by Royer Advisors | Dec 11, 2024 | Court Rulings, IRS Regulation, Tax Planning, Tax Preparation, Valuations
Currently under the federal income tax rules, legal expenses incurred by individuals are typically not deductible. Instead, they’re most often treated as either part of the cost of acquiring an asset, such as real estate, or as personal outlays (which are...
by Royer Advisors | Dec 11, 2024 | Court Rulings, Financial Planning, IRS Regulation, Tax Planning, Tax Preparation
Are you a passive investor who isn’t directly involved in a project’s day-to-day operations, or do you materially participate in a business or rental activity in Maine? To help individuals classify income, gains and losses from activities as passive or...
by Royer Advisors | Dec 11, 2024 | Business Plans, IRS Regulation, Tax Planning, Tax Preparation
Businesses in Maine and individuals can buy less expensive health insurance policies with high deductibles with Health Savings Accounts (HSAs). Contributions to the accounts are made on a pre-tax basis, and the money can accumulate year after year tax free. It can...
by Royer Advisors | Dec 11, 2024 | Court Rulings, Tax Planning, Tax Preparation
If you’re considering moving yourself or your business to Maine and making it your permanent home, you’ll want to make sure to establish that the new state is your place of legal residency (also known as your “domicile”) for state tax purposes. Otherwise,...
by Royer Advisors | Dec 11, 2024 | Business Plans, IRS Regulation, Tax Planning, Tax Preparation
If you own an unincorporated small business in Maine, one way to lower your self-employment (SE) tax liability is to convert your business to an S corporation. SE Tax Basics Incomes subject to SE tax include sole proprietorship income as well as partnership income...
by Royer Advisors | Dec 11, 2024 | Deductions, Financial Planning, IRS Regulation, Tax Planning, Tax Preparation
The Basics of Section 179 Deductions Under the Protecting Americans from Tax Hikes (PATH) Act of 2015, the Section 179 deduction for qualified real property expenses was made permanent. However, claiming this deduction isn’t a no-brainer. This article will...
