by Royer Advisors | Dec 11, 2024 | Financial Planning, Tax Planning, Tax Preparation
Back in 1969 the alternative minimum tax (AMT) was enacted to ensure that high-income individuals don’t take advantage of multiple tax breaks and avoid paying federal tax. However, in recent years, the AMT has been imposed on many middle-income taxpayers....
by Royer Advisors | Dec 11, 2024 | Financial Planning, IRS Regulation, Tax Planning, Tax Preparation
If you own commercial or residential rental real estate in Maine, the Tax Cuts and Jobs Act (TCJA) brings several important changes that owners of rental properties should understand. Rental property owners, in general, will enjoy lower ordinary income tax rates and...
by Royer Advisors | Dec 11, 2024 | Financial Planning, IRS Regulation, Tax Planning, Tax Preparation
If your Maine company initiates a new paid family and medical leave benefit, the Tax Cuts and Jobs Act, enacted at the end of last year, will give your company a tax credit. Although the IRS has yet to issue its interpretive regulations, the text of the law itself...
by Royer Advisors | Dec 11, 2024 | Financial Planning, Tax Planning, Tax Preparation
For many individuals, the Roth IRA remains an attractive retirement planning vehicle for after the changes made by the Tax Cuts and Jobs Act (TCJA). Here’s what you need to know about Roth IRAs and Roth IRA conversions under the new law. Tax Advantages There are...
by Royer Advisors | Dec 11, 2024 | Financial Planning, IRS Regulation, Tax Planning, Tax Preparation
Hardship withdrawals are permitted by most 401(k) plans, though plan sponsors aren’t required to allow them. As it stands today, employees seeking to take money out of their 401(k) accounts are limited to the funds they contributed to the accounts themselves,...
by Royer Advisors | Dec 11, 2024 | Financial Planning, IRS Regulation, Tax Planning, Tax Preparation
On January 22, a short-term government funding bill was signed into law by President Trump. It ended the brief government shutdown by funding the federal government through February 8. It also suspends the following Affordable Care Act (ACA) taxes, which were designed...
