The need-to-know information about taxes and tax cuts for members in Maine.
PASS-THROUGH BUSINESSES – 20% DEDUCTION
Following Tax Reform, the IRS has updated information regarding the new 20% deduction for pass-through businesses (aka Section 199A deduction or the deduction for qualified business income). More at www.irs.gov/taxreform.
PAYCHECK CHECKUP FOR TAXPAYERS WHO ITEMIZE
Given changes in tax laws, people who’ve itemized deductions on past tax returns should do a “paycheck checkup” using the updated IRS Withholding Calculator at www.irs.gov/individuals/irs-withholding-calculator.
TAX CUTS AND JOBS ACT: A COMPARISON FOR BUSINESSES
The IRS is promoting a new side by side document posted to IRS.gov that compares the old and new tax law for business owners.