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To check the status of your IRS Refund
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State of Maine Changes
No Net Operating Loss deductions are allowed in 2009, 2010 and 2011 for the state of Maine.
Where the IRS is allowing a reduction in unemployment benefits received in 2009 up to $2400, Maine is not allowing this reduction. They are also not allowing the extra standard deduction for real estate taxes or sales tax on the purchase of motor vehicles. |
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Welcome
Scott and Julie-Ann Booker are happy to announce the addition of
Jaxson Robert Booker
to their family.
Jaxson was born on
August 12, 2009
weighing 7lbs, 10 ozs
19 1/2 inches
Congratulations!!
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Statistics from the IRS
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In 2009 there were 141,376,000 Individual Income Tax Returns Filed
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$303.069 Billion in Refunds were paid
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72,717,000 Refunds were Received Via Direct Deposit
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266,631,821 Visits were made to the IRS website
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If you know someone who may find this information useful, please forward this email on. thank you
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Have you missed past issues of our E-Newsletter?
To access past issues, please visit our website by clicking here.
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Please be aware that the Maine Revenue Service does not utilize debt collection services for Maine residents. If you receive a letter from a collection agency claiming to be collecting on a debt on behalf of the State of Maine Division of Revenue it is a scam. | |
We are so excited to announce that Austin Associates, PA, CPAs has been chosen as one of the Best Places to Work in Maine!!
We strive to maintain a work environment that is supportive, enjoyable and focused on providing the resources necessary to allow our employees to succeed. When our employees are thriving, so too shall our clients.
-Austin Associates, PA, CPAs |
Home Buyers Credit 
The new home buyers credit has been extended to homes under contract by April 30, 2010. This credit is $8000 and does not need to be repaid.
There is also a new credit for those people who have owned a home for at least five years and replace it. The credit is $6500 and does not need to be repaid.
There are income limits for both of these credits. Contact your accountant for details. |
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Maine Estimated Payment Alert
Effective for this year, estimated payments to the State of Maine cannot be based upon the prior year's tax if you have an unusual event. This unusual event is one that results in taxable proceeds exceeding $500,000. Please contact your accountant if this applies to you in 2009. |
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Tax Planning
Once December 31st has come and gone, your tax liability for the 2009 tax year will be set in stone. Now is the time to make an appointment with your accountant for tax planning. There have been and will be numerous changes that effect both individuals and businesses. Let us help you take advantage of these changes - call today.
Auburn: 783-9111
Norway: 743-7777
Windham: 892-6642
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Long Term Care Insurance
Recently you may have noticed a good deal of media coverage concerning the overwhelming cost of providing long-term care. As your financial advisors, we feel this issue is important to consider as you plan your future. Perhaps you have had an experience with a family member or friend needing or providing long term care. As you may know, it can have a profound impact on one's family and finances, depending on the situation.
To provide in-depth information on this subject, we are working with a long-term care specialist for our clients. If you are interested in learning more about long-term care planning as part of your overall estate plan, please let us know and we will make sure that you receive a personal consultation. That way you will have the information you need to make an informed decision on what options are available, and whether or not long-term care coverage is appropriate for you.
Additionally, there are new long-term care insurance products available catering to the small to mid-sized business market with attractive tax incentives for owners and also a simplified underwriting process. If you wish to consult with a specialist regarding this highly under discussed benefit for your workplace, we will connect you with a professional to help you investigate this coverage for your business.
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New Car Tax Deduction 
If you buy a new car before January 1st, you can get a deduction for the sales tax whether you itemize or not. The car, truck, motorcycles or motor homes, must be new.
The tax on the first $49,500 in cost is deductible subject to income limitations. |
If you have not yet received our Fall/Winter Tax Tips Newsletter in the mail, and would like to, please email hillary@austinpa.com and one will be sent to you shortly.
Articles in this issue include:
- Employee or Independent Contractor?
- Employee-Provided Education Assistance
- Health Savings Accounts (HSAs)
- Going out of Business? Know the tax consequences before closing your doors
-And More- -Tax Tips is published by the National Association of Tax Professionals.
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Austin Associates, PA, CPAs is a proud member of the
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