by Royer Advisors | Dec 11, 2024 | Business Plans, Debt & Financing, Deductions, Financial Planning, Tax Planning, Tax Preparation
If you participate in a qualified retirement plan, such as a 401(k), profit-sharing, or Keogh plan, through your job or self-employment, you might be allowed to borrow from the account. It’s important to note that the borrowing option is not available for traditional...
by Royer Advisors | Dec 11, 2024 | Business Plans, Financial Planning, Valuations
It can be difficult to plan for your replacement and deal with your mortality, which is why many Maine business owners procrastinate putting a well-conceived succession plan in place. The reasons are understandable. However, there are many reasons why it’s best to...
by Royer Advisors | Dec 11, 2024 | Court Rulings, Financial Planning, Tax Planning
Sometimes, estate proceedings continue to be open for years with no end in sight. If you’re an executor or personal representative of an estate, or even an heir, eventually you want closure. There are certain steps that must be taken to close the estate. This...
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 | Business Plans, Financial Planning, IRS Regulation, Tax Planning, Tax Preparation, Valuations
Employee stock ownership plans (ESOPs) provide tax-saving opportunities for business owners who want to exit the business and are committed to employee ownership. A business valuation is the first step to determining whether this option makes sense for you. How ESOPs...
by Royer Advisors | Dec 11, 2024 | Business Plans, Financial Planning, IRS Regulation, Tax Planning, Tax Preparation
The research credit is looking good for some small Maine companies, and it’s back for good. The Protecting Americans from Tax Hikes (PATH) Act of 2015, signed into law by the president on December 18th, does much more than extend this credit. Under the PATH Act, the...
