by Royer Advisors | Dec 11, 2024 | Court Rulings, Tax Planning
Nelson v Commr., 2021 “Mary P. Nelson and James C. Nelson appeal the Tax Court’s denial of their petition for a redetermination of a deficiency of gift tax issued by the commissioner of Internal Revenue for the tax years 2008 and 2009. For the following reasons, we...
by Royer Advisors | Dec 11, 2024 | Tax Planning, Tax Preparation
If you own a small or medium-sized business, it may be eligible for significant tax breaks that aren’t available for larger entities. Here are three examples to consider as you file your tax return for 2021 and plan for 2022. QBI Deduction The qualified business...
by Royer Advisors | Dec 11, 2024 | Business Plans, Tax Planning
With fall coming up in a couple of months, it’s time to think about “harvesting” capital gains or losses from sales of securities. In addition, unfavorable tax law changes proposed in President Biden’s American Families Plan (AFP) may create an...
by Royer Advisors | Dec 11, 2024 | IRS Regulation, Tax Planning, Tax Preparation
You may still have time to significantly reduce this year’s business federal income tax bill even with all the uncertainty about proposed tax law changes. Congress is currently considering some tax changes. Here are five possible moves to consider — but stay...
by Royer Advisors | Dec 11, 2024 | IRS Regulation, Tax Planning, Tax Preparation
After a most unusual, volatile and unprecedented year for Maine businesses, your finances — and tax situation — may be unlike any other “normal” year. Filing your business taxes can oftentimes be stressful, but with the economic hardships of the past year, it can be...
by Royer Advisors | Dec 11, 2024 | Accounting Standards, IRS Regulation, Tax Planning, Valuations
As a small business owner, you need to ensure that your compensation reflects what others would receive for performing similar duties in a similar setting. Not only is this important for tax purposes, but it’s needed to determine the value of your business. Total...
