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      February 15, 2019

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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.

 

Tax panel signals openness to estate tax reform

"But if you want to live in a civilized society, one of the responsibilities is to pay taxes and it's really hard for me to justify chasing people who can afford to pay the taxes and just don ...

Published:  Fri, 15 Feb 2019 11:50:00 GMT



Gundlach: My marginal tax rate is 52.6%, and it's 'really weird' that people like Mitt Romney pay 14%

"My marginal tax rate is presently, combined California and U.S., 52.6%. I am deeply offended when people tell me, "˜No, it's not,'" Gundlach said. "I actually have people say that to ...

Published:  Fri, 15 Feb 2019 13:28:00 GMT



I'm filing my taxes with TurboTax and will probably get one of my smallest refunds ever, and I'm happy about it

I got my taxes done at a free tax clinic and at the end, they hesitantly let me know I owed a little more than $1,000 in taxes for my freelance writing income. They explained quarterly payments and se...

Published:  Fri, 15 Feb 2019 11:26:00 GMT



All Talk, Little Action: What to Expect on Tax Policy This Year

which was included in the 2017 tax overhaul. "There are some people from New York who have been speaking to me about doing something about that, about changing things," Mr. Trump had told reporters fr...

Published:  Fri, 15 Feb 2019 02:11:00 GMT



Industry roundtable: tax and accounting

Does upstate New York's relatively low cost of living balance out the high taxes O'Leary: There is a part of me that's a little happy about the tax rate. I have a lot of family in Florida. You have a ...

Published:  Fri, 15 Feb 2019 03:00:00 GMT



Here Are the Biggest Tax Mistakes Retirees Make

Time to talk retirement and taxes. Joining me is Robert Powell a.k.a. Mr. retirement of The Retirement Daily. All right Bob, let's talk about this. What are three things that you think every retiree s...

Published:  Fri, 15 Feb 2019 05:56:00 GMT



Stolen Social Security numbers lead to serious tax filing problems

NEW ORLEANS (WVUE) - Tax filing season can be stressful for a lot of people ... "It's the most discouraging thing for someone to say you're not you, now prove to me, you're you. It's horrible," said T...

Published:  Fri, 15 Feb 2019 08:53:00 GMT



Hits Keep Piling Up Against Philadelphia Soda Tax

The Teamsters opposed the soda tax because they believed it would cost ... "You don't have to explain to me. I don't give a f-." He predicted it would "cost the Teamsters 100 jobs ...

Published:  Fri, 15 Feb 2019 06:08:00 GMT



Tax business denies service to local gay couple, citing religion

"She had done my taxes with no issues before, but now that we were married and she didn't agree with my life choices, she wouldn't." So the couple left, in shock. "We were pretty upset," Brazzel said. ...

Published:  Fri, 15 Feb 2019 13:02:00 GMT



How New Jersey's Proposed "Rain Tax" Might Affect Citizens of Clark, According to Mayor Bonaccorso

"Apartments popping up all over, rainwater tax, give me a break. There'll be a mushroom tax next, you watch." New Jersey is not the first state to consider enacting a "Rain Tax." In 2013, Maryland pas...

Published:  Fri, 15 Feb 2019 11:53:00 GMT



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