by Royer Advisors | Dec 11, 2024 | Financial Planning, IRS Regulation, Tax Planning, Tax Preparation
You can currently make extra “catch-up” contributions to certain types of tax-favored retirement accounts if you are age 50 or over. Over time, these contributions can make a significant difference in your retirement-age wealth. What about tax reform?...
by Royer Advisors | Dec 11, 2024 | IRS Regulation, Tax Planning, Tax Preparation
After five years of being stuck at $14,000, the annual gift tax exclusion will be $15,000 per recipient for 2018 — its highest point ever. According to the announcement by the IRS, it’s rising due to inflation. Here’s what the recent increase in the exclusion...
by Royer Advisors | Dec 11, 2024 | Business Plans, Court Rulings, Debt & Financing, Financial Planning, IRS Regulation, Tax Planning, Tax Preparation
When individual taxpayers claim deductions for bad debt losses, the IRS is always skeptical. Why? Losses from purported loan transactions often fail to meet the tax-law requirements for bad debt loss deductions. For example, a taxpayer might try to write off a capital...
by Royer Advisors | Dec 11, 2024 | Deductions, Financial Planning, IRS Regulation, Tax Planning, Tax Preparation
The most significant tax legislation in decades has passed. The new tax reform law is commonly referred to as the “Tax Cuts and Jobs Act” (TCJA). Now Maine businesses and individuals are trying to digest the details and evaluate how the changes will impact...
by Royer Advisors | Dec 11, 2024 | IRS Regulation, Tax Planning, Tax Preparation
Now that the Tax Cuts and Jobs Act (TCJA) has passed, everyone wants to know how much they’ll save. President Trump and Republican members of Congress say the bill will bring $3.2 trillion in tax cuts. Here’s a comparison of how tax results for a typical...
by Royer Advisors | Dec 11, 2024 | Financial Planning, IRS Regulation, Tax Planning, Tax Preparation
For Maine employers, the most immediate concrete change the Tax Cuts and Jobs Act (TCJA) will bring about is new payroll tax withholding rates. Here’s the latest from the IRS: “We anticipate issuing the initial withholding guidance in January reflecting...
