Tax prep... Are you ready?

Published: Jan. 7, 2019 at 4:08 PM EST
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Chris Linder, CEO of our subsidiary MaineStream Finance stopped by the TV5 studio with a look at the upcoming tax season.

Importance of filing taxes:

· you may be entitled to a refund or certain credits, even if you are not required to file taxes

· 2018 tax changes could mean changes to credits or deductions you are eligible for

Volunteer tax preparers

· Certified by the IRS and pass an exam each year on preparing taxes through the program.

· Give locations, dates, and where to find more information on tax prep help (websites, etc)

Tax credits to be aware of:

· Sales Tax Fairness Credit: this is a Maine income tax credit. Guidance is pending but has been helpful in the past.

· Earned Income Tax Credit (EITC-earned income below certain limits and qualifying children)

· Child tax credit (qualifying children)

· Dependent care credit (for childcare expenses)

· Education credits for higher education (includes the state Opportunity Maine tax credit)

· Savers credit (low- and moderate- income households who contributed to a retirement plan