IRS Reminder: Make Use of Recent Tax Law Changes for 2008 and Dec. 31 Is the Last Day for Most of These Actions 

WASHINGTON — Tax year 2008 is quickly nearing an end. The Internal Revenue Service reminds taxpayers to avoid putting off important financial tasks until the last minute. The important deadline of Dec. 31 is fast approaching for many tax-planning issues.

The IRS also urges taxpayers as part of their year-end tax planning to be aware of recent tax changes as well as recently reinstated tax deductions. Some tax breaks and a review of your current tax situation may result in a bigger refund or less taxes to be paid come tax time.

Also, the IRS wants to make filing your tax return less stressful. Consider e-filing your tax return to ensure you maximize tax deductions, claim deserved credits, and take advantage of tax benefits. You may even be able to file electronically free of charge using IRS Free File.

The IRS offers these tax tips for you to consider:

First-Time Homebuyers Tax Credit — First-time homebuyers should begin planning now to take advantage of a new tax credit available for a limited time. The credit applies to primary home purchases between April 9, 2008, and June 30, 2009. Normally, this tax credit must be paid back in equal payments over 15 years. The credit is 10 percent of the purchase price of the home, with a maximum available credit of $7,500 for either a single taxpayer or a married couple filing jointly. First-time homebuyers are those who have not owned a home in the three years prior to a purchase.

Real Estate Tax Deduction — There is an additional standard deduction for those who don’t itemize their deductions, but pay real estate taxes. The additional deduction amount is equal to the amount of real estate taxes paid up to $500 for single filers or up to $1,000 for joint filers. This deduction is available for the 2008 and 2009 tax years and increases your standard deduction.

Tuition and Fees Deduction — You may be able to deduct qualified tuition and required enrollment fees up to $4,000 that you pay for yourself, your spouse or a dependent. You do not have to itemize to take this deduction. However, a taxpayer cannot take both the tuition and fees deduction and education credits (Hope & Lifetime Learning Credits) for the same student in the same year. Income limits and other special rules apply to each of these provisions. To determine whether your expenses are qualified, refer to IRS Publication 970, Tax Benefits for Education. The 2008 edition is available soon online. This publication also describes other education-related tax benefits.

Educators’ Out of Pocket Expense Deduction — The educator expense deduction allows teachers and other educators to deduct the cost of books, supplies, equipment and software used in the classroom. Eligible educators include those who work at least 900 hours during a school year as a teacher, instructor, counselor, principal or aide in a public or private elementary or secondary school. Worth up to $250, the educator expense deduction is available whether or not the educator itemizes deductions on Schedule A.

Recovery Rebate Credit — If you did not qualify or did not receive the maximum amount for the 2008 economic stimulus payment you may be entitled to a recovery rebate credit when you file your 2008 tax return. Review the tax return filing instructions including the recovery rebate credit worksheet. You need to know the amount of the payment you received in 2008, which can be found on your Economic Stimulus Payment Notice (Notice 1378). Two online tools on IRS.gov will be available soon — the Recovery Rebate Credit Calculator will help taxpayers figure the amount they should claim on their 2008 tax return, and How Much Was My 2008 Stimulus Payment? helps you determine what your stimulus payment was.

New Rules for “Cash” Charitable Contributions — Since tax year 2007, to deduct any charitable donation of money, you must have a bank record, credit card statement or a written communication from the recipient showing the name of the organization and the date and amount of the contribution. In determining what may be deducted as a charitable contribution, see IRS Publication 526 for 2008 to be released in the near future.

Earned Income Tax Credit (EITC) — This credit is offered by the federal government to working families and individuals. You may qualify for the earned income tax credit, or EITC, if you worked, but did not earn a lot of money. EITC is a refundable tax credit meaning you could qualify for a tax refund even if you did not have federal income tax withheld. If you qualify, the amount of your EITC will depend on whether you have children, the number of children you have, and the amount of your wages and income. For more information, go to www.irs.gov/eitc or see IRS Publication 596 for 2008.

Recordkeeping — Are your tax records organized? The IRS encourages taxpayers to take the time now to gather and organize their records to reduce stress at tax time. For tips, see Publication 552, Recordkeeping for Individuals, for 2008.

Electronic Filing — The IRS encourages taxpayers to consider e-filing their tax returns. Nearly 90 million returns were filed electronically this year, accounting for about 58 percent of all filers. E-filing is easy, safe and accurate. The fastest way for you to receive a tax refund is to use IRS e-file and choose direct deposit. You can receive your refund in as little as ten days with IRS e-file and direct deposit. The error rate of an e-filed return is less than 1 percent compared to 20 percent for a paper tax return. IRS e-file is the most efficient way to prepare your taxes, particularly taking into consideration the 2008 tax law changes. About 70 percent of taxpayers can prepare and file electronically for free when they enter through IRS.gov and use Free File.

Tax Forms and Publications — Tax forms and publications can be accessed on this Web site or requested by calling the IRS toll-free at 1-800-TAX-FORM (1-800-829-3676).

Beware of Bogus E-mails — The IRS does not send unsolicited e-mails about your taxes. If you get an e-mail that appears to be from the IRS, it may be an attempt to steal your private information. Don’t click on any links in the message. Rather, forward the e-mail to phishing@irs.gov using the instructions at www.irs.gov.

IRS.gov Web site — Remember to use .gov when seeking the genuine IRS Web site. The address of the official IRS Web site is www.irs.gov. The IRS Web site contains a wealth of information for your tax planning and filing needs. Check out the latest tax changes on the site, and remember to e-file your tax return, which helps ensure you do not miss out on any tax deductions, credits and benefits.

Planning Your Income — Some taxpayers, such as the self-employed, may have some discretion regarding when they receive income. Properly deferring income until next year can lower your taxable income and tax bill this year. This strategy will, however, raise your tax bill next year. Publication 334, Tax Guide for Small Business, may be of help. And many taxpayers also have some control over their income via the sale of investments to incur a gain or loss. This is generally a key area of decision-making for investors. These decisions must be made and executed by Dec. 31 to be counted on a 2008 tax return. Publication 550, Investment Income and Expenses, for 2008, explains the rules.

Retirement Savings — Taxpayers have various options to save for retirement. You need to be mindful of their contribution deadlines and limits. For example, Dec. 31 is the deadline for contributions to a 401(k) plan, while April 15 is the deadline for IRA contributions. Taxpayers can get help from their 401(k) plan administrators where they work. Publication 560, Retirement Plans for Small Business, and Publication 575, Pensions and Annuity Income, may also help. You have more time to make contributions to individual retirement arrangements (IRAs) for a given tax year. You generally have until April 15 of the following year. Publication 590, Individual Retirement Arrangements, for 2008, can answer most questions.

New children — If you had or adopted a child in 2008, you should get a Social Security number for that child as soon as possible to ensure that you can include the child as a dependent on your 2008 return. Also, having or adopting a child in 2008 may mean you will receive a larger recovery rebate credit.

