It’s rising to $15,000, up $400 from this year.
taxes
Posted inLocal Government, News
Farmington tax rate increases $1.54 per $1,000 in property valuation
The new rate is up $1.54 over last year’s rate of $19.91, with taxes due Nov 26.
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Posted inBusiness, Nation & World
Treasury recovers $1.3 billion in unpaid taxes from high-wealth tax dodgers
The IRS credits spending that has ramped up collection enforcement through President Biden’s signature climate, health care and tax package signed into law in 2022.
Posted inBusiness, Maine, News
Wicked good: How ‘sin taxes’ are contributing to Maine’s healthy budget outlook
Revenue from levies on alcohol, tobacco, marijuana and gambling have risen sharply in the last five years, and now account for $353 million a year – 7% of the state’s $5.1 billion annual budget.
Posted inNation & World, News
Report: Trump may face a $100 million-plus tax bill if he loses IRS audit fight over Chicago tower
A government audit indicates he double-dipped on tax losses tied to a Chicago skyscraper.
Posted inBusiness, Nation & World
Your tax refund could be bigger this year. Here’s what to do with it.
Experts generally advise putting it toward debt and savings, but, for many people, that’s unrealistic.
Posted inMaine, Politics
Mills vetoes bill restructuring income tax brackets
The bill aimed to reduce the tax burden for middle-income residents while also raising taxes on the wealthy, but Gov. Janet Mills said it would not provide meaningful relief and could create challenges for state budgeting.
Posted inMaine, News, Politics
Maine lawmakers endorse higher tax brackets for wealthier residents
Both the House and Senate this week passed a bill that lowers state income taxes for low- and middle-wage earners.
Posted inNation & World
The IRS has 940,000 unclaimed tax refunds from 2020. Is one of them yours?
People in the U.S. have until May 17 to submit tax returns for unclaimed refunds for tax year 2020, which total more than $1 billion nationwide.
Posted inBusiness, Maine, Politics
Gov. Mills proposes exempting all Maine nonprofits from sales tax
The change, which would cost the state about $10 million annually, is necessary to simplify the tax code and reduce confusion, officials say.