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...
by Royer Advisors | Dec 11, 2024 | Court Rulings, IRS Regulation, Tax Planning, Tax Preparation, Valuations
Currently under the federal income tax rules, legal expenses incurred by individuals are typically not deductible. Instead, they’re most often treated as either part of the cost of acquiring an asset, such as real estate, or as personal outlays (which are...
by Royer Advisors | Dec 11, 2024 | Court Rulings, Financial Planning, IRS Regulation, Tax Planning, Tax Preparation
Are you a passive investor who isn’t directly involved in a project’s day-to-day operations, or do you materially participate in a business or rental activity in Maine? To help individuals classify income, gains and losses from activities as passive or...
by Royer Advisors | Dec 11, 2024 | Business Plans, IRS Regulation, Tax Planning, Tax Preparation
Businesses in Maine and individuals can buy less expensive health insurance policies with high deductibles with Health Savings Accounts (HSAs). Contributions to the accounts are made on a pre-tax basis, and the money can accumulate year after year tax free. It can...
by Royer Advisors | Dec 11, 2024 | Business Plans, Court Rulings, IRS Regulation, Tax Planning, Tax Preparation
Recently, the U.S. Tax Court ruled that federal law doesn’t prohibit an employer from receiving information on whether workers paid tax on the income when the employer is looking reduce its tax liability on misclassified workers. Background on the Ruling In...
by Royer Advisors | Dec 11, 2024 | Deductions, IRS Regulation, Tax Planning, Tax Preparation
In many parts of the country it’s already starting to feel like summer, and we hope Maine will get there shortly. But the forecast for Washington remains unclear as officials continue to discuss various tax-related issues. Regardless of what happens in...
