Tag Archives: state credit
Tax credits reduce the amount of income tax you owe to the government, both federal and state dollar-for-dollar. Tax credits are offered as a reward for stimulating the economy, the environment, or other governmental concerns in a beneficial way. Most tax credits cover expenses that are paid during the year, however there are certain requirements […]
— Read moreTwenty-five states and the District of Columbia have enacted their own state version of the Earned Income Tax Credit (EITC). Maine is among those who model their state credit after the federal version, in terms of eligibility requirements. Taxpayers can determine their eligibility for the Maine state EITC the same as they do for the […]
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