MaineStream Finance & Incubators Without Walls offers this Business Events to you.          

These are a few of the upcoming events, opportunities and information that may be helpful to you and your business!

Try our new blog at ruralmainebiz.wordpress.com or for RSS Feed: http://ruralmainebiz.wordpress.com/feed/  please feel free to post your questions and comments.

IRS UPDATES:

1. Charge to increase for copies of tax returns

Beginning Nov. 1, the fee for an exact copy of a previously-filed and processed tax return and all attachments will increase to $57.

The IRS can provide a tax return transcript for many returns free of charge. A transcript contains the information most mortgage companies and other lending institutions require for loan and employment verification purposes.

2. Address correction for ordering Federal Tax Deposit Coupons

In the Oct. 1 edition of e-News for Small Businesses we included a link to Headliner 245 for information on ordering blank Federal Tax Deposit Coupons. The address included in the Headliner was incorrect.

The correct address is:

Internal Revenue Service
National Distribution Center
1201 N. Mitsubishi Motorway
Bloomington, IL 61705-6613

3. Business closing? Watch SBTV.com for information

There is more involved in closing your business than just locking the doors. Today’s SBTV.com daily news looks at a business’s final tax responsibilities.

Next Wednesday’s newscast features information on whether an activity is a hobby or a  business. 

Visit IRS’s partner page on the SBTV.com site for archived federal tax stories.

4. IRS/SSA Employment Tax Update Webinar

IRS and the Social Security Administration invite payroll professionals to attend a free Webinar on the latest employment tax filing information.

5. Recent announcements for small businesses

IR-2008-117, 2009 Inflation Adjustments Widen Tax Brackets and Expand Tax Benefits

IR-2008-118, IRS Announces Pension Plan Limitations for 2009

TD 9428, Final regulations relating to the treatment of open account debt between S corporations and their shareholders.

IRS Small Business: http://www.irs.gov/businesses/small/index.html

Small Business Tax Workshops, Phone Forums and Webinars http://www.irs.gov/businesses/small/article/0,,id=99202,00.html

October – Feb. 2009 MRTQ Fostering the Social / Emotional Development & Competence of Young Children (30 hrs), 9-12 pm, FEE $ 20, Saturdays This training focuses on helping all children, not only the children who fit in well, but those with “difficult” behaviors, develop social skills, self confidence and build their social-emotional intelligence. Participants will take an in-depth look at why children act out and how they can work preventively to diminish social difficulties. The content covers building relationships, assessing the environment and curriculum, designing strategies to support children to maintain peer relationships, develop skills to improve self regulation and conflict resolution, and identifying community resources when involving other specialists is needed.
Call Amy Ludwig 973-3500
Date: 10/01/08 Time: 9:00 a.m. – 3:00 p.m.
Cost: $100.00

Building Customer Loyalty
Sponsored/Presented by: Kennebec Valley Community College
There is no tougher situation than dealing with a difficult customer, whether internal or external to your organization. In this workshop you will give your employees the skills to handle those calls and confrontations without getting flustered. In addition they will learn to work through misunderstandings, misinformation and frustration while helping the customer feel heard and valued.
Who should attend: Anyone who wants to be able to work better with others, and build a loyal customer base.
City: Augusta Location: KVCC Buker Center – 22 Armory Road
Phone: 207-622-5001
Email: fstack@kvcc.me.edu

Date: 10/02/08 Buying Locally: Doing Business Radio show 10-11am on Community Radio WERU-FM 89.9 or 102.9FM
Friday October 3, 2008
What is intellectual property and why should you care
Sponsor: Maine Small Business Development Centers
Time: 9 a.m.-noon
Place: Northern Maine Development Commission, 11 West Presque Isle Rd., Caribou
Cost: Free
Contact: 498-8736 or rthompson@nmdc.org

Date: 10/06/08 Time: 8:00 a.m. – 2:00 p.m.
Cost: $100.00
The Care and Feeding of Stressed Professionals
Sponsored/Presented by: Kennebec Valley Community College
We live in a busy world with many competing demands for our time and attention. Care of yourself often gets forgotten until we get sick, get hurt or burned out. Today you will learn single techniques to integrate into your everyday life. We will remind ourselves, that we have more energy to accomplish our goals and more to share with others when our cup is full and we feel cared for in our own life. Come and spend the day nurturing yourself. At the same time you will be developing a tool box of skills for personal use and ones you can share with colleagues and clients.
City: Augusta Location: KVCC Buker Center – 22 Armory Road
Phone: 207-622-5001
Email: fstack@kvcc.me.edu

October 6, 20, 27, Nov 3, 10, 17, 24 MRTQ Maine Early Childhood Learning Guidelines (Monday afternoons) (30 hrs), 2 – 5 pm, Fee $20, Piscataquis Room, Penquis, Bangor Maine’s ECLG are written for all children ages 3-5 and are a precursor to Maine’s K-12 Learning Results. Sessions include: orientation to the ECLG, integrating the guidelines into your current curriculum, adapting the guidelines to children with special needs, observation & assessment of young children, and sharing them with families Call Amy Ludwig 973-3500

Tuesday October 7, 2008
Philanthropy 101: Building long term relationships
Sponsor: Maine Association of Nonprofits
Time: 9 a.m.-noon
Donations from individual donors should be your most consistent form of charitable support. Following on Philanthropy 101 (recommended but not required), participants will explore how to transform one time donors into lifetime donors. Applying the right mix of fundraising activities and building a dialogue with donors will be among the subjects discussed. Course content and hands on exercises are geared towards development professionals, chief professional officers and board members seeking to build a foundation of philanthropy for their organizations.
Place: Bath City Hall
Cost: $50 for members, $100 for nonmembers
Contact: 871-1885

Oct 7, 2008 from 07:30 AM to 02:00 PM
Location: Grappone Conference Center, Concord, NH 6th Annual NH Governor’s Advanced Manufacturing & High Technology Summit, “Made in the USA”
Contact: Zenagui Brahim 603.226.3200
The keynote speaker will be Doug Hall, founder and CEO of the Eureka! Ranch, a business development consultancy that helps companies discover Measurably Smarter Choices for Growth. He will review new research on how NH manufacturing companies can ignite the chain reaction of top-line growth and avoid the spiral of death.
Participants will then have the option to attend two of four concurrent workshops related to supply chain management and the power of strategic partners, taking your business international, lean product development, and accounting for lean.
The cost to attend the conference is $95 per person.
Registration at http://www.acteva.com/booking.cfm?bevaID=165333

