Tuesday, 13 May 2014 22:22

Home sales and yard sales

Spring is in the air and signs are on the lawns. But can a yard sale or a home sale impact your taxes?

First, let's talk about yard sales. Yard sales rarely create taxable income. Not because the government is generous - even found money is taxable but for a different reason. Yard sales are sales of personal goods, items you bought or were gifted. You are selling these items for less than you paid for them. Therefore, there is no gain to report, and a loss on personal use items is not allowed.

Published in Money
Wednesday, 12 February 2014 18:08

Got student loans? Don't miss this credit in 2014

Student loans are a common way to fund a college education; the average student loan debt for Maine's class of 2012 was $29,252. Wouldn't it be great if there was a program rewarding recent Maine graduates who are paying off student loans? Well there is - the Maine Opportunity Credit. This year it's better than ever.

What is the Maine Opportunity Credit? Maine Opportunity Credit is a credit on your Maine return, reimbursing you for student loan payments made. That's right, reimbursement of the entire student loan payment, not just the interest.

Published in Money
Wednesday, 15 January 2014 01:27

What's new with taxes?

Will you see a tax change this year? Probably; here are some significant changes:

Maine resident? 

Published in Money
Wednesday, 09 October 2013 15:58

The Affordable Care Act and premium assistance

Did you know that premium assistance for individual insurance under the Affordable Care Act is an advance on a 2014 tax credit? If you are thinking of using the marketplace to buy insurance, that distinction is important, as are these other questions.

What is my family size for the ACA? 

Your family size is all people for whom you properly claim a deduction.

Published in Money
<< Start < Prev 1 2 Next > End >>
Page 2 of 2


The Maine Edge. All rights reserved. Privacy policy. Terms & Conditions.

Website CMS and Development by Links Online Marketing, LLC, Bangor Maine