by Royer Advisors | Dec 11, 2024 | Accounting Standards, Business Plans, Tax Planning, Tax Preparation
Have you procrastinated in setting up a tax-advantaged retirement plan for your Maine-based small business? If so, you are paying income taxes that could easily be avoided and putting your retirement financial situation at risk. You can set things right by taking...
by Royer Advisors | Dec 11, 2024 | Business Plans, Deductions, Tax Planning
When you take out personal loans to buy a Maine-based small business, you want to maximize the tax write-offs for the resulting interest expense. The tax law in this area can seem complicated. But if you do some research ahead of time and talk with Filler &...
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, Tax Planning, Tax Preparation
In a previous article, we discussed the benefits of S-corporations for your Maine-based small business. Here we’ll delve further into the idea of S corporation conversion, as the federal self-employment (SE) tax doesn’t apply to earnings from an S corporation...
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...
by Royer Advisors | Dec 11, 2024 | Business Plans, Financial Planning, Tax Planning
If you are thinking about converting your C-corporation into an S-corporation, you must plan ahead to avoid owing a substantial tax on gains recognized for 10 years following the conversion. The built-in gains (BIG) tax rate is the highest corporate tax rate,...