October 8 Business after hours
Sponsor: Penobscot Bay Regional Chamber of Ccmmerce
Time: 5-7 p.m.
www.therealmaine.com.
Place: The First, Rockland
Cost: Free
Contact: 596-0376
October 8 MRTQ Starting Core Knowledge (3 hrs), 6-9 pm, FEE $15, Piscataquis Room, Penquis, Bangor This training introduces the Core Knowledge Training Program, its uses in professional development, such as the CDA and Infant/Toddler Credential, and how the portfolio can transform training into college credit. Basic information includes procedures for documenting learning, orientation to the Maine Roads Professional Registry, and tracking hours of training.
**You are required to be on the MRTQ Registry. Join the Registry: https://mrtq.musk.usm.maine.edu/public/login.aspx
Call Amy Ludwig 973-3500

10/10/08 The 2008 Summit – Charting Maine’s Future
Program of events:
8:30 AM: Welcome
9:00 AM: Keynote: “Governing Maine in the 21st Century,” by Jim Chrisinger, Public Strategies Group
9:30 AM: Keynote: “Building a Green Innovation Economy in the Face of Energy Challenges and a Changing Climate,” by Joel Rogers, co-founder of the Apollo Alliance.
10:15 AM: Morning breakout sessions:
Building A Green Innovation Economy
Innovating our way out of fiscal crisis
Smart Growth Solutions to the Climate and Energy Crises
Noon: Lunch
12:45 PM: Keynote: “A Progress Report on the ‘Charting Maine’s Future’ Action Plan,” by Bruce Katz of the Brookings Institution.
1:45 PM: Afternoon Breakout Sessions:
Can Maine Become the Green Energy State?
Healthcare in Maine: Keeping costs low and coverage broad
Our Quality Places Agenda: Permanent Funding for our Environment and Main Streets
Click here to register online with our secure webpages.
Lunchtime keynote speaker:
Bruce Katz
We’re very pleased to announce that Bruce Katz, a lead author of the 2006 GrowSmart-Brookings report and a founding director of the Brookings Institution’s Metropolitan Policy Program, will deliver a keynote address at the 2008 GrowSmart Summit.
Katz, who gave an extremely popular address on the Charting Maine’s Future report at our 2006 Summit, will assess how Maine has progressed so far in the report’s “action plan,” and how Maine can overcome new challenges to secure sustained prosperity for the long term.
“Green Innovation” keynote speaker:
Joel Rogers
Joel Rogers co-founded the Apollo Alliance, a coalition of business, labor, environmental, and community leaders working to catalyze a clean energy revolution through focused research and development initiatives on the scale of the Apollo space program. He is also a director at the Center on Wisconsin Strategy, a national policy center and field laboratory for “high-road economic development.”
Joel’s morning keynote will frame some of the issues and discussions for later Summit workshops on energy, climate, and prosperity in Maine.
“Governing Maine in the 21st Century” keynote speaker:
Jim Chrisinger
Jim Chrisinger is a Public Strategies Group consultant who has nearly 30 years of experience in public service at all levels – and in all three branches – of government. Formerly an employee in Governor Tom Vilsack’s administration n his home state of Iowa, Jim worked with other consultants from the Public Strategies Group to draft and lead implementation of Iowa’s Accountable Government Act. That work facilitated transformational, cost-saving reforms in Iowa’s state government and garnered an “Innovation in American Government” award from Harvard’s Kennedy School.
Now, GrowSmart Maine is proposing to bring the Public Strategies Group to Maine to propose solutions for our own budget crises. Jim’s morning keynote will set the stage for the Summit’s two subsequent workshops on government structure and spending.
To pay with a check or purchase order, download our registration form here, print, and return to the address below with your payment. Please note, registration is not complete until payment is received:
GrowSmart Maine
81 Bridge Street
Yarmouth, ME 04096
fax: 207-847-9270
phone: 207-847-9275 x316
Date: 10/15/08 Time: 9:00 a.m. – 3:00 p.m.
Cost: $100
Accounting for People who Hate Accounting
Sponsored/Presented by: Kennebec Valley Community College
This seminar will present the key concepts from Accounting Principles and Managerial Accounting that can help anyone make better business and personal financial decisions.. and maybe even have better relationships with the company Accounting Department! This one-day workshop will be fun and lighthearted.
Who should attend: Anyone who needs to work with budgets, and is not an Accountant.
City: Augusta Location: KVCC Buker Center – 22 Armory Road
Phone: 207-622-5001
Email: fstack@kvcc.me.edu

Tuesday October 14, 2008
Introduction to Adobe Dreamweaver CS3
Sponsor: Maine Association of Nonprofits
Time: 9 a.m.-3 p.m.
Would you like to learn the basics of how to design and maintain your own website? Come to this full-day SkillBuilder, available at a significant discount through MANP’s collaboration with Burgess Computer, to learn the skills that will help you create, edit and manage web pages easily using Dreamweaver CS3. Adobe Dreamweaver allows you to create web pages and manage them using a word-processor style interface. You will leave with the skills necessary to take on the task! Note: Attendees should have basic computer and word processing skills; HTML knowledge is not necessary, but we will explore it a little during class. Class size is limited to 10 participants.
Place: Burgess Computer, Bath
Cost: $80 for members, $160 for nonmembers
Contact: 871-1885

10/15/08
Time: 9-12 Writing Effective Marketing Copy
Learn to craft persuasive, sales-oriented copy in a lively, hands-on setting. Discover the architecture of compelling copy, features vs. benefits, emotional triggers, and three questions to consider before writing a word. Runs for 3 weeks on Wednesday mornings beginning Octiber 15. Bring a laptop or the writing materials of your choice.
USM Abromson Center, 88 Bedford St., Portland
FMI: cce@usm.maine.edu or 207-780-5900

Wednesday October 15, 2008
Microsoft Office 2007 new features: How to get around and why you will like it
Sponsor: Maine Association of Nonprofits
Time: 1 p.m.-4 p.m.
We’ve heard it said, and we’ve said it ourselves – Office 2007 looks completely different! But fear not, navigating the new Office 2007 Ribbon environment is a snap and many things are much easier to find and use than ever before! Come learn where all your favorite tools, dialog boxes and menu commands went, how to be compatible with Office 2003 users, and all about the concept behind this new, sleek design. This half-day SkillBuilder, available at significant discount through MANP’s collaboration with Burgess Computer, will explore the Office 2007 interface in Microsoft Word and Excel, and will peek at PowerPoint, Outlook and/or Access depending on attendee interest. By the end of class, the mystery will be solved and your Office 2007 adventure can begin! Note: Attendees should have be familiar with Microsoft Windows and a previous version of Microsoft Office.
Place: Burgess Computer, Bath
Cost: $65 for members, $130 for nonmembers
Contact: 871-1885

October 16 Breakfast biz
Sponsor: Penobscot Bay Regional Chamber of Ccmmerce
Time: 7:30-9 a.m.
www.therealmaine.com
Place: The Samoset Resort, Rockport
Cost: Free
Contact: 596-0376

