by Royer Advisors | Dec 11, 2024 | Accounting Standards, Court Rulings
In one significant case, the Tax Court allowed a taxpayer to claim deductions for meals that stretch the limits of the traditional “sleep-or-rest” rule for business travelers. (Bissonnette, 127 TC No. 10) Background Generally, you can deduct 50 percent of...
by Royer Advisors | Dec 11, 2024 | Accounting Standards, Business Plans, Financial Planning
In today’s economic environment, one major concern for many businesses, in Maine and everywhere, is maintaining a healthy cash flow. If your small business is feeling the pinch of a tight economy, and tight credit, its ability to manage cash flow is critical....
by Royer Advisors | Dec 11, 2024 | Accounting Standards, Court Rulings, Financial Planning
A “working condition fringe benefit” is tax-free to your employees and deductible by your Maine-based company. To qualify for this tax-favored treatment, however, the expense must be “ordinary and reasonable” under the circumstances. In...
by Royer Advisors | Dec 11, 2024 | Accounting Standards, Business Plans, Financial Planning
Operating in today’s business world can sometimes seem like you’re navigating a legal minefield. You must be aware of, and comply with, numerous laws and regulations. A misstep can result in expensive and time-consuming legal challenges. Filler &...
by Royer Advisors | Dec 11, 2024 | Accounting Standards, Business Plans, Debt & Financing
If your Maine-based small business has customers that don’t pay their bills, there could be a last resort: You can deduct a bad business debt in the year it becomes worthless, as long as you’ve tried everything to collect. In order to get the write-off,...
by Royer Advisors | Dec 11, 2024 | Accounting Standards, Business Plans, Financial Planning
If you run your Maine-based business operations through two or more corporations, the different entities may share some of the same employees. If so, you may be able to save payroll taxes by using a common paymaster. This means that instead of having each business pay...
