Our Blog

  • Understanding Tax Credits
    by TaxDoctor on August 5, 2022 at 1:21 pm

    When planning ahead, or just engaging in their day to day operations, most business owners at least occasionally think about tax deductions. A business dinner that can be partially deductible, or a new machine that can be depreciated. However, they often don’t think about or plan how to acquire other tax credits, which can often be much more valuable. Tax credits are often transitory, with the benefits increased or reduced from year to year, or sometimes eliminated altogether, only to be brought back again several years later. Over the last few decades we have seen some popular credits renewed or in some cases even made a permanent part of the tax code. Small business owners seem to often not be aware

  • Mistakes Can Go Both Ways!
    by TaxDoctor on July 29, 2022 at 1:41 pm

    Many times business owners have come into our office and with our help have found that they were doing things incorrectly regarding their bookkeeping and taxes.  Occasionally, the errors add to the tax burdens that they have been under-reporting.  That never feels good, but it is always better to fix those issues prior to any audit.  Often, errors discovered “pre-audit” can be fixed by simply amending the return, and no IRS issues follow, and everyone just moves on.  But quite often, the errors made were not in their own favor. In those case, we help them file amended returns that net them large additional refunds for up to three years back, and that always feels great! So, how do these

  • How to Avoid Capital Gains Taxes Still Seems to Mystify the Public
    by TaxDoctor on July 22, 2022 at 1:35 pm

    When people are contemplating selling an asset like a house, an investment property, stock or a business asset, it’s usually to make a profit or to raise cash. Sometimes, a house is sold in order to buy bigger (or smaller), to move to a different town to take a new job. In the case of stocks, it might be for the taking of profits, stopping further loses, or again to raise cash.  One common thread among all of these decisions is that people generally think about them for some time before they act, as usually these are among the largest assets they have. What we see often in the tax planning world is that people sell the asset, and then

  • Summer is the Time to Fix your Income Tax Problem!
    by TaxDoctor on July 15, 2022 at 1:05 pm

    It’s July.  In a few short months people will be filing their 2022 tax returns with that familiar recurring moan and groan about paying too much. Now is the time to take your preventative medicine and avoid the pain next time around! Being human, we all form habits.  Some good.  Most bad.  We try to develop good ones to replace the bad ones and often we are successful, but most successes don’t come without a coach, cheerleader or some kind of support. Tax time is usually a time of regret over not being successful at last year’s promise to oneself, “I’m not going to pay this much again.  I`m going to keep better records and search out a tax planner

  • Business Owners Beware! The IRS Has Made a Rare Mid-Year Mileage Rate Change
    by TaxDoctor on July 8, 2022 at 1:29 pm

    For most years, the IRS sets the mileage deduction rate for business use of personally owned vehicles and leaves it at that rate for the entire year. In those cases, the business owner taxpayer will need to keep track of and report the total number of miles driven for the year, the number of business miles driven, the number of commuting miles and the number of personal miles, so that the IRS knows how many miles are eligible for the business mileage deduction (commuting and personal miles are not eligible). This year, the IRS has done something unusual, but not unprecedented, in that they have changed the deduction amount halfway through the year. How does that affect you as a

Taxes Are Due In

Day(s)

:

Hour(s)

:

Minute(s)

:

Second(s)

912 Hudson Rd
Glenburn, ME 04401
O: 1-207-884-6852
C: 1-207-631-3982
250 Center St, Suite #204
Auburn, ME  04210 
O: 1-207-631-3982
C: 1-207-884-6852
US Tax Centers

 

912 Hudson Rd.
Glenburn, ME
04401

1-207-884-6852

US Tax Centers

 

912 Hudson Rd.
Glenburn, ME
04401

1-207-884-6852