Thursday October 16, 2008
Technology Commercialization, Step by Step
Sponsor: Maine Center for Enterprise Development
Time: Noon-2 p.m.
This session will break down the steps to commercialization, giving you a flexible timeline for incremental success as you develop your product. Looking at cycles of development, we will discuss what a start-up can expect to accomplish with limited resources and how they can extend those resources without hiring expensive staff. We will cover the key issues in getting to market, the critical factors for success and some capitalization tips, as well. Presenter: Meriby Sweet, Director of the Maine Small Business & Technology Development Center, at MTI, in Gardiner. Ms. Sweet has more than 20 years experience with high-tech firms ranging from hardware and lasers to software and e-commerce. During that time she was involved in the commercialization of biotech products, smart phones, software applications and internet offerings.
Place: 110 Abromson Center, USM, Portland
Cost: Free
Contact: Sandra Stone, 228-8524

Friday October 17, 2008
Continuing education meeting for financial planners
Sponsor: Financial Planning Association of Northern New England
Time: 08:00:00
One-day continuing education meeting for financial planning professionals. Topics include: The smell of peanuts: Planning the large case in a collaborative model; Selected topics in estate planning; Wealth transfer taxation; Employee Stock Ownership Plan integration with qualified and non-qualified plans. An ethics workshop ends the day at an additional cost.
Main program is approved for 4.5 CFP CEs plus an additional 2 CFP CEs for the Ethics program.
Call 603-228-1231 for information on how to register or visit the website given below.
Place: Embassy Suites Portland, 1050 Westbrook Street, Portland, 04102
Cost: $50 FPANNE members; $80 non-members; $45 for Ethics

Date: 10/17/08 Time: 8:00 a.m. – 5:00 p.m.
Cost: $150
Workers Compensation Exposures and Analysis
Sponsored/Presented by: Kennebec Valley Community College
How do you manage your employee injury exposure? What are the laws regarding workers compensation coverage? How do you manage the exposure of workers in other states? How does experience rating work and what can you do to manage premiums in an experience related environment? These and other issues with Human Resources and Workers Compensation will be discussed in this one-day seminar. Maine approved for 6 CEU’s
Who should attend: Anyone who works with the Workers Compensation of your company. Human Resources personnel.
City: Augusta Location: KVCC – Buker Center – 22 Armory Road
Phone: 207-622-5001
Email: fstack@kvcc.me.edu

Date: Sat., Oct 18
Time: 7 p.m. – 11 p.m.
Price: $25 for Fusion members signed up by 9/15 or $35 for non-members; tables of 8 are $240
FLAVA III: Fusion’s Annual Awards Gala
Bigger and better than ever. Fusion:Bangor will honor three individuals with Fusion Leadership, and Vision Awards (FLAVA) during the group’s 3rd Annual Gala celebration. Save the date for Saturday, Oct. 18, 7 p.m. – 11 p.m.
This high flying event will be the networking opportunity of the year! Brought to you by presenting sponsor, Oxford Networks, it will be in an airplane hangar at Bangor International Airport. Dress to impress and get ready to head for the skies with Fusion.
For tickets, award nomination forms and more information click here.
Location: Airplane Hangar at Bangor International Airport
Tickets: Online at www.bangorregion.com.

Date: 10/20/08 Time: 9:00 a.m. – 3:00 p.m.
Cost: $100.00
Motivating Your Employees and Teams
Sponsored/Presented by: Kennebec Valley Community College
In this on-day workshop students will be introduced to the following concepts: Driving fear out of the equation; setting your employees and teams up for success; rewards and consequences; and leadership. This will be a highly inspiring session using discussions, group games and exercises to reinforce concepts and their execution. Join us and prepare to leave the session energized and ready to “motivate your employees and team.”
Who should attend: Anyone who supervises others.
City: Augusta Location: KVCC Buker Center – 22 Armory Road
Phone: 207-622-5001

Date: 10/20/08 Time: 9:00 a.m. – 3:00 p.m.
Cost: $100
Persuasive Communication
Sponsored/Presented by: Kennebec Valley Community College
This workshop is designed to enable students to recognize the process whereby people influence each other to do what they wish them to believe or do. Forms may include modeling, requesting, bargaining, persuading, demanding, conditioning, group influence and coercions. Topics include: building trust and credibility with your audience, ethical hebavior in persuasive communications, inoculate your audience against resistance and getting your message to “stick”. This will be a fun and interactive workshop.
Who should attend: Anyone who needs to communicate with customers. Telemarketing, Help Desk, Customer Service, etc.
City: Augusta Location: KVCC Buker Center – 22 Armory Road
Phone: 207-622-5001 Email: fstack@kvcc.me.edu

October 22, 2008
Cost: FREE IRS Stakeholder Liaison presents:
National Phone Forum
“Recordkeeping for Small
Business/Self Employed Individuals”
Location: The convenience of your home or office
Learn about recordkeeping for small business/self-employed individuals

What books and records are
Why books and records are needed
Who should have books and records
How good books and records can shorten an audit
How long books and records should be kept

Earn Continuing Professional Education credit

Enrolled agents receive one CPE credit for a minimum 50-minute participation from the start of the forum
Other tax professionals may receive credit if the phone forum meets your organization’s or state’s CPE requirements
To receive credit, register individually and use your PIN
Call in using your individual phone line so your attendance can be verified
Look for your Certificate of Completion by e-mail approximately one week after the forum. If you have met all requirements, you will receive your certificate automatically; there’s no need to follow up
If you and others in your office do not require a CPE certificate, please have only one person register on the group’s behalf and use your speaker phone to dial in. This will maximize the number of lines available for other participants and help reduce costs.
Sign up now (and no later than October 17, 2008)

Select the time that works best for you
Note: Time zones shown are Daylight Saving Time.

CONFERENCE
393508 10 a.m.
125274 1 p.m.
725297 4 p.m.
Register at www.attevent.com by October 17, 2008. Reservations are limited, so register at the earliest date possible.
You will receive a Personal Identification Number that you must use to join the conference.
If you have never registered with AT&T for a prior phone forum, you will first need to click on create a profile.
If you require special accommodations (for example, Braille, large print or interpreter services) please contact Shane Ferguson at nationalphoneforum@irs.gov.
We will e-mail presentation materials on October 20, 2008. If you do not receive this e-mail by noon on October 21, e-mail us at nationalphoneforum@irs.gov to request the materials.

