by Royer Advisors | Dec 11, 2024 | Business Plans, Deductions, Tax Planning
When you take out personal loans to buy a Maine-based small business, you want to maximize the tax write-offs for the resulting interest expense. The tax law in this area can seem complicated. But if you do some research ahead of time and talk with Filler &...
by Royer Advisors | Dec 11, 2024 | Business Plans, Court Rulings, IRS Regulation, Tax Planning
What happens if you’re the owner of a limited liability company (LLC) that generates tax losses, and you don’t spend a lot of time in the activities of the business? The losses might be classified as passive, and your ability to currently deduct them might...
by Royer Advisors | Dec 11, 2024 | Accounting Standards, Business Plans, Tax Planning, Tax Preparation
In a previous article, we discussed the benefits of S-corporations for your Maine-based small business. Here we’ll delve further into the idea of S corporation conversion, as the federal self-employment (SE) tax doesn’t apply to earnings from an S corporation...
by Royer Advisors | Dec 11, 2024 | Valuations
Business valuations are prepared for many purposes Maine, including litigation, estate and gift tax, and the purchase or sale of a business. They can be an essential part of all of these things, and it is important to properly understand and utilize a valuation. At...
by Royer Advisors | Dec 11, 2024 | Accounting Standards, Financial Planning
If your Maine-based small business is essentially a one-person operation, there’s an option to help you save more money for retirement: The Solo 401(k) plan. Ordinarily, traditional defined contribution retirement plans allow annual contributions that are...
