Based on the FDIC’s Money Smart Financial Education Series – These videos were produced by the Apache Junction Public Library, AZ and made possible by a grant from the FINRA Investor Education Foundation through Smart investing@your library®, a partnership with the American Library Association.
It is a good thing to learn caution from the misfortunes of others.
IRS form 1099 CAUTION!
February 3rd, 2014
The form that appears as a PDF on the IRS website is there only for informational purposes! You cannot use this form for reporting purposes.
Here is what the IRS website says about Form 1099:
“This form is provided for informational purposes only. Copy A appears in red, similar to the official IRS form. Do not file copy A downloaded from this website. The official printed version of this IRS form is scannable, but the online version of it, printed from this website, is not. A penalty may be imposed for filing forms that can’t be scanned.”
You need to obtain the form either from
an IRS office
your local office supply store
New Program to Help with Rent and Property Taxes
January 23rd, 2014
The Property Tax Fairness Credit went into effect on January 1, 2014 and replaces the “Circuitbreaker” Property Tax and Rent Refund, and should be filed through the State of Maine taxes, even if you don’t normally file for taxes.
When completing your taxes this year, you should be aware that you may be eligible for a credit of up to $300 if you are 69 or younger and up to $400 if you are over the age of 70.
Due to stricter eligibility limits, many fewer people will get help with their property taxes or rent.
The credit is “refundable.” This means that you can get the help, even if you owe nothing in taxes (or owe less than the amount of the credit).
There are four eligibility requirements for the program:
Were Maine residents during any part of the tax year;
Owned or rented a home in Maine during any part of the tax year and lived in that home during the year;
Had Maine adjusted gross income of not more than $40,000; and;
Paid property tax on a home in Maine during the tax year that was more than 10% of Maine adjusted gross income or paid rent to live in a home or apartment in Maine during the tax year that was more than 40% of Maine adjusted gross income.