Dial in on October 22, 2008

Toll free: 1-866-216-6835
Toll: 1-913-227-1220

Dial in 3 to 5 minutes before the scheduled time
Enter your access code, then the pound (#) sign
Enter your PIN, then the pound (#) sign
Your line will be placed on hold until the conference begins

A question and answer period will follow the presentation. However, due to the public nature of the call, we will not be able to address specific client issues. Questions? E-mail nationalphoneforum@irs.gov

Date: 10/22/08 Time: 10:00 a.m. – 12:00 noon
Cost: $45.00
Business Plan Basics and Cash Flow Forecasting
Sponsored/Presented by: Kennebec Valley Community College
A well-documented business plan is your road map for a new or expanding venture and your prospective lenders, expect you to provide one! Anticipating your cash outflows and inflows is a critical piece of your plan. In this 2-hour seminar, the instructor will engage all participants in the process of developing and critiquing business plans. Participants will also learn the fundamentals of planning for cash inflows and outflows to anticipate their financing and investment needs.
Who should attend: Business Owners or the financial person for your business.
City: Augusta Location: KVCC – Buker Center – 22 Armory Road
Phone: 207-622-5001
Email: fstack@kvcc.me.edu

10/22/08
6-9 p.m. Business Basic – Incubator Without Walls: The Incubator Without Walls Program helps individuals start and expand businesses with five or fewer employees. The course stresses that good management, effective marketing and financial controls lead to increased profits, and that business planning leads to business growth, profits and personal satisfaction. During the course, the following topics will be discussed in detail:
Credit
Business Plan
Business Concept
Legal Structures of Business
Marketing
Record Keeping
Financials & Cash Flow
Financing Resources
Our classes are frequently augmented with guest speakers from the local business community which allows participants to network with local bankers, accountants, insurance agents, web & media designers, and an array of other experts.
This small business curriculum was developed by assembling an experienced team-all members are involved in microenterprise training through various groups. The goal of this course is to explore the ability to achieve self-sufficiency through self-employment. This course can be taught in a variety of configurations to achieve the objectives of the training organization.
The cost of this course
IS FREE!
To receive an application
Call 973-3500 for Bangor
Call 564-7116 for Dover-Foxcroft
Call for 794-3093 for Lincoln
Call 596-0361 for Rockland
Email: jmacomber@penquis.org
http://www.penquis.org/
James L. Macomber
MaineStream Finance
c/o Penquis
50 North St.
Dover-Foxcroft, ME 04426

10/23/08
Time: 8:30a.m.-4:30 p.m. Certificate Program in Six Sigma Green Belt
An intensive, 5-day Six Sigma training program designed to provide participants with the skills and knowledge to successfully lead and participant in improvement projects. The Six Sigma approach emphasizes evidence-based anaylsis, customer-driven results, and an efficient flow of products and services that is designed to deliver high performance, reliability, and value to the customer. Program runs for 5 Thursdays, 10/23, 11/6 and 20, 12/11, and 1/8. USM Abromson Center, 88 Bedford St., Portland
FMI: 207-780-5900

Saturday
10/25/08
10am-9pm The Maine MarketPlace @ The Bangor Mall
The Maine MarketPlace is your opportunity see Maine Business that growing and a chance to buy their products and/or services.
Many Holiday Gift Ideas!!
Contact James Macomber at jmacomber@penquis.org or 564-7116 ext. 210

October 27, 2008
Maine Symposium on Poverty & Economic Security
Our Second Annual Symposium will be at the Augusta Civic Center
http://www.endingpovertyinmaine.org/index.htm

Tuesday October 28, 2008
It all starts with a big idea: Transforming the Maine economy
Sponsor: USM School of Business, Portland Regional Chamber
Time: 7:30-10 a.m.
The USM School of Business Executive Forum in collaboration with the Portland Regional Chamber will host this forum on transforming the Maine Economy with panelists Sara Burns, President & CEO of Central Maine Power, former Governor Angus King and Kenneth Ault, MD, Director of Maine Medical Center Research Institute. They will share their views and ideas for thinking outside the box to transform the Maine Economy. Please register by October 23rd. Students wishing to register should call the Chamber office at 772-2811 for the $10 student rate.
Place: Holiday Inn By the Bay, 88 Spring St., Portland
Cost: $20/$10 for students
Contact: Nancy Trottier, 772-2811 ext. 233, ntrottier@portlandregion.com

Oct 28, 2008 from 02:00 PM to 07:00 PM Speed Venture Summit
Location: Radisson Hotel, Manchester, NH
Event connects businesses with potential growth capital
The Speed Venture Summit^TM, Oct. 28, will be the meeting place in New England for investors, companies and individuals with great ideas. Businesses seeking growth capital for all stages of development will speed pitch to the region’s savviest and shrewdest investors, from individuals and Angels to VC firms and private equity and mezz-debt investors.
Following the presenter-investor segment, the Summit will include a business networking session, open to the public, and a pitch-off among the day’s top companies.
For information and registration, go to http://www.speedventuresummit.org/

October 29, 2008
$35 before 10/20
$45 at the door The Rural Maine Small Business Conference & Business to Business Showcase
Dover-Foxcroft – www.ruralmainebiz.org
Doors Open at 8 a.m. for registration, a light breakfast and networking B2B Show opens at 8:00 a.m. to 3:30 p.m.
Morning Seminars 8:30-10 a.m. Topics: Cash Flow Management-Keeping It Simple OR Technology: Rural Connectivity & Ecommerce
Mid-Morning Seminars 10-11:30 a.m. Topics: Time Management OR Access To Capital in Tough Times
Lunch N’ Learn Seminar 11:30 a.m.- 2p.m. Topics: Creating A “Surround Sound” Effect For Your Marketing Message Keynote Speakers: John Viehman, Publisher & Laurence Hollins, Marketing Manager of Down East Magazine
Afternoon Seminars 2-3:30 p.m. Topics: Hiring & Keeping Employees OR Starting A Business-What I Should Know
Mid-Afternoon Seminars 3:30-5 p.m. Topics: Health Insurance and Options OR Free Resources For Businesses
Event Location: Penquis Higher Education Center 50 Mayo St., Dover-Foxcroft
Pre-registration is highly suggested due to limited seating for seminars and meals For More Information: Visit Our Conference Web Site: www.ruralmainebiz.org Contact: James Macomber at MaineStream Finance & Penquis Phone: 564-7116 Fax: 564-2218 Email: jmacomber@penquis.org

October 30, 2008
Cost: $35.00- includes all day seminar and food and beverage at the reception Powering Up Maine: How businesses are coping with rising energy costs
Powering Up Maine:How businesses are coping with rising energy costs
Sponsor: Mainebiz
Time: 12:00:00
A half-day event to help businesses learn about choices and resources for coping with energy costs and demands 1:00 pm to 2:00 pm
Educational Exhibits: 15 exhibit booths will display information and provide
hands-on demonstrations of alternative energy sources, energy efficiency options, and energy management ideas.
2:00 pm to 2:30 pm Keynote Address: Angus King, former governor and wind farm developer, will speak about Maine’s energy issues.
2:45 pm to 4:15 pm Panel Discussion: business owners and leaders will talk about the challenge of generating new energy resources and the “not in my back yard” response that derails new projects. Moderated by Mainebiz editor Taylor Smith, and Jennifer Rooks from MPBN.
4:30 pm to 6:00 pm – Networking reception: an opportunity to meet the exhibitors, panelists and other attendees who have a mutual interest in managing energy needs and expenses.
Place: The Wyndhym, 363 Maine Mall Road, South Portland, 04106
Cost: $35.00- includes all day seminar and food and beverage at the reception
Contact: Sarah Sutton 207-761-8379 x 26
ssutton@mainebiz.biz http://www.mainebiz.biz

