by Royer Advisors | Dec 11, 2024 | IRS Regulation, Tax Planning, Tax Preparation
The IRS recently explained a simplified method for claiming the home office deduction that offers a time-saving option. However, many taxpayers who maintain a home office fare better tax-wise by deducting expenses under the regular method, and others may not be...
by Royer Advisors | Dec 11, 2024 | IRS Regulation, Tax Planning, Tax Preparation
Do you know what to do if you discover an error on a previously filed individual tax return? For instance, you might have missed some tax-saving deductions and credits on your 2016 personal federal income tax return that you filed in February. Or you might have...
by Royer Advisors | Dec 11, 2024 | Court Rulings, IRS Regulation, Tax Planning, Tax Preparation
Recently, it was ruled by the U.S. Tax Court that the Boston Bruins hockey team’s pregame meals to players and personnel at out-of-town hotels qualified as a de minimis fringe benefit under the Internal Revenue Code. Therefore, 100% of the cost of those meals...
by Royer Advisors | Dec 11, 2024 | Court Rulings, IRS Regulation
The U.S. Supreme Court adjourned for its summer recess at the end of June. Here are five recent cases from its 2016 term that may be of interest to business owners and managers. 1. Advocate Health Care Network v. Stapleton (S. Ct. No. 16-74, June 5, 2017) Generally,...
by Royer Advisors | Dec 11, 2024 | Exemptions, IRS Regulation, Tax Planning, Tax Preparation
Although there are legitimate reasons for some Maine business entities to choose a partnership structure, partnership status may be undesirable for certain activities involving more than one co-owner. Here are some tax-related reasons to avoid partnership status for...
by Royer Advisors | Dec 11, 2024 | Business Plans, IRS Regulation, Tax Planning, Tax Preparation
Under the federal tax code, there’s a fine line between businesses and hobbies. You may think of that unincorporated sideline activity you engage in an— such as a marketing director by day and an artist on the nights and weekends —as a business and hope to deduct any...
