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From the IRS – Tax Tips and News Releases

Affordable Care Act (also known as “Obama Care”)

From Maine Revenue Services


IRS Statement on Retroactive Extender Provisions

February 16, 2018
The IRS is reviewing the legislation signed Feb. 9 that retroactively extended and modified numerous tax provisions covering 2017. We are assessing these significant changes in the tax law and beginning to determine next steps. The IRS will provide additional information as quickly as possible for affected taxpayers and the tax community.

The IRS has issued the statement, with regard to the Bipartisan Budget Act of 2018.  These provisions were passed into law over last weekend; many are retroactive to January 1, 2017. ...



If You've Already Filed, Here's What You Need To Do About Those Tax Extenders

February 11, 2018
Kelly Phillips Erb of Forbes, writes, "On Friday, Congress reached a budget deal (there was a brief shutdown, in theory, overnight, but nothing along these lines). Tucked away in the bill, as reported by Forbes' Ashlea Ebeling were 'surprise tax breaks on homeowners, students and greenies.'"

Those tax breaks are the extenders, or provisions that expired at the end of 2016 but have been extended through 2017. Yes, through 2017, as of 2018. The tax breaks are retroactive to January 1, 2017,...



New Tax Law Makes Roth IRA More Appealing to Savers

February 13, 2018
"The Roth IRA celebrates its 20th birthday this year, and like a lot of 20-year-olds, it has never looked so good," writes, Kimberly Lankford, Contributing Editor from Kiplinger's Personal Finance.

You can't take a tax deduction for Roth contri­butions, but the money accumulates tax-free, and withdrawals are tax-free, too. If you contributed the maximum to a Roth for each of the past 20 years,...



96% of People With a Health Savings Account Are Making This Mistake

Christy Bieber from The Motley Fool writes, "If you have a high deductible insurance plan, you may also have a health savings account to go along with it. Health savings accounts allow you to put aside pre-tax funds to cover qualifying health costs."

Opening a health savings account is a great way to cut the costs of healthcare and to save for costly services. Unfortunately, around 96% of people with a health savings account are making a mistake:...



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