Date: 10/31/08 Time: 9:00 a.m. – 12:00 noon
Cost: $199.00
Start Selling: E-Commerce in 4 steps
Sponsored/Presented by: Kennebec Valley Community College
Today an e-commerce accounts for more than $144 Billion of sales in the U.S. alone – learn how you can become part of the commercial revolution. Students will be given their own shopping cart store website which they will personalize during in-class, Instructor led examples of how to configure their site. This 4 week course is designed to show students how to create categories, add products, configure shipping, payment and ordering modules, along with other lessons necessary in order to manage and operate a working e-commerce site. NOTE: students must secure their own domain name one week prior to the first class.
Who should attend: Anyone who would like to move their business to the Internet world for marking purposes.
City: Augusta Location: KVCC Buker Center – 22 Armory Road
Phone: 207-622-5001 Email: fstack@kvcc.me.edu

11/3/2008
9 a.m. – 4 p.m. Cost $625 Certificate Program in Grant Writing
Take advantage of an intensive opportunity to acquire the knowledge and practice the skills necessary to succeed in today’s competitive grant writing environment. The program is composed of 4 courses held over 5 days. The certificate may be earned in one intensive week or over several semesters when taken in modules. Visit www.usm.maine.edu/cce for details.
USM Center for Continuing Education
Molly Morell 780-5900 mmorell@usm.maine.edu

November 6 & 13 Peaceable Stories (6 hrs), 6-9 pm, Dover-Foxcroft, FEE $ 20, Penquis Office, Conf. Room #1 This 6-hour training will explore a variety of picture books in conjunction with related activities and strategies on the eternal subjects of conflict resolution and peaceable environment! Each participant will receive books and the curriculum guide for use in the early care & education setting. This is presented by the Born to Read program of the Maine Humanities Council. Call Amy Ludwig 973-3500

Tuesday November 11, 2008
World Affairs Council of Maine international breakfast series
Time: 7-9 a.m.
The World Affairs Council of Maine will host Michael Klare on November 11, 2008 as part of the Council’s International Breakfast Series. The title of Klare’s talk will be America’s Energy Future; Oil, Dependency and the Alternatives.
Place: Portland Country Club, 11 Foreside Rd., Falmouth
Cost: 780-4551
Contact: $25 for members, educators and students/$40 nonmember

Nov 12, 2008 from 07:30 AM to 10:30 AM MIX Forum
Contact: 207.871.0234
Location: Woodlands Club, Falmouth
The purpose of MIX is to provide opportunities for entrepreneurs who are seeking risk capital to make brief presentations to audiences of potential investors.
To Attend: The cost to attend a MIX forum is $25 ($35 at door) and attendance preference is always given to potential qualified investors.
To Present: Entrepreneurs must submit an Application Form, two copies of their business plan, and an executive summary.
For complete information and registration with instructions, please visit www.maineco.org

November 13 Legal issues: What every nonprofit board member needs to know
Sponsor: Institute for Civic Leadership
Time: 9 a.m.-12:30 p.m.
www.civicleadership.org If you’re concerned about your potential liability as a board member, this program is for you. You’ll walk away armed with a fundamental understanding of the key legal issues facing 501(c)(3) nonprofit boards today. Designed specifically for non-lawyers, this introductory workshop makes seemingly complex legal topics accessible to all. Case studies help to bring key points to life.
Place: Casey Family Services, 75 Washington Ave., 3rd floor, Portland
Cost: $70/$55
Contact: Wayne Griffin

Thursday November 20, 2008
How I did that: Case Study in technology entrepreneurship
Sponsor: Maine Center for Enterprise Development
Time: 12:00-2:00 p.m.
Presenter: Steve Page is the founder and president of Ocean Farm Technologies Inc. of Searsmont, Maine, a small start up business that manufactures open ocean aquaculture equipment, including the Aquapod net pen, which Steve invented and patented. Steve is an Environmental Sciences graduate of Stanford University and the University of Michigan. Whereas his vocation has been environmental sciences, his avocation is agriculture. An organically certified apple and beef farmer since 1975, he refers to himself as a dirt farmer washed out to sea. He began working for Atlantic Salmon of Maine, at the time the largest marine fish farm in the United States, in 1999 as Environmental Compliance Officer and ended as General Manager of ASM before starting his own company in 2004. His efforts in developing the Aquapod net pen technology for open ocean aquaculture have won several awards from government agencies and engineering councils. He is currently leading the manufacturing and marketing of the Aquapod net pen internationally.
Place: 214 Abromson Center, USM, Portland
Cost: $10.00
Contact: Sandra Stone, 228-8524

Thursday December 4, 2008
Beyond the basics: A workshop for experienced board members
Sponsor: Institute for Civic Leadership
Time: 9 a.m.-noon
www.civicleadership.org This productive half-day workshop will give you an in-depth look into the ten basic responsibilities of nonprofit boards and the twelve principles of governance that power exceptional boards. Designed specifically for those who have a basic appreciation of responsibilities and governance – and especially for those who have attended ICL’s Core Responsibilities workshop – this intermediate workshop takes you to the next level of understanding of board governance.
Place: Berry, Dunn, McNeil & Parker, 36 Pleasant Street, Bangor
Cost: $70/$55
Contact: Wayne Griffin, 773-3254

Dec 10, 2008 (All Day) TechMAINE: 2008 Annual Conference
The Annual Conference is scheduled to run on December 9 and 10, 2008. A Dinner (optional) will be featured on the evening of Tuesday, December 9, and the Conference will be held on Wednesday, December 10.
Details to be posted on www.mesda.com.

Thursday December 18, 2008
Finding Money for Your Business – Banks and Beyond
Sponsor: Maine Center for Enterprise Development
Time: Noon – 2:00 p.m.
This presentation will provide an overview of the many sources from which you may find the money that will help your business grow. Dan Isaac worked as a commercial lender for local banks before going to the other side of the desk as the owner of a small business. Now he provides assistance to small businesses in developing business plans, assisting the turnaround of troubled organizations, and working with management to improve the operating performance of their company.
Place: 110 Abromson Center, USM, Portland
Cost: Free for USM students, MCED client companies and affiliate members; $10 per seminar for non-students
Contact: Sandra Stone, 228-8524
Wednesday December 31, 2008
Take a Good, Long Look in the Mirror: Does Your Organization\ Identity Match Its Image?
Sponsor: Packard Judd Kaye
Time: 19:00:00
Addresses perception vs. reality in corporate image and identity issues. Participants will learn how to evaluate image and identity, the steps to building a strong, positive image, and steps to creating a unique and differentiating identity. Presenter will be Liane Judd, principal in Packard Judd Kaye.
Place: Packard Judd Kaye headquarters, 44 Broadway, Bangor, 04401
Cost: $50; discounts for multiple sessions

Small business owners thinking about setting up retirement plans for their employees should be aware of important deadlines coming up in October.

