by Royer Advisors | Dec 11, 2024 | Tax Planning, Tax Preparation
Does your Maine business offer health insurance and group-term life insurance, as well as an array of fringe benefits to its employees? While there are certain requirements, these fringe benefits are generally deductible by the company and tax-free to the employees as...
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It is planned that the Affordable Care Act (ACA) will be repealed and replaced in the coming months by the Trump Administration and the Republican majority in Congress.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...
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...
by Royer Advisors | Dec 11, 2024 | IRS Regulation, Tax Planning, Tax Preparation
This year, the IRS Whistleblower Office is celebrating its 10-year anniversary. The office was created under the Tax Relief and Health Care Act of 2006 to oversee the IRS whistleblower program, which is a critical part of overall enforcement and compliance. Informants...
by Royer Advisors | Dec 11, 2024 | Financial Planning, Tax Planning, Tax Preparation
Is a Simplified Employee Pension (SEP) right for your Maine small business? SEPs are stripped-down retirement plans intended for self-employed individuals and small businesses. Consider establishing a SEP if you don’t already have a tax-favored retirement plan...
