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Printable Form 1040 Maine: What You Should Know

Option 2: Download ME Form 1040ME and mark the checkbox 'Signing Off (This return has been amended by the taxpayer)' sign this. File any Maine income tax return or extension. Form 1040EZ — Extension for  Maine Business Income Tax [FICA] and Maine Personal Income Tax [I-9] Form 1040EZ is used for business income tax return, which you may qualify for if it was not previously filed. Income Tax Withholding Tax Deduction on Maine Real Estate Property, casualty, and theft deductions may be claimed by owners of real property. The Maine Business Tax Deduction is 200 on each Maine resident. The maximum Maine business deduction of 600 is calculated for each business year on Schedule C (Form 1040B), even if you are not a Maine resident. Excess Business Exemption on Maine Income Tax Under a prior law, Maine could allow an owner to deduct an amount equal to 20% of their Maine business income (not including any excess business expense). Maine Capital Gains and Losses Deduction Maine businesses are eligible to deduct from their income for tax purposes any gain on any property (other than qualified farm property) held by the business. Maine Earned Income Credit for Qualified Housing For tax year 2018, a qualified family of four (who have children together for whom both parents are unmarried and are supporting them financially during the tax year) could have an adjusted gross income up to 125,000. This income level is based on how many qualifying family members live with the taxpayer during the tax year and how the taxpayer can support the additional qualifying family members, among other factors. Exceptions to the Maine Corporate Rate State law exempts Maine from the federal corporate federal tax rate of 35%. Federal Income Tax If you are a resident of Maine, you are liable for the federal income tax. The top marginal tax rate is 39.6% on taxable income up to 418,700. More information on these rates: Federal tax brackets and tax rates. If you are not a resident of Maine or are a resident of another state, your state income tax will be calculated for you. It will have the same bottom tax rate of 6.65%.

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