by Royer Advisors | Dec 11, 2024 | Business Plans, Financial Planning, IRS Regulation, Tax Planning, Tax Preparation
The Tax Cuts and Jobs Act (TCJA) introduced a flat 21% federal income tax rate for C corporations for the 2018 tax years and beyond. Previously, profitable C corporations paid up to 35%. This news has caused many business owners in Maine and elsewhere to ask: What is...
by Royer Advisors | Dec 11, 2024 | Financial Planning, Tax Planning, Tax Preparation
Recently, Congress revamped the so-called “kiddie tax” under the Tax Cuts and Jobs Act (TCJA). Congress had enacted the tax rules to prevent parents and grandparents in high tax brackets from shifting income (especially from investments) to children in lower tax...
by Royer Advisors | Dec 11, 2024 | IRS Regulation, Tax Planning, Tax Preparation
The individual Alternative Minimum Tax (AMT) is unfortunately retained by the Tax Cuts and Jobs Act (TCJA). However, here’s the silver lining: The AMT rules now reduce the odds that you’ll owe the AMT for 2018 through 2025. Plus, even if you’re still in...
by Royer Advisors | Dec 11, 2024 | Financial Planning, IRS Regulation, Tax Planning, Tax Preparation
The IRS released updated 2018 income tax withholding tables on January 11, which reflect changes made by the new Tax Cuts and Jobs Act. The IRS states that this is the first in a series of steps that the IRS will take to help improve the accuracy of withholding...
by Royer Advisors | Dec 11, 2024 | Financial Planning, Tax Planning, Tax Preparation
Back in 1969 the alternative minimum tax (AMT) was enacted to ensure that high-income individuals don’t take advantage of multiple tax breaks and avoid paying federal tax. However, in recent years, the AMT has been imposed on many middle-income taxpayers....
by Royer Advisors | Dec 11, 2024 | Financial Planning, IRS Regulation, Tax Planning, Tax Preparation
If you own commercial or residential rental real estate in Maine, the Tax Cuts and Jobs Act (TCJA) brings several important changes that owners of rental properties should understand. Rental property owners, in general, will enjoy lower ordinary income tax rates and...
