by Royer Advisors | Dec 11, 2024 | Deductions
As a Maine-based small business owner, you might find yourself having to travel, abroad or within the United States. When traveling abroad, it may be tempting to take a couple of extra days to do some sightseeing. It’s important to remember that the tax rules for...
by Royer Advisors | Dec 11, 2024 | Business Plans, Deductions, Financial Planning
As a Maine-based small business owner, you may be wondering if you can write off bad debts at tax time. Since cash-basis companies don’t recognize revenue until it’s received, and therefore wouldn’t have anything on the books to deduct, only businesses that record...
by Royer Advisors | Dec 11, 2024 | Accounting Standards, Deductions
Many Maine-based small business owners start out with an office in their homes. An important benefit to this is being able to deduct the expense of the office on the tax return. It’s key for home-based business owners to know that in order to receive the deduction,...
by Royer Advisors | Dec 11, 2024 | Business Plans, Deductions
A lot of people consider turning a favorite hobby into a money-making operation. And you could be eligible for some tax deductions by starting a Maine-based sideline business. Some expense deductions that could be possible include equipment, advertising, subscriptions...
by Royer Advisors | Dec 11, 2024 | Accounting Standards, Deductions
As a Maine-based small business owner, you may be considering going back to school to gain new skill to help your business. Are the tuition expenses tax deductible? The training must meet one or both of the following standards to be considered work-related education...
by Royer Advisors | Dec 11, 2024 | Deductions
Claiming a casualty loss for damage to personal property can be difficult, as the tax law limits any deductions in two ways: The first $100 of any casualty cannot be deducted. You can only write off casualty losses when the total amount in one year (minus the $100 per...
