by Royer Advisors | Dec 11, 2024 | Business Plans, Financial Planning, IRS Regulation, Tax Planning
Starting up a small business in Maine and wondering about how tax deductions will be handled? It’s very important to remember that most expenses incurred before a business begins functioning cannot be deducted or amortized until the year when the business does become...
by Royer Advisors | Dec 11, 2024 | Accounting Standards, Business Plans, Tax Planning
Most business owners want a retirement plan that meets the following criteria: Current tax benefit on contributions. Ability to minimize or avoid contributions when cash flow is tight. Only cover full time, long term employees. High percentage (70 percent or more) of...
by Royer Advisors | Dec 11, 2024 | Business Plans
Let’s say your Maine-based small business provides a service that involves servicing products that your customers own. Maybe you fix broken construction equipment, make alterations to clothing, frame customers’ art or a repair computers. You provide the service,...
by Royer Advisors | Dec 11, 2024 | Business Plans, Financial Planning, IRS Regulation
Employers can see advantages from hiring independent contractors for their Maine-based small businesses. They can be hired on a per-project basis and then let go when the project is completed. Also, independent contractors tend to be more experienced workers and...
by Royer Advisors | Dec 11, 2024 | Accounting Standards, Business Plans, Financial Planning
When a professional corporation sells its assets or liquidates, one important tax issue is whether the corporation or the shareholder-employees own any appreciated professional goodwill. For tax purposes, goodwill is an intangible asset. It represents the value of a...
by Royer Advisors | Dec 11, 2024 | Business Plans
These days, it’s rare to have firsthand knowledge of a new hire, thanks to the mobility of our society. And the days are gone when an employer would dare to hire based solely on a grade point average and a transcript from a school or college. Today, a...
