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      September 18, 2018

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Tax Relief in Maine

Maine MapStatistics regarding personal finances in Maine with respect to taxes tend to put the state in the top quarter of nationwide rankings. For example, Maine’s top rate of 7.95% for state income tax ranks 9th highest among states with an individual income tax. Its average collection of $1070 in state and local taxes per resident places Maine in 14th highest place among all fifty states.

Similarly, Maine has the 11th highest average amount of collected property tax, with a rate of approximately $1,808 per capita.

However, Maine’s average federal tax per resident of $7,660 is the second lowest in the nation, more than $4,000 less than the national average. This is in spite of Maine having the 15th highest median household income in the United States, with a typical household earning $50,121 in a year. The state has seen an overall decline in that median household income at a rate of 7.7%.

Some Mainers find themselves in trouble as they look at their weekly income and struggle to afford basic necessities like food, rent, utilities, and gas for transportation to work and school; there is often nothing left over to set aside in a saving account for future tax bills. Tax relief strategies are gaining popularity in Maine as individual residents struggle to meet their tax obligations in light of unemployment, medical bills, and other financial difficulties.

Tax relief companies offer clients the ability to avoid the stress of knowing they owe money to the IRS or to state collection agencies, and the possibility of having their assets seized or their wages garnished. Experts in tax relief are able to employ a number of tools in their clients’ behalf, such as offers in compromise, traditional installment agreements, negotiation of penalty abatement, and tax return amendment and review.


Waterville council to consider petition asking colleges to pay funds in lieu of taxes

WATERVILLE - The City Council on Tuesday will consider supporting a petition started by a candidate for the Maine State House that seeks funds from Colby College and Thomas College to lower the city's ...

Published:  Tue, 18 Sep 2018 05:05:00 GMT

Summer-rental bill turns homeowners into tax collectors | Mulshine

As for those individual homeowners, Sweeney said he got a lot of grief for even proposing the tax and he's certainly doesn't want to bring it back. So who did The actual bill, in this case A-1753, is ...

Published:  Tue, 18 Sep 2018 03:44:00 GMT

Rebalancing your portfolio can trigger tax bills

Tax experts often recommend selling some losers to offset winners ... Total cost was less than $350, including a new dress, a bouquet for me and a lapel flower for him. Our parents took us all out for ...

Published:  Sun, 16 Sep 2018 10:00:00 GMT

Portland dispensary owner gets prison time for tax crimes

"The fact that the product involved here is marijuana is utterly meaningless to me in passing a sentence," the judge said. "It's a tax case to me." Mosman said he didn't fully accept the defense's exp...

Published:  Tue, 18 Sep 2018 04:54:00 GMT

Pro-tax forces might kill a tax increase this fall

High income tax states California and New York have jointly lost more than 2.2 million residents. Don't tell me you haven't noticed all the California license plates clogging our roads. You think it's ...

Published:  Fri, 14 Sep 2018 20:26:00 GMT

Connecticut governor contenders clash over tolls and taxes

Sam Brownback, who had claimed eliminating taxes would be "a shot of adrenaline" to the Kansas economy. "Five years later, let me tell you, they sent the governor out on a rail," said Lamont, adding h...

Published:  Mon, 17 Sep 2018 21:30:00 GMT

Hallowell officials say big budgeting error likely won't affect taxes

The memo also said Rudy contacted the Maine Municipal Association "to confirm that this was a viable and legal approach to resolving the issue prior to the commitment being made and tax bills being is...

Published:  Sun, 16 Sep 2018 11:22:00 GMT

National Debt Clock manager calls for higher taxes on the rich

"I support higher taxes on people like me," Douglas Durst said in an interview with The Washington Post published Monday. "I think America has more of a revenue problem than a spending problem.

Published:  Mon, 17 Sep 2018 08:51:24 GMT

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