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...
by Royer Advisors | Dec 11, 2024 | Deductions, Exemptions, Tax Planning, Tax Preparation
There are some tax breaks out there that may be available to small business owners. However, business owners may only qualify if their adjusted gross income is under a certain amount. If a small business owners could qualify, but their income was a little too high,...
by Royer Advisors | Dec 11, 2024 | Business Plans, Tax Planning, Tax Preparation
As a Maine-based small business owners know that they need to be mindful of the tax implications of any decision they make, regardless of the time of year. Here are just five of the tax-smart decisions to make during the year that could significantly reduce tax...
by Royer Advisors | Dec 11, 2024 | Business Plans, Court Rulings, Tax Planning, Tax Preparation
What happens if you’re the owner of a limited liability company (LLC) that generates tax losses, and you don’t spend a lot of time in the activities of the business? The losses might be classified as passive, and your ability to currently deduct them might...
by Royer Advisors | Dec 11, 2024 | Accounting Standards, Tax Planning, Tax Preparation
As a Maine-based small business owner, it’s important to plan all year long to make the most of the tax law. Here are just five of the tax-smart decisions to make during the year that could, if handled properly, significantly reduce tax liability: Should vehicles,...
by Royer Advisors | Dec 11, 2024 | Accounting Standards, Business Plans, Financial Planning, Tax Preparation
When starting a new Maine-based small business, there are a variety of entity choices. Some will be easily ruled out based on the business’ operation. The six basic entities are: 1. A sole proprietorship This is a business owned by one person, who may be the only...
