Money — 2 years ago

Maine Income Tax Law in Full

by Garry S.

Maine Income Tax Law, Maine Income Tax Laws

What are the Income Law Requirements in the State of Maine?

As an independent individual with a job that sustains you, you must have come across the term income tax. It is an aspect of living and working in a country. Income tax is a monetary charge that is levied on your income by the government. It is the income that is usually generated by businesses and individuals within a state’s jurisdiction. According to the law, it is mandatory for taxpayers such as yourself to file an income tax return annually and to determine what your tax obligations are. It is essential to know that income tax is a source of revenue for the government. The monetary gains are used by the government to fund public services, pay for government obligations, and provide goods for citizens.

In the U.S, some taxes are imposed separately on a federal, state, and local government level. Tax charges are imposed upon income, payroll, property, sales, capital gains, dividends, imports, estates, and gifts, as well as various fees. The taxes, however, fall much more heavily on labor income than on capital income.

Maine Income Tax Law

In the state of Maine, the laws generally impose an income tax on all the individuals who have a source of income within the state of Maine. The income tax rates are implied, with prices that range from 0% to 7.95% for tax years that begin after December 31, 2012. In Maine, the tax laws use federal income as a basis for calculating state income tax, as do many other states. Maine Revenue Services administers tax laws and collects taxes, including income tax, sales tax, use tax, property tax, fuel tax, and real estate transfer tax. Every resident is entirely taxable income and nonresidents are adjusted obligated to file gross income, estates, and trusts: entire taxable income.

State and Federal Taxes in Maine

The state of Maine has taxes that coexist with federal tax laws. Under fundamental tax law, both the state and federal government are allowed to tax people on both unearned and earned income. Earned income refers to income such as salary, wages, tips, commissions, bonuses, unemployment benefits, and sick pay.

Unearned income refers to interest, dividends, profits from asset sales, business and farm income, rental income, royalties, winnings, and alimony. Federal taxes are handled and administered by the Internal Revenue Service (IRS) and are subject to the Internal Revenue Code (IRC).

Maine Income Tax Laws

When is the deadline to file your tax returns?

In the state of Maine, tax laws allow you an automatic six-month extension of time to file taxes. The expansion is only valid if the Maine state returns are filed within six months. Requests for additional time to register must be submitted in writing before the expiration of the six months. Generally, the total extension period cannot exceed eight (8) months.

Maine’s Tax Day is the same as the federal deadline — April 15. As with your federal income tax return, if the 15th falls on a weekend or holiday, the periods may be extended to the next business day.

Maine offers an automatic six-month extension to file your state return, provided you file by the end of that period. You can apply in writing, before the six months end, for a two-month extension. If you don’t pay at least 90% of what you owe by the original due date, you will face penalties for late payment and interest on any tax not paid by the original due date, regardless of an extension.

Be aware that a filing extension doesn’t extend the time you have to pay any tax due. Any tax you owe is still due by April 15.

Filing statuses in Maine
The state of Maine recognizes the federal filing statuses, such as an individual who is married filing jointly, married filing separately, single, head of household and qualifying widow(er).


Find Unclaimed Money & Assets

InfoHub by GoLookUp covers the latest and most comprehensive latest updates, news and information from around the web. InfoHub writers explore the internet and collect, analyze and deliver valuable information for our readers.

Golookup © 2015 - 2021 · All Rights Reserved