Taxes are an inevitable fact of life. Where ever you may reside paying taxes is indispensable for each and every earning individual! This justifies clearly that most of the individuals do not mind paying taxes of any sort! After all it’s us who get the benefits of these taxes in return in form of the infrastructures and civic amenities in the country!
Especially, Maine state income taxes seem the easiest of all!
Many a times when people migrate to the Maine, the state income taxes seem to be lost. You often stop worrying about them. To be precisely honest, almost all of us forget about the taxes all round the year and click on to them as emergencies close to the due dates!
Here are a few important factors determining and defining the Maine state income taxes:
1. Due date
Due Date – that’s an interesting and real alarming term. As paying taxes is indispensable until & unless you are unemployed, people often miss out the due date! And to avoid the fines it is almost unquestionable to file the taxes before the due date.
Well, this year you won’t miss it – mark it on the calendar in your room right away – for Maine state income taxes the due date is April 15.
2. What is your bracket?
Knowing your bracket is quite essential to identify as to what sort of income tax payee are you?
In order to know your bracket you primarily need to evaluate the amount of taxes you need to pay. Main state income taxes highly depend on these brackets.
The Maine state income taxes are divided into 4 key brackets.
Another factor defining these brackets is your marital status – that is, it is different for those who are single and those who are married.
As per your income levels, the brackets define the percentage of taxes that you need to file.
i. For the singles, the 4 brackets are as follows:
– 2% for first $ 4,450 income.
– 4.5% for income between $ 4,451 – $ 9,100.
– 7% for income between $ 9,101 – $ 18,250.
– 8.5% for income $ 18,251 and above.
ii. For married couples the 4 brackets are as follows:
– 2% for the first $ 9,150 income.
– 4.5% for income between $ 9,151 – $ 18,250.
– 7% for income between $ 18,251 – $ 36,550.
– 8% for income $ 36,551 and above.
3. Understand the forms you need to fill in.
Filing the taxes of course requires filling the forms. There are forms specific for all sorts of taxes. The best way of understanding the forms and knowing which one you ought to fill in is approaching the professionals. They would not only guide you the right way of filling the forms, but also help you smoothly go through the process.
Those planning an economical fining of taxes and hence doing it themselves, read through the following tips:
1014-ME is the most common form you would be required to fill in. It is quite a long a detailed form.
1040S-ME is almost a shorter version of 1014-ME.
iii. Determinants for the form
What you do all round the year to gain income determines the sort of form you would need to fill in. Those who are self employed need to fill in various other forms.
Hence, moving to Maine, you have nothing to worry about in the taxes.
State income tax system is quite similar to its Maine counterpart, except for the amounts!