This general business credit is a percentage of the amount of wages paid to a qualifying employee while on family and medical leave for...

The Tax Cuts and Jobs Act does not change the prior law rule disallowing a deduction for the expenses of maintaining and operating...

The Tax Cuts and Jobs Act does not change the prior law rule disallowing a deduction for dues or membership fees for country clubs, golf...

Under the Tax Cuts and Jobs Act, a business expense deduction is no longer allowed for most entertainment expenses after 2017. The IRS...

Most taxpayers no longer have the option to carryback a net operating loss (NOL). They can only carry forward NOLs arising in tax years...

Standard Mileage Allowance The 2020 and 2019 standard mileage rates for the use of a care, van, pickup or panel truck are as follows: You...

The new law keeps the general recovery periods of 39 years for nonresidential real property and 27.5 years for residential rental...

Bonus depreciation is an additional first-year depreciation allowance equal to a set percentage of the adjusted basis of eligible...

You may elect first-year expensing for tangible personal property bought for business use, such as machinery, equipment, or a car, truck...

Qualified Business Income Deduction If you are a sole proprietor or have an interest in a pass-through entity such as a partnership,...

C Corporation Tax Rate The Tax Cuts and Jobs Act of 2017 changed the top corporate tax rate from 35% to one flat rate of 21%. This rate...

Use tax (sales tax) reporting on Maine individual income tax returns. For tax years beginning on or after January 1, 2019, the...

Social Security Retirement Age The retirement age for receiving full Social Security benefits is gradually increasing under current law...

You may make a nondeductible Roth IRA contribution, regardless of your age, for a year in which you have taxable compensation for...

The traditional IRA contribution limit is $6,000 for 2019 and 2020. This is the first increase since 2013! The traditional IRA...

For 2018 through 2025, the Tax Cuts and Jobs Act doubles the amount of the child tax credit to $2,000 per qualifying child who has not...

American Opportunity Credit The American Opportunity credit limit-per student is $2,500. The credit phases out for higher income...

You may be able to claim this saver’s credit if you make a traditional IRA or Roth IRA contribution for 2019 by April 15, 2020 or have...

For 2019, the penalty for not having minimal essential health coverage has been repealed. The premium tax credit for taxpayers with...