A SIMPLE, or Savings Incentive Match Plan for Employees, must be established by Oct. 1 for 2008 contributions.

Business owners who requested an extension to file their 2007 tax return have until Oct. 15 to set up a SEP, or Simplified Employee Plan and take a deduction for 2007.

Related Links:
Publication 3998, Choosing a Retirement Solution for Your Small Business
IRA Online Resource Guide 
Order the IRA Resource Guide on CD-ROM
Publication 560, Retirement Plans for Small Business

IRS Stakeholder Liaison presents:

National Phone Forum

“Recordkeeping for Small Business/Self Employed Individuals”

Date:  October 22, 2008

Cost: FREE

Location: The convenience of your home or office

This IRS phone forum is for

• Tax professionals
• Attorneys
• Payroll professionals
• Industry partners

Learn about recordkeeping for small business/self-employed individuals

• What books and records are
• Why books and records are needed
• Who shouldhave books and records
• How goodbooks and recordscan shorten an audit
• How long books and records should be kept

Earn Continuing Professional Education credit

• Enrolled agents receive one CPE credit for a minimum 50-minute participation from the start of the forum
• Other tax professionals may receive credit if the phone forum meets your organization’s or state’s CPE requirements
• To receive credit, register individually and use your PIN
• Call in using your individual phone line so your attendance can be verified
• Look for your Certificate of Completion by e-mail approximately one week after the forum. If you have met all requirements, you will receive your certificate automatically; there’s no need to follow up
• If you and others in your office do not require a CPE certificate, please have only one person register on the group’s behalf and use your speaker phone to dial in. This will maximize the number of lines available for other participants and help reduce costs.

Sign up now (and no later than October 17, 2008)

• Select the time that works best for you

Note: Time zones shown are Daylight Saving Time.

CONFERENCE ACCESS CODE	EASTERN	CENTRAL	MOUNTAIN	PACIFIC
393508	10 a.m.	9 a.m.	8 a.m.	7 a.m.
125274	1 p.m.	Noon	11 a.m.	10 a.m.
725297	4 p.m.	3 p.m.	2 p.m.	1 p.m.

• Register at www.attevent.com by October 17, 2008. Reservations are limited, so register at the earliest date possible.
• You will receive a Personal Identification Number that you must use to join the conference.
• If you have never registered with AT&T for a prior phone forum, you will first need to click on create a profile.
• If you require special accommodations (for example, Braille, large print or interpreter services) please contact Shane Ferguson at nationalphoneforum@irs.gov.
• We will e-mail presentation materials on October 20, 2008. If you do not receive this e-mail by noon on October 21, e-mail us at nationalphoneforum@irs.gov to request the materials.

Dial in on October 22, 2008

Toll free:   1-866-216-6835

Toll:           1-913-227-1220

• Dial in 3 to 5 minutes before the scheduled time
• Enter your access code, then the pound (#) sign
• Enter your PIN, then the pound (#) sign
• Your line will be placed on hold until the conference begins

A question and answer period will follow the presentation. However, due to the public nature of the call, we will not be able to address specific client issues.

Questions? E-mail nationalphoneforum@irs.gov

Augusta…First-time homebuyers should begin planning now to take advantage of a new tax credit included in the recently enacted Housing and Economic Recovery Act of 2008.

Available for a limited time only, the credit:

¨       Applies to home purchases after April 8, 2008, and before July 1, 2009.

¨       Reduces a taxpayer’s tax bill or increases his or her refund, dollar for dollar.

¨       Is fully refundable, meaning that the credit will be paid out to eligible taxpayers, even if they owe no tax or the credit is more than the tax that they owe.

However, the credit operates much like an interest-free loan, because it must be repaid over a 15-year period. So, for example, an eligible taxpayer who buys a home today and properly claims the maximum available credit of $7,500 on his or her 2008 federal income tax return must begin repaying the credit by including one-fifteenth of this amount, or $500, as an additional tax on his or her 2010 return.

Eligible taxpayers will claim the credit on new IRS Form 5405. This form, along with further instructions on claiming the first-time homebuyer credit, will be included in 2008 tax forms and instructions and be available later this year on IRS.gov, the IRS Web site.

If you bought a home recently, or are considering buying one, the following questions and answers may help you determine whether you qualify for the credit.

Q. Which home purchases qualify for the first-time homebuyer credit?

A. Only the purchase of a main home located in the United States qualifies and only for a limited time. Vacation homes and rental property are not eligible. You must buy the home after April 8, 2008, and before July 1, 2009.  For a home that you construct, the purchase date is the first date you occupy the home.

Taxpayers who owned a main home at any time during the three years prior to the date of purchase are not eligible for the credit. This means that first-time homebuyers and those who have not owned a home in the three years prior to a purchase can qualify for the credit.

If you make an eligible purchase in 2008, you claim the first-time homebuyer credit on your 2008 tax return. For an eligible purchase in 2009, you can choose to claim the credit on either your 2008 (or amended 2008 return) or 2009 return.

Q. How much is the credit?

A. The credit is 10 percent of the purchase price of the home, with a maximum available credit of $7,500 for either a single taxpayer or a married couple filing jointly. The limit is $3,750 for a married person filing a separate return. In most cases, the full credit will be available for homes costing $75,000 or more. Whatever the size of the credit a taxpayer receives, the credit must be repaid over a 15-year period.

Q. Are there income limits?

A. Yes. The credit is reduced or eliminated for higher-income taxpayers.

The credit is phased out based on your modified adjusted gross income (MAGI). MAGI is your adjusted gross income plus various amounts excluded from income—for example, certain foreign income. For a married couple filing a joint return, the phase-out range is $150,000 to $170,000. For other taxpayers, the phase-out range is $75,000 to $95,000.

This means the full credit is available for married couples filing a joint return whose MAGI is $150,000 or less and for other taxpayers whose MAGI is $75,000 or less.

Q. Who cannot take the credit?

A. If any of the following describe you, you cannot take the credit, even if you buy a main home:

¨       Your income exceeds the phase-out range. This means joint filers with MAGI of $170,000 and above and other taxpayers with MAGI of $95,000 and above.

¨       You buy your home from a close relative. This includes your spouse, parent, grandparent, child or grandchild.

¨       You stop using your home as your main home.

¨       You sell your home before the end of the year.

¨       You are a nonresident alien.

¨       You are, or were, eligible to claim the District of Columbia first-time homebuyer credit for any taxable year. 

¨       Your home financing comes from tax-exempt mortgage revenue bonds.

¨       You owned another main home at any time during the three years prior to the date of purchase. For example, if you bought a home on July 1, 2008, you cannot take the credit for that home if you owned, or had an ownership interest in, another main home at any time from July 2, 2005, through July 1, 2008.

