by Royer Advisors | Dec 11, 2024 | Business Plans, Deductions
As a Maine-based small business owner, you may be wondering how much can be deducted on your tax return for vehicle expenses. There are two basic ways to figure this out: The first is the standard mileage method. This provides a basic deduction for mileage and...
by Royer Advisors | Dec 11, 2024 | Business Plans, Deductions
A natural disaster is always bad news for a Maine-based small business, but sometimes a tax break can be salvaged. A hurricane, earthquake, tornado, fire, flood, or storm usually means that business owners can claim a casualty loss deduction on their tax returns....
by Royer Advisors | Dec 11, 2024 | Business Plans, Court Rulings, Deductions
After a recent U.S. Tax Court decision, current deductions aren’t allowed for most expenses incurred during the start-up phase of a new business. When compared with the federal treatment of start-up expenses, it can be confusing for small business owners....
by Royer Advisors | Dec 11, 2024 | Business Plans, Deductions
After another brutal Maine winter, summer is finally here. Even though many small business owners may try to take some time off to enjoy the sun, it’s still important to remain diligent about business and personal tax planning. Here are some summer tax-planning...
by Royer Advisors | Dec 11, 2024 | Business Plans, Deductions, Financial Planning
A simplified employee pension (SEP) is a good way to start securing a small business owner’s retirement, and the business can gain tax advantages right away. An added advantage is that setting it up and maintaining it is not very difficult. SEP Basics The SEP is...
by Royer Advisors | Dec 11, 2024 | Deductions, IRS Regulation
Under the use-it-or-lose-it rule, unused flexible spending account (FSA) balances can be forfeited back to employers. They then have several options for handling the money. Here is what small business owners, as employers, need to know after first covering some...
