Category: General

We will be seeking one or two motivated accounting students to work this tax season at our office in Bangor. Hours can be set to accommodate class schedules. Excellent opportunity to gain significant experience while earning money. Please share!

The contribution limit for employees who participate in 401(k), 403(b), most 457 plans, and the federal government’s Thrift Savings Plan remains unchanged at $18,000. The catch-up contribution limit for employees aged 50 and over who participate in 401(k), 403(b), most 457 plans, and the federal government’s Thrift Savings Plan remains unchanged at $6,000. The limit … Continued

Check Your Tax Withholding this Summer to Prevent a Tax-Time Surprise Each year, many people get a larger refund than they expect. Some find they owe a lot more tax than they thought they would. If this has happened to you, review your situation to prevent a tax surprise. Did you marry? Have a child? … Continued

Don’t overlook the Child and Dependent Care Tax Credit. It can reduce the taxes you pay. Here are 10 facts from the IRS about this important tax credit: Child, Dependent or Spouse. You may be able to claim the credit if you paid someone to care for your child, dependent or spouse last year. Work-Related … Continued

You can trim your taxes and save on your energy bills with certain home improvements. Here are some key facts to know about home energy tax credits: Non-Business Energy Property Credit Part of this credit is worth 10 percent of the cost of certain qualified energy-saving items you added to your main home last year. … Continued

When you file your taxes, you have options on how to receive your refund. The best way to get it is by direct deposit. Eight out of 10 taxpayers get their refunds by direct deposit. Here are six good reasons why you should do the same in 2016: IRS Direct Deposit: Is Fast. The fastest … Continued

Many people carefully plan ahead for retirement, setting up tax-advantaged savings accounts and deciding on the best place to live. They may be surprised, then, to learn about the many tax issues that apply to retirees, all of which should be taken into account in their planning. That can include taxes on distributions from retirement … Continued

WASHINGTON – The Internal Revenue Service today issued the 2016 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on Jan. 1, 2016, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be: * … Continued

SEP IRA contribution limits are up for 2015. Get info on key self-employed retirement options @roycpas #CPA360Tax pic.twitter.com/1JTwkfqjtF — Roy & Associates (@roycpas) December 9, 2015

We would like to take this opportunity to describe a very important tax break approved by the IRS for owners of residential rental property and other types of buildings purchased or constructed after 1986. This tax break is called “cost segregation.” The tax savings can be very substantial and realized immediately. Most owners of residential … Continued