You may be eligible for a research tax credit that can now be used to offset your federal payroll tax bill —if your small business engages in qualified research activities. The IRS recently issued guidance that explains how to take advantage of this election. This relatively new privilege allows research credits to benefit small businesses that may  Continue Reading »

Maybe your Maine-based small business is ready to move to a bigger location, and you are interested in obtaining a commercial lease. A commercial real estate lease, like any other contract, can be negotiated. Do not use or accept a form lease submitted to you by another party. The lease should be slanted so that you  Continue Reading »

When considering the value of your Maine-based small business, you may not have considered what standard is used in the determination. It can be a fairly important question that affects how the valuation turns out. Any qualified valuation report should state the standard of value used in determining the value in the very beginning of  Continue Reading »

You may have expertise in marketing, production and sales, like other business executives. Yet the short and long-term profitability of your Maine small business relies on strategic planning that looks at marketing, production and sales from several different angles. Even successful companies rely on outside business expertise to help with these issues and more. It’s best  Continue Reading »

As a Maine-based small business owner, you may be wondering how much can be deducted on your tax return for vehicle expenses. There are two basic ways to figure this out: The first is the standard mileage method. This provides a basic deduction for mileage and provides built-in depreciation. For 2017, the mileage rate is  Continue Reading »

Businesses in Maine and individuals can buy less expensive health insurance policies with high deductibles with Health Savings Accounts (HSAs). Contributions to the accounts are made on a pre-tax basis, and the money can accumulate year after year tax free. It can also be withdrawn tax free to pay for a variety of medical expenses  Continue Reading »

Recently, the U.S. Tax Court ruled that federal law doesn’t prohibit an employer from receiving information on whether workers paid tax on the income when the employer is looking reduce its tax liability on misclassified workers. Background on the Ruling In order to lower costs and administrative burdens, businesses often prefer to treat workers as independent  Continue Reading »

Let’s say that Maine Delicious Lobster Company loses its contract to deliver lobster for its primary customer, Good Maine Sandwich Company. Furthermore, the contract loss was due to an alleged breach by Good Maine Sandwich Company. The lobster company sues the sandwich company for damages. Or wait, should Good Maine Sandwich Company sue for loss of business value?  Continue Reading »

You’re probably fed up with high self-employment (SE) tax bills if you own a profitable, unincorporated Maine business with your spouse. Typically, an unincorporated business in which both spouses are active is treated as a partnership that’s owned 50/50 by the spouses — or a limited liability company (LLC) that’s treated as a partnership for  Continue Reading »

Operating in today’s business world can sometimes seem like you’re navigating a legal minefield. You must be aware of, and comply with, numerous laws and regulations. A misstep can result in expensive and time-consuming legal challenges. Filler & Associates have listed below eight legal risks facing businesses. Remember that many states and localities have additional  Continue Reading »