Maine Worksheet - Self-Assessment

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US-04026BG
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There is no way to eliminate all the risks associated with starting a small business. However, you can improve your chances of success with good planning and preparation. A good starting place is to evaluate your strengths and weaknesses as the owner and manager of a small business. Carefully consider each of the following questions.
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You can obtain a self-assessment worksheet through the Maine Revenue Services website or platforms like USLegalForms, which offer comprehensive forms and guides. These resources provide convenient access to the Maine Worksheet - Self-Assessment, ensuring you have the tools necessary for accurate tax filing. Make sure to download the correct version based on your tax situation.

When filing a return, you can take advantage of Maine's standard deduction and exemptions. For a single filer, you can claim a deduction of $12,950, while married taxpayers can take the $25,900 deduction. For exemptions, single taxpayers can claim $4,450, married filers have an $8,900 exemption.

Maine generally imposes an income tax on all individuals that have Maine-source income. The income tax rates are graduated, with rates ranging from 5.8% to 7.15% for tax years beginning after 2015. The rates ranged from 0% to 7.95% for tax years beginning after December 31, 2012 but before January 1, 2016.

Individual Income Tax IMPORTANT. The 2021 Maine personal exemption amount is $4,300 and the Maine basic standard deduction amounts are $12,550 for single and $25,100 for married individuals filing joint returns.

The 2020 Maine personal exemption amount is $4,300 (up from $4,200), and the Maine basic standard deduction amounts are $12,400 (up from $12,200) for single and $24,800 (up from $24,400) for married individuals filing joint returns.

The 2020 Maine personal exemption amount is $4,300 (up from $4,200), and the Maine basic standard deduction amounts are $12,400 (up from $12,200) for single and $24,800 (up from $24,400) for married individuals filing joint returns.

The 2019 standard deduction is increased to $24,400 for married individuals filing a joint return; $18,350 for head-of-household filers; and $12,200 for all other taxpayers. Under the new law, no exceptions are made to the standard deduction for the elderly or blind.

Wages, business income, and capital gains from sources within Maine are Maine income even if you received the income as a nonresident. All part-year residents, nonresidents and "safe harbor" residents must send a copy of their federal return with their Maine return.

Maine.gov/revenue or enclose (do not staple or tape) a check or money order payable to Treasurer, State of Maine with your return. Include your complete name, address and telephone number on your check or money order.

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Maine Worksheet - Self-Assessment