by Royer Advisors | Dec 11, 2024 | Business Plans, IRS Regulation, Tax Planning, Tax Preparation
You may be thinking about making some charitable donations as the year comes to an end. Here’s a rundown of the potential tax breaks for your generosity. Itemized Deductions While you can claim write-offs for contributions of cash and other items donated to...
by Royer Advisors | Dec 11, 2024 | Financial Planning, IRS Regulation, Tax Planning, Tax Preparation
According to the U.S. Department of the Treasury, the My Retirement Account (myRA) program will be coming to an end, even though it was just created just a few years ago in 2014. As part of the Trump Administration’s effort to slim down wasteful spending where...
by Royer Advisors | Dec 11, 2024 | Deductions, Exemptions, Financial Planning, IRS Regulation, Tax Planning, Tax Preparation
You may be considered part of the “sharing economy” (also known as the Gig or on-demand economy) in Maine if you provide car rides through a mobile app, rent out your spare room using an online platform or repair computers for local businesses on demand....
by Royer Advisors | Dec 11, 2024 | Court Rulings, Deductions, IRS Regulation, Tax Planning, Tax Preparation
In order to deduct an expense as a business expense, it must be both ordinary and necessary. An ordinary expense is one that is common and accepted in your field of business, and a necessary expense is one that’s helpful and appropriate for your business. There...
by Royer Advisors | Dec 11, 2024 | Business Plans, IRS Regulation, Tax Planning, Tax Preparation
You may be eligible for a research tax credit that can now be used to offset your federal payroll tax bill —if your small business engages in qualified research activities. The IRS recently issued guidance that explains how to take advantage of this election. This...
by Royer Advisors | Dec 11, 2024 | IRS Regulation, Tax Planning, Tax Preparation
The IRS recently explained a simplified method for claiming the home office deduction that offers a time-saving option. However, many taxpayers who maintain a home office fare better tax-wise by deducting expenses under the regular method, and others may not be...
