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ORONO Accounting students in the Maine Business School at the University of Maine are offering free federal and state income tax filing assistance to the public, under the supervision of Martha Broderick, Esq., a lecturer of business and commercial law.

From January through April 15, excluding March 721 during Spring Break, free help sessions will be available by appointment 11:30 a.m. to 2 p.m. Thursdays in the third-floor faculty lounge in D.P. Corbett Business Building on campus, and from 11:30 a.m. to 3 p.m. Fridays, at the Orono Public Library, 39 Pine St.

Published in Press Releases
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

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