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 | Accounting Standards, Business Plans, Court Rulings, IRS Regulation, Tax Planning, Tax Preparation
A recent report from the New York Times makes it clear that aspiring business owners commonly use their retirement accounts to get their new ventures off the ground. But, as a recent tax court case illustrates, what may seem like a smart investment strategy can go...
by Royer Advisors | Dec 11, 2024 | Accounting Standards, Business Plans, Financial Planning, Valuations
It is a good idea to know the reasons for a valuation to be able to take advantage of situations when it may be beneficial. Some reasons for obtaining a valuation are a necessity, such as for determining the value of the business interest in an estate. Other reasons...
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...
by Royer Advisors | Dec 11, 2024 | Accounting Standards, Financial Planning, IRS Regulation, Tax Planning
If you operate a business that collects payroll taxes from employees, always remember this: No matter what your corporate financial situation is, don’t borrow from the withholding tax fund. If that money isn’t there when it’s due, the IRS will crack...
by Royer Advisors | Dec 11, 2024 | Accounting Standards, Business Plans, Financial Planning, Valuations
You’ve probably heard the old saying, “a verbal contract isn’t worth the paper it’s written on.” Yet many business owners and executives still enter into handshake deals. This can create problems later on that could have been easily...
