by Royer Advisors | Dec 11, 2024 | Deductions, IRS Regulation, Tax Planning, Tax Preparation
Did you know that when your Maine business entertains clients or customers that you can have a good time and still deduct part of the cost when you entertain business clients or customers? Generally, the tax law permits you to deduct 50 percent of the cost of...
by Royer Advisors | Dec 11, 2024 | IRS Regulation, Tax Planning, Tax Preparation
Last year, there were several significant tax developments that may affect federal income tax returns that individual and business taxpayers file in 2017. Here’s a quick look at 10 key changes that you should be aware of during this tax season. 1. Stand-Alone...
by Royer Advisors | Dec 11, 2024 | IRS Regulation, Tax Planning, Tax Preparation
It is planned that the Affordable Care Act (ACA) will be repealed and replaced in the coming months by the Trump Administration and the Republican majority in Congress. In the meantime, however, employers must continue to comply with the existing rules for 2016,...
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 | Court Rulings, Deductions, IRS Regulation
The IRS recently announced its “nonacquiesence” with a federal appeals court decision that held a retailer that issued loyalty discounts to its customers was entitled to deduct its liabilities attributable to discounts, which were accrued but hadn’t...
