by Royer Advisors | Dec 11, 2024 | Business Plans, IRS Regulation, Tax Planning, Tax Preparation
If you own an unincorporated small business in Maine, one way to lower your self-employment (SE) tax liability is to convert your business to an S corporation. SE Tax Basics Incomes subject to SE tax include sole proprietorship income as well as partnership income...
by Royer Advisors | Dec 11, 2024 | Financial Planning, IRS Regulation, Tax Planning
As many Americans already know, President Trump and Republicans in Congress have vowed to repeal and replace the Affordable Care Act (ACA). In its place, they plan to introduce a more market-based system of health coverage. Here is the one question many people have:...
by Royer Advisors | Dec 11, 2024 | Deductions, Financial Planning, IRS Regulation, Tax Planning, Tax Preparation
The Basics of Section 179 Deductions Under the Protecting Americans from Tax Hikes (PATH) Act of 2015, the Section 179 deduction for qualified real property expenses was made permanent. However, claiming this deduction isn’t a no-brainer. This article will...
by Royer Advisors | Dec 11, 2024 | IRS Regulation, Tax Planning, Tax Preparation
This year, the IRS Whistleblower Office is celebrating its 10-year anniversary. The office was created under the Tax Relief and Health Care Act of 2006 to oversee the IRS whistleblower program, which is a critical part of overall enforcement and compliance. Informants...
by Royer Advisors | Dec 11, 2024 | Business Plans, Financial Planning, IRS Regulation, Tax Planning, Tax Preparation
You’re probably fed up with high self-employment (SE) tax bills if you own a profitable, unincorporated Maine business with your spouse. Typically, an unincorporated business in which both spouses are active is treated as a partnership that’s owned 50/50...
by Royer Advisors | Dec 11, 2024 | Business Plans, Financial Planning, IRS Regulation, Tax Planning, Tax Preparation
Giving Tuesday, known on social media as #GivingTuesday, was on November 29, 2016. Never heard of it? The Tuesday after Thanksgiving has grown into one of the biggest fundraising drives for the not-for-profit industry. Similar to Cyber Monday, it’s a day when...
