Critical Case Comment

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Bankruptcy 101: Suggestions for Efficiently Handling Chapter 13s and Increasing Profitability – Part 2 of 3

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Fessenden Inducted Into ACB

Peter C. Fessenden was inducted into the American College of Bankruptcy on March 14th as part of Class 26.

Mr. Fessenden is the Standing Chapter 13 Trustee for the District of Maine. He has served in that position since 1981. He also acts as Trustee for all Chapter 12 cases filed in Maine, and . . . → Read More: Fessenden Inducted Into ACB

Ten Tax Tips for Farmers

Farms include ranches, ranges and orchards. Some raise livestock, poultry or fish. Others grow fruits or vegetables. Individuals report their farm income on Schedule F, Profit or Loss From Farming. If you own a farm, here are 10 tax tips to help at tax time:

Crop insurance. Insurance payments from crop damage count as . . . → Read More: Ten Tax Tips for Farmers

Determine if You Can Benefit from the Premium Tax Credit

The premium tax credit is a credit for certain people who enroll, or whose family member enrolls, in a qualified health plan offered through a Marketplace. The credit provides financial assistance to pay the premiums by reducing the amount of tax you owe, giving you a refund, or increasing your refund amount.

You . . . → Read More: Determine if You Can Benefit from the Premium Tax Credit

The Premium Tax Credit - The Basics

If you get your health insurance coverage through the Health Insurance Marketplace, you may be eligible for the premium tax credit.

Here are some basic facts about the premium tax credit.

What is the premium tax credit?

The premium tax credit is a credit designed to help eligible individuals and families with low or . . . → Read More: The Premium Tax Credit – The Basics

CFPB Considers Proposal To End Payday Debt Traps

CFPB Considers Proposal To End Payday Debt Traps Proposal Would Cover Payday Loans, Vehicle Title Loans, and Certain High-Cost Installment and Open-End Loans

(March 26, 2015)

WASHINGTON, D.C. — Today the Consumer Financial Protection Bureau (CFPB) announced it is considering proposing rules that would end payday debt traps by requiring lenders to . . . → Read More: CFPB Considers Proposal To End Payday Debt Traps

Five Key Points about Children with Investment Income

Special tax rules may apply to some children who receive investment income. The rules may affect the amount of tax and how to report the income. Here are five key points to keep in mind if your child has investment income:

Investment Income. Investment income generally includes interest, dividends and capital gains. It also . . . → Read More: Five Key Points about Children with Investment Income

What Kind of Health Insurance Qualifies as Minimum Essential Coverage?

The individual shared responsibility provision requires you and each member of your family to have basic health insurance coverage – also known as minimum essential coverage – qualify for an exemption, or make an individual shared responsibility payment when you file your federal income tax return.

Many people already have minimum essential coverage and . . . → Read More: What Kind of Health Insurance Qualifies as Minimum Essential Coverage?

Additional Medicare Tax – What You Need to Know

Some taxpayers may be liable for an Additional Medicare Tax if your income exceeds certain limits. Here are six things that you should know about this tax:

Tax Rate. The Additional Medicare Tax rate is 0.9 percent. Income Subject to Tax. The tax applies to the amount of certain income that is more than . . . → Read More: Additional Medicare Tax – What You Need to Know