Q. How and when is the credit repaid?

A. The first-time homebuyer credit is similar to a 15-year interest-free loan.  Normally, it is repaid in 15 equal annual installments beginning with the second tax year after the year the credit is claimed. The repayment amount is included as an additional tax on the taxpayer’s income tax return for that year.  For example, if you properly claim a $7,500 first-time homebuyer credit on your 2008 return, you will begin paying it back on your 2010 tax return. Normally, $500 will be due each year from 2010 to 2024.

You may need to adjust your withholding or make quarterly estimated tax payments to ensure you are not under-withheld.

However, some exceptions apply to the repayment rule. They include:

¨       If you die, any remaining annual installments are not due. If you filed a joint return and then you die, your surviving spouse would be required to repay his or her half of the remaining repayment amount.

¨       If you stop using the home as your main home, all remaining annual installments become due on the return for the year that happens. This includes situations where the main home becomes a vacation home or is converted to business or rental property. There are special rules for involuntary conversions.  Taxpayers are urged to consult a professional to determine the tax consequences of an involuntary conversion.

¨       If you sell your home, all remaining annual installments become due on the return for the year of sale. The repayment is limited to the amount of gain on the sale, if the home is sold to an unrelated taxpayer. If there is no gain or if there is a loss on the sale, the remaining annual installments may be reduced or even eliminated. Taxpayers are urged to consult a professional to determine the tax consequences of a sale.

¨       If you transfer your home to your spouse, or, as part of a divorce settlement, to your former spouse, that person is responsible for making all subsequent installment payments.

October 15 Deadline Nears; Don’t Let Stimulus Payment Pass You By

Augusta…The October 15 deadline to file a 2007 income tax return and to receive an economic stimulus payment this year is fast approaching.

This is the deadline for the estimated 22,000 Maine retirees and disabled veterans who may be eligible to receive a stimulus payment but who normally don’t file a tax return. It’s also the deadline for the approximately 43,000 people who earlier this year received extensions to file their tax return.

“Don’t let the economic stimulus payment pass you by,” said IRS Spokesperson Peggy Riley. “If you want the payment this year, you should file by October 15. We recognize that there may be older Americans and disabled veterans who still have not filed for their stimulus payment. If you know of a friend, neighbor or family members who may be in that situation, please give them a hand if they need it.”

The IRS has accounted for nearly 80 percent of the Social Security and Veterans Affairs beneficiaries initially identified as potentially eligible.

The IRS has yet to hear from an estimated 22,000 Maine taxpayers who receive certain Social Security benefits or certain Veterans Affairs benefits. The agency has twice sent letters to this group that included a Form 1040A, a sample form and instructions on sending the return to the IRS. If it has been misplaced, the fastest way to obtain a Package 1040A-3 is to go to IRS.gov or to local IRS offices. There are more than 400 local offices nationwide where people can get assistance in preparing the return as well. A return also can be prepared and submitted for free through Free File which is available at IRS.gov.

People must file a tax return in order to receive an economic stimulus payment even if they normally are not required to file a return.

For eligible individuals, the Economic Stimulus Act of 2008 provided for stimulus payments of up to $600 ($1,200 for married couples) or the amount of the taxpayer’s 2007 net income tax liability, whichever is less. There also is a $300 payment for each qualifying child. There is an income phase-out starting at adjusted gross income amounts of $75,000 for single taxpayers and $150,000 for married taxpayers.

For people who have no tax liability and who have no requirement to file a tax return because their income is too low or nontaxable there is a stimulus payment of up to $300 ($600 for married couples) plus the $300 payment for each qualifying child. However, people in this situation must have at least $3,000 in qualifying income from earned income, nontaxable combat pay as well as certain benefits from Social Security, Veterans Affairs and Railroad Retirement.

Qualifying income from Social Security includes retirement, disability and survivor benefits. Supplemental Security Income is not a qualifying income.  Qualifying income from Veterans Affairs includes disability compensation, disability pension and survivor benefits.  Qualifying Railroad Retirement Board benefits include the social security equivalent portion of Tier I benefits.  Also, those who are dependents or eligible to be dependents on another’s tax return are not eligible. People must have a valid Social Security Number unless their spouse is a member of the military.

The IRS has partnered with numerous organizations, including AARP, Center on Budget Policy and Priorities, National Council on Aging, Community Action Partnership, United Way, National League of Cities, National Disability Institute and National Community Tax Coalition. These organizations also are conducting outreach efforts to older Americans and veterans.

Also, each year, there are approximately 10 million taxpayers who request an extension from the April 15 deadline to file their tax return. The extension applies only to filing a return, not to paying any taxes owed. October 15 is a final deadline for these extension taxpayers to avoid any penalties. They, too, may be eligible for the economic stimulus payment but must file a 2007 return by October 15 to receive the payment this year.

By law, the IRS cannot disperse any economic stimulus payments after December 31. However, people who may be eligible for an economic stimulus payment can claim a credit in 2009 by filing a 2008 income tax return.

As of Aug. 29, the IRS has issued $93 billion in economic stimulus payments to 114.8 million individuals and families.  Those who already have filed a 2007 tax return but who have not yet received an economic stimulus payment, can check on the status of your payment by going to “Where’s My Economic Stimulus Payment?” on the IRS.gov Web site.

People also can call 1-866-234-2942 and, after selecting English or Spanish language, should press 2 to check on the status of the stimulus payment. People will need their Social Security Number (the one listed first on the 2007 return), filing status (single, married, etc) and the number of exemptions claimed on the return.

The last of the economic stimulus checks have been issued under the planned payment schedule, which was a timetable for tax returns that were filed and processed before April 15.

However, the Internal Revenue Service will continue processing tax returns and issuing economic stimulus payments for much of the year.

It is not too late to file a return to claim an economic stimulus payment. The IRS urges people to file by October 15 to ensure they receive a payment prior to year’s end. It can take up to eight weeks for the IRS to process the return and issue the payment.

For people who have no tax liability or no tax filing requirement, there is a minimum payment of $300 ($600 for married couples), plus the $300 for each qualifying child. To be eligible for the minimum payment, individuals must have at least $3,000 in qualifying income.

Qualifying income includes any combination of earned income, nontaxable combat pay and certain benefit payments from Social Security, Veterans Affairs and Railroad Retirement. The IRS is continuing to work with numerous state, local and national partners to reach people who have no tax liability or no tax filing requirement and to help them file a simple Form 1040A.

Below are some links to IRS.gov and the U.S. Treasury regarding economic stimulus payments:

Also visit www.treas.gov to see the Treasury News Release Cumulative Economic Payment Totals.
 
Remember that for the genuine IRS Web site be sure to use .gov.  Don’t be confused by internet sites that end in .com, .net, .org or other designations instead of .gov. The address of the official IRS governmental Web site is www.irs.gov

Links:

• Haven’t received your payment yet?
• Form 1040A-3 for retirees, disabled veterans and others who normally don’t file a return
• Economic Stimulus Payment Information Center