.

Published in Money

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