Taxes

The need-to-know information about taxes (and tax cuts!) for members in Maine.

PASS-THROUGH BUSINESSES – 20% DEDUCTION

Following Tax Reform, the IRS has  updated information regarding the new 20% deduction for pass-through businesses (aka Section 199A deduction or the deduction for qualified business income).  More at www.irs.gov/taxreform.

PAYCHECK CHECKUP FOR TAXPAYERS WHO ITEMIZE

Given changes in tax laws, people who’ve itemized deductions on past tax returns should do a “paycheck checkup” using the updated IRS Withholding Calculator at ​www.irs.gov/individuals/irs-withholding-calculator.

TAX CUTS AND JOBS ACT: A COMPARISON FOR BUSINESSES

The IRS is promoting a new side by side document posted to IRS.gov that compares the old and new tax law for business owners.

https://www.irs.gov/newsroom/tax-cuts-and-jobs-act-a-comparison-for-businesses