Most small landlords do not need to issue 1099s to contractors they pay in connection with their rentals. Exceptions apply when the rental activity rises to the level of a trade or business.
Tax-Advantaged Savings for Doctors Doctors and other high-earning professionals can be some of the most challenging clients to find tax savings for. Their incomes are too high for them to claim a lot of common deductions and credits, but because that income comes in the form of wages, they don’t have access to all of […]
When it comes to selecting a tax return preparer, it is important to understand his or her credentials. Albert Bergen is a Certified Public Accountant licensed as both an individual and an accounting firm to practice in the state of Maine. Maine CPAs need to complete 150 or more college credit hours, including at least […]
Businesses that have been approved for Pine Tree Development Zone (PTDZ) status by the Maine Department of Economic and Community Development are eligible for an income tax credit designed to eliminate their Maine income tax on the additional activity that results from expanding their operations in qualifying industries in Maine. This can be an extremely […]
Maine Pine Tree Development Zones were originally select regions of the state where businesses who opened or expanded and added quality jobs were able receive special tax benefits. The program has since been expanded to apply throughout Maine, although there are still two tiers of Pine Tree Development Zone. The benefits are available for five […]