Tax prep... Are you ready?
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