1/14: Dates to Know; ME Itemized Deductions; NH Individual Taxation; 2013-14 Federal Mileage Rates
Tax Snacks: Bite-size tax news and information on the fly
January 31 – Forms 1099 and W-2 must be mailed to recipients.
February 28 – Forms 1099/W-2 (and related 1096/W-3) must be mailed to the IRS.
Beginning with 2013 tax returns, total itemized deductions allowable on Maine individual income tax returns cannot exceed $27,500. This rule is an across the board limitation on itemized deductions and applies regardless of the amount of itemized deductions allowable on the federal individual income tax return.
New Hampshire does not assess a conventional income tax on personal (nonbusiness) income, but it does tax residents’ investment incomes. For 2013, returns must be filed if investment income (i.e., interest and dividends) exceeds $2,400 ($4,800 for joint filers).
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