by Royer Advisors | Dec 11, 2024 | Deductions, IRS Regulation, Tax Planning, Tax Preparation
Health Savings Accounts (HSAs) allow individuals and businesses to buy less expensive health insurance policies with high deductibles, and contributions to the accounts are made on a pre-tax basis. The money can accumulate year after year tax free, and be withdrawn...
by Royer Advisors | Dec 11, 2024 | IRS Regulation, Tax Planning, Tax Preparation
Virtually all Maine small business owners are frustrated with our current tax system. In fact, five out of today’s Top 10 small business concerns relate to state and federal tax issues, according to the Small Business Problems and Priorities survey released by...
by Royer Advisors | Dec 11, 2024 | IRS Regulation, Tax Planning, Tax Preparation
Changes brought by the Affordable Care Act (ACA) continue to roll in. For affected Maine employers, these changes could mean higher expenses and will add filing responsibilities with the IRS. Background: The ACA has a language of its own, with many new terms employers...
by Royer Advisors | Dec 11, 2024 | Deductions, Tax Planning, Tax Preparation
Have you heard of “Giving Tuesday” yet? On December 1, 2015, many charities used “Giving Tuesday” as a catchy way to launch their year-end fundraising campaigns. It’s a critical time of year for the not-for-profit sector. Historically, a significant amount of...
by Royer Advisors | Dec 11, 2024 | Deductions, IRS Regulation, Tax Planning, Tax Preparation
Many Maine businesses are uncertain how to account for costs to produce, acquire, or improve property, plant and equipment. To address this, in 2013 the IRS issued regulations on capitalizing versus deducting the costs of tangible personal property. In 2014, the IRS...
by Royer Advisors | Dec 11, 2024 | Financial Planning, IRS Regulation, Tax Planning, Tax Preparation
For federal income tax purposes, an unincorporated joint venture, other contractual, or co-ownership arrangement, under which several participants conduct a business or investment activity and split the profits, is generally treated as a partnership. If the joint...
