by Royer Advisors | Dec 11, 2024 | Deductions, Financial Planning, IRS Regulation, Tax Planning, Tax Preparation
If a taxpayer makes a contribution to a charitable organization of $250 or greater, they must substantiate the contribution with a contemporaneous written acknowledgment of the contribution by the done organization, if they want the deduction to be claimed on a tax...
by Royer Advisors | Dec 11, 2024 | Accounting Standards, Deductions, IRS Regulation, Tax Planning, Tax Preparation
The tax elections you make on your 2015 personal tax return can be extremely important to your financial welfare. Here’s a list of 10 potential elections for individuals (including self-employed taxpayers) to consider making before tax day on April 18, 2016 (or...
by Royer Advisors | Dec 11, 2024 | Business Plans, Deductions, IRS Regulation, Tax Planning
Employment statistics ended 2015 on a positive note, and many businesses are planning to hire new employees this year. In addition, roughly 242,000 new jobs were added in February and the unemployment rate fell to 4.9%, its lowest level in eight years. Several recent...
by Royer Advisors | Dec 11, 2024 | Deductions, Financial Planning, IRS Regulation, Tax Planning, Tax Preparation
This past holiday season, taxpayers received a “gift” from Washington, D.C. It’s the PATH Act, which stands for Protecting Americans from Tax Hikes Act of 2015. This act does more than just extend expired tax provisions for another year, the...
by Royer Advisors | Dec 11, 2024 | Business Plans, Deductions, Tax Planning, Tax Preparation
You may be able to deduct the costs of maintaining an office at home, if you’re self-employed in Maine as a sole proprietor, partner, or LLC member. But before you start jumping for joy, it’s important to note that in order to claim a business deduction for an...
by Royer Advisors | Dec 11, 2024 | Deductions, IRS Regulation, Tax Planning
The IRS 2016 optional standard mileage rates are in. These rates are used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. You can generally deduct actual expenses incurred from driving your vehicle for...
