by Royer Advisors | Dec 11, 2024 | Court Rulings, Deductions, Fraud Prevention, Tax Planning, Tax Preparation
Your personal losses resulting from casualties and thefts are allowed to be deducted by the tax law, within certain limits. And a “theft” for tax purposes isn’t strictly limited to house burglaries or stolen cars. However, as you will see from...
by Royer Advisors | Dec 11, 2024 | Tax Planning, Tax Preparation
The dollar amounts allowed for various federal tax benefits are subject to change every year based on legislation and inflation adjustments. Here are some important tax figures for 2017, compared with 2016, including Social Security wage base, qualified retirement...
by Royer Advisors | Dec 11, 2024 | Court Rulings, Financial Planning, IRS Regulation, Tax Planning, Tax Preparation
When federal income tax and/or federal employment taxes are withheld from employee paychecks but aren’t handed over to the government, a “100% penalty” can be assessed against a responsible person. The purpose of this Trust Fund Recovery Penalty is...
by Royer Advisors | Dec 11, 2024 | Deductions, IRS Regulation, Tax Planning, Tax Preparation
Did you know that when your Maine business entertains clients or customers that you can have a good time and still deduct part of the cost when you entertain business clients or customers? Generally, the tax law permits you to deduct 50 percent of the cost of...
by Royer Advisors | Dec 11, 2024 | Business Plans, Financial Planning, IRS Regulation, Tax Planning, Tax Preparation
The IRS issued new guidance in October targeting strategies that are used to exploit the tax benefits associated with partnerships and limited liability companies (LLCs) that are treated as partnerships for tax purposes. In brief, under the new guidance, property...
by Royer Advisors | Dec 11, 2024 | Business Plans, Financial Planning, Tax Planning, Tax Preparation
Here in Maine, what do accounting firms, ski resorts, pumpkin patches and ice cream shops have in common? They’re all seasonal businesses that experience a surge in revenues during their busy seasons that taper off in the slow season. Seasonal peaks and troughs...
