by Royer Advisors | Dec 11, 2024 | Fraud Prevention, IRS Regulation, Tax Planning, Tax Preparation
The deadline for Maine individuals and C corporations to file their federal income tax returns for 2016 (or to file for an extension) was April 18. After all that digging and filling, you may be feeling the urge to purge. It’s important to make sure you...
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 | 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It is planned that the Affordable Care Act (ACA) will be repealed and replaced in the coming months by the Trump Administration and the Republican majority in Congress.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,...
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...
