Our articles cover a wide range of topics prompted by common questions we receive from our clients, as well as the latest industry updates on tax regulations, business-finance changes and ways to save money. Please contact us if you have a tax or money-related question.
Understanding the One Big Beautiful Bill 2025–2026 The One Big Beautiful Bill (OBBBA) 2025–2026 introduces several tax changes affecting individuals and families. Designed to simplify and modernize the tax code, it includes new deductions, adjusted limits, and enhanced credits that can impact your take-home pay. From overtime tax deductions to updated reporting thresholds, knowing the…
DetailsKeep More of Your Hard-Earned Overtime Starting in 2025, eligible hourly employees can benefit from the overtime tax deduction, available through 2028. This deduction targets the extra “premium” portion of overtime pay—the half above your regular hourly rate—so you keep more of what you earn. Key Details of the Overtime Deduction (2025–2028) Maximum Deduction: $12,500…
DetailsThe IRS Is Going Digital: What You Need to Know The IRS is modernizing how it handles tax payments. Beginning September 30, 2025, paper refund checks will largely disappear, replaced by electronic payments. This change is designed to make paying and receiving taxes faster, safer, and easier to track. For taxpayers, this is the perfect…
DetailsPlease join us in welcoming Wyatt Viles to our team! Wyatt was born and raised in Strong, Maine. He went to School at Norwich University in Northfield, Vermont for accounting. And he just recently moved to Cumberland from Vermont when he was hired here at Honeck & O’Toole, LLC in November 2024. Prior to joining…
DetailsAs of January 1, 2022, the Maine Educational Opportunity Credit (EOTC) has been replaced by the Student Loan Repayment Tax Credit (SLRTC). The SLRTC provides an annual refundable tax credit of up to $2,500 for Maine residents repaying certain student loans incurred for obtaining an Associate’s, Bachelor’s,or Graduate degree from an accredited community college, college,…
DetailsThe IRS recently announced that they’ve extended the due date for 2nd Quarter 2020 Estimated Tax Payments. Normally due by 6/15, the IRS has now extended this due date to July 15th, 2020. Taxpayers will not be required to pay anything before July 15, 2020. This includes tax balances due for tax year 2019,…
DetailsMany individuals have suffered a job loss during the past few weeks. If you or someone you know has lost their job, they may qualify for unemployment. Follow the link below for some important information on how to file for unemployment.
Maine Income Tax Payment and Filing Deadline Extended On March 26, 2020, Governor Janet Mills and Commissioner of the Department of Administrative and Financial Services Kirsten Figueroa announced that the State will extend the deadline for Maine income tax payments from April 15, 2020, to July 15, 2020. The change aligns with the federal government’s…
DetailsThe U.S. government will postpone the April 15 tax-payment deadline for millions of individuals, giving Americans an additional 90 days to pay their 2019 income-tax bills in an unprecedented move intended to ease the economic pain inflicted by the coronavirus. The IRS, using authority under President Trump’s national-emergency declaration, will waive interest and penalties as…
DetailsOur office will be closed all day on December 24th for Christmas Eve. We hope you all enjoy a warm wonderful holiday season and a wonderful New Year!
Your Honeck O’Toole Team