by Royer Advisors | Dec 11, 2024 | Accounting Standards, IRS Regulation, Tax Planning
Some Maine-based small business may be going through some hard times. Borrowing from payroll taxes that have been withheld from employee paychecks might seem like an easy way to get cash temporarily. Business owners might think they’ll just borrow enough to pay...
by Royer Advisors | Dec 11, 2024 | Business Plans, Financial Planning, IRS Regulation
Employers can see advantages from hiring independent contractors for their Maine-based small businesses. They can be hired on a per-project basis and then let go when the project is completed. Also, independent contractors tend to be more experienced workers and...
by Royer Advisors | Dec 11, 2024 | Business Plans, Financial Planning, IRS Regulation, Tax Planning
Starting up a small business in Maine and wondering about how tax deductions will be handled? It’s very important to remember that most expenses incurred before a business begins functioning cannot be deducted or amortized until the year when the business does become...
by Royer Advisors | Dec 11, 2024 | Accounting Standards, Financial Planning, IRS Regulation, Tax Planning
If you operate a business that collects payroll taxes from employees, always remember this: No matter what your corporate financial situation is, don’t borrow from the withholding tax fund. If that money isn’t there when it’s due, the IRS will crack...
by Royer Advisors | Dec 11, 2024 | Business Plans, Court Rulings, IRS Regulation, Tax Planning
What happens if you’re the owner of a limited liability company (LLC) that generates tax losses, and you don’t spend a lot of time in the activities of the business? The losses might be classified as passive, and your ability to currently deduct them might...
by Royer Advisors | Dec 11, 2024 | Accounting Standards, Business Plans, Court Rulings, IRS Regulation, Tax Planning, Tax Preparation
A recent report from the New York Times makes it clear that aspiring business owners commonly use their retirement accounts to get their new ventures off the ground. But, as a recent tax court case illustrates, what may seem like a smart investment strategy can go...
