by Royer Advisors | Dec 11, 2024 | Accounting Standards, Financial Planning, Tax Planning, Tax Preparation
Overpayments of sales and use taxes may be caused by various situations. For example, retailers and suppliers have been aggressive about charging sales tax to avoid audit deficiencies because field auditors in many states, like Maine, have become more aggressive about...
by Royer Advisors | Dec 11, 2024 | Fraud Prevention, IRS Regulation, Tax Planning, Tax Preparation
The tax law passed by Congress and signed by President Obama on December 18th contains some payroll tax provisions that are of interest to Maine employers. Here are four changes in the Protecting Americans from Tax Hikes Act of 2015 (PATH Act). 1. There will be an...
by Royer Advisors | Dec 11, 2024 | Business Plans, Deductions, Tax Planning, Tax Preparation
You may be able to deduct the costs of maintaining an office at home, if you’re self-employed in Maine as a sole proprietor, partner, or LLC member. But before you start jumping for joy, it’s important to note that in order to claim a business deduction for an...
by Royer Advisors | Dec 11, 2024 | IRS Regulation, Tax Planning, Tax Preparation
The new year brought some good news from the IRS for Maine Employers. They announced that the due dates for filing 2015 Affordable Care Act (ACA) information returns have been extended. This gives employers extra time to provide the forms to the recipients, and file...
by Royer Advisors | Dec 11, 2024 | Deductions, IRS Regulation, Tax Planning
The IRS 2016 optional standard mileage rates are in. These rates are used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. You can generally deduct actual expenses incurred from driving your vehicle for...
by Royer Advisors | Dec 11, 2024 | Deductions, IRS Regulation, Tax Planning, Tax Preparation
Health Savings Accounts (HSAs) allow individuals and businesses to buy less expensive health insurance policies with high deductibles, and contributions to the accounts are made on a pre-tax basis. The money can accumulate year after year tax free, and be withdrawn...
