There’s still time to take steps to significantly reduce your Maine business’s 2017 income tax bill and possibly lay the groundwork for tax savings in future years. Here are five year-end tax-saving ideas to consider, along with proposed tax reforms that might affect your tax planning strategies. 1. Juggle Income and Deductible Expenditures If you  Continue Reading »

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 be severely restricted by the passive activity loss (PAL) rules.  Continue Reading »

Many Maine-based small business owners know some of the theory behind business valuation, but they might not know all of the procedures involved in the analysis and preparation of a report.  Clients and attorneys who understand how the valuation process works are better equipped to anticipate their experts’ needs and appreciate why valuators need to  Continue Reading »

Many employers in Maine believe their employees expect to work past age 65. A recent survey by the Transamerica Center for Retirement Studies states that one reason for staying on the job longer is that so many older workers experience a shortfall of retirement savings. Another is that many employees don’t want to go cold turkey on  Continue Reading »

The business valuation profession has undergone a large transformation since the 1980s, developing from a rudimentary process into a highly sophisticated mix of art and science. Even so, many small business owners and investors fail to understand the valuation process and its results. Here are some common business valuation myths and the underlying truths. Myth:When  Continue Reading »

You may be thinking about making some charitable donations as the year comes to an end. Here’s a rundown of the potential tax breaks for your generosity. Itemized Deductions While you can claim write-offs for contributions of cash and other items donated to charitable organizations, such as United Way and Goodwill, what you might not  Continue Reading »

Could your data be hacked? Unfortunately, every organization is vulnerable to cyberattacks today. There are plenty of examples. In September, Equifax reported a data breach that exposed the credit histories and other information of 145.5 million Americans. Shortly thereafter, the Securities and Exchange Commission (SEC) reported a hacking incident that occurred in 2016. Individuals and lawmakers  Continue Reading »

Considering selling real estate in Maine before the end of the year? Most likely you hope to entice a qualified buyer who has plenty of cash on hand. But being open to the idea of an installment sale may help you seal the deal, and fortunately, installment sales also offer tax savings for sellers. Here’s how  Continue Reading »

A federal income tax credit called the Work Opportunity tax credit (WOTC) is available to businesses that hire members of certain “targeted” groups. Here’s how your business may be able to benefit from this potentially lucrative tax break. The Basics Businesses are encouraged by the WOTC to hire from certain categories of workers who face significant  Continue Reading »

In today’s complex business world, shareholder disputes can be quite common. These disputes can be divisive, long-lasting and expensive, and can arise in almost any privately owned business. Some of the more common types of lawsuits that may be filed against controlling shareholders are: Dissenters Rights Actions Some state laws may give corporate shareholders the right  Continue Reading »