by Royer Advisors | Dec 11, 2024 | Tax Planning, Tax Preparation
The dollar amounts allowed for various federal tax benefits are subject to change every year based on legislation and inflation adjustments. Here are some important tax figures for 2017, compared with 2016, including Social Security wage base, qualified retirement...
by Royer Advisors | Dec 11, 2024 | Court Rulings, Financial Planning, IRS Regulation, Tax Planning, Tax Preparation
When federal income tax and/or federal employment taxes are withheld from employee paychecks but aren’t handed over to the government, a “100% penalty” can be assessed against a responsible person. The purpose of this Trust Fund Recovery Penalty is...
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 | Tax Planning, Tax Preparation
Does your Maine business offer health insurance and group-term life insurance, as well as an array of fringe benefits to its employees? While there are certain requirements, these fringe benefits are generally deductible by the company and tax-free to the employees as...
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It is planned that the Affordable Care Act (ACA) will be repealed and replaced in the coming months by the Trump Administration and the Republican majority in Congress.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,...
