Our Blog

Pass the SALT?

In 2018, the overhaul of the tax code imposed a controversial $10,000 limit on state and local tax deductions on federal tax returns. The White House says the overhaul is saving the government over $57 billion – before the cap, SALT deductions cost the U.S. Treasury about $100 billion each year.
 
But both high-income earners and middle-income tax brackets say...

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End of year tax tips

Adjust your withholding: A tax refund means you overpaid the government throughout the year, instead of putting that money to better use for yourself. The best course is to adjust your withholding so your tax payments will match your actual tax liability.

Bonus...

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Positive changes to HSAs

As 2019 comes to a close, maxing out those health savings accounts will reduce your overall tax liability. Next year, you’ll be able to save even more tax-free dollars.
 
The new limit for HSA contributions for 2020 is going up for individual coverage and for family coverage, the IRS announced last week, bringing totals to $3,550 and $7,100,...

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Cryptocurrency Craze + IRS Crackdown

October 30, 2019

At one point in 2018, the cryptocurrency market topped over $613B in market value, now investors are saying the market will bust. And while we’re not crypto-experts, one thing we do know – the IRS is calling on all crypto-users who have either a.) failed to report (and pay taxes on) their cryptocurrency income or b.) did not accurately report their...

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Cash versus Accrual: What’s better for your business?

October 30, 2019

What is the cash method?
It is as simple as it sounds: you record income as it’s received and expenses as they’re paid. For example, if you invoice a client for $1,000 on March 1 and receive payment on April 15, you would record the income for April. And on the other side, expenses are checked when the money leaves your account, not when you made the...

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Opportunity Zones: Does the money flow through your city?

October 30, 2019

“Opportunity Zones” have stolen headlines in Maine recently – while the topic seems geared to investors, this could be a big opportunity for your town too.

What is an Opportunity Zone?
 
In 2018, governors in all 50 states identified areas that are ripe for investment or improvement – most of which are under-capitalized or low...

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Maine business owners can now qualify for tax incentive if paid leave is offered

September 12, 2019

For the first time ever, employers offering paid family or medical leave will receive a tax credit of up to 25% on wages paid. The change seems to encourage and reward employers for strong HR policies – and the result could increase employee retention rates nationwide. Whether you’re a business who already offers this benefit or one that might be considering it, its a nice...

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 The Tax Cuts and Jobs Act has dozens of ‘wins’ for small business owners – including one if you’ve purchased a new vehicle.

September 12, 2019

If you purchase a passenger vehicle, truck, or SUV (new or new-to-you) and it is used for at least 50% business, there are super-favorable changes – especially for SUVs, pickups and vans. There are a lot of details to this new provision, but the bottom line: this is a favorable tax change for small businesses and the owners.
 
Passenger vehicles

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Is my business classified correctly?

August 15, 2019

This is the #1 question we've received since the 2018 Tax Cuts and Jobs Act. The headlines stole the show –  the tax rate for C-corporations dropped from a graduated 35% to a flat 21%. But there are little known advantages to remaining a pass-through entity. 

In general, choosing the right business entity involves various factors, and there is no automatic right...

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Is it a hobby, or is it a business?

August 15, 2019

Are you a yoga teacher on the weekends? A wood-worker with an Esty shop? Do you moonlight as a paid blogger? Everyone loves a good side hustle, but due to a (disadvantageous) change within the 2018 Tax Cuts Jobs Act, now is the time to ask your accountant – should my side hustle be classified as a business?

Until now, a hobby status has enabled you to offset extra income...

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Our New Website!

The Swanson Group LLC is excited to announce the recent launch of our firm’s new website. We’ve been working very hard to enhance our website and give our firm a fresh look. We’ve also continued to research and identify the latest and greatest technologies to improve the services we provide and ensure we continue to meet your needs.

Take a moment to look around our...

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The Swanson Group Announces:

June 2, 2015

The Swanson Group, LLC at 896 Main Street, Suite 1000, Westbrook is proud to announce the acquisition of Keirstead & Fox, P.A.

Sally-Alane Fox, CPA and her team with three decades of experience in Westbrook have joined Tabitha Swanson, CPA in the historic Edwards Block Building. Dwight Keirstead, CPA is beginning his retirement.

The Swanson Group, LLC a full-service...



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Top 10 Tax Facts about Exemptions and Dependents

February 2, 2015

Nearly everyone can claim an exemption on their tax return. It usually lowers your taxable income. In most cases, that reduces the amount of tax you owe for the year. Here are the top 10 tax facts about exemptions to help you file your tax return.

1.  E-file your tax return. Filing electronically is the easiest way to file a complete and   accurate tax...

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Four Tax Facts about the Health Care Law for Individuals

April 23, 2014

There are a few basic tips to keep in mind about the new health care law. Health insurance choices you make now may affect the income tax return you file in 2015.

1. Most people already have qualified health insurance coverage and will not need to do anything more than maintain qualified coverage throughout 2014.

2. If you do not have health insurance through your...

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Deducting Medical and Dental Expenses

March 19, 2014

If you plan to claim a deduction for your medical expenses, there are some new rules this year that may affect your tax return. Here are eight things you should know about the medical and dental expense deduction:

1. AGI threshold increase. Starting in 2013, the amount of allowable medical expenses you must exceed before you can claim a deduction is 10 percent of your...

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Top Tips to Help You Choose a Tax Preparer

February 6, 2014

Many people hire a professional when it’s time to file their tax return. If you pay someone to prepare your federal income tax return, the IRS urges you to choose that person wisely. Even if you don’t prepare your own return, you’re still legally responsible for what is on it.

Here are some of the top tips to keep in mind when choosing a tax...

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Tips to Begin Planning Your 2014 Tax Return

January 14, 2014

Although most taxpayers are focusing on the preparation of their returns for 2013, now would be a good time to start planning for next year.  By planning ahead, you may be able to save time and money in 2015.

1. Adjust your withholding. Each year, millions of American workers have far more taxes withheld from their pay than is required. Now is a good time to...

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Phone: (207) 370-3490 • Fax: (207) 221-1275
Email: tabitha@yourmainecpa.com