You must start taking mandatory annual withdrawals from your traditional IRAs once you turn age 70½. This includes any simplified employee pension (SEP) accounts and SIMPLE IRAs that you set up as a small business owner. These mandatory IRA payouts are called required minimum distributions (RMDs). And if you fail to take timely distributions there’s  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 »

Is a Simplified Employee Pension (SEP) right for your Maine small business? SEPs are stripped-down retirement plans intended for self-employed individuals and small businesses. Consider establishing a SEP if you don’t already have a tax-favored retirement plan set up for your business, and if you act quickly, you may be able to claim a deduction for  Continue Reading »

The Basics of Section 179 Deductions Under the Protecting Americans from Tax Hikes (PATH) Act of 2015, the Section 179 deduction for qualified real property expenses was made permanent. However, claiming this deduction isn’t a no-brainer. This article will explain some of the pros and cons. The Sec. 179 deduction allows you to write off qualified  Continue Reading »

As many Americans already know, President Trump and Republicans in Congress have vowed to repeal and replace the Affordable Care Act (ACA). In its place, they plan to introduce a more market-based system of health coverage. Here is the one question many people have: How will the replacement plan help individuals without employer-provided insurance buy  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 »

In today’s environment, it’s important for Maine-based small business owners to concentrate on the value of their company and what drives it, especially when considering putting it up for sale. This article is focusing on value drivers for operating businesses, and not businesses that are asset-based, like real estate or securities holding companies. Most commonly,  Continue Reading »

When federal income tax and/or federal employment taxes are withheld from employee paychecks but aren’t handed over to the government, a “100% penalty” can be assessed against a responsible person. The purpose of this Trust Fund Recovery Penalty is to collect withheld but unpaid federal taxes from individuals who had control over an employer’s finances. It got  Continue Reading »

It is a good idea to know the reasons for a valuation to be able to take advantage of situations when it may be beneficial. Some reasons for obtaining a valuation are a necessity, such as for determining the value of the business interest in an estate. Other reasons are more elective, but nevertheless helpful  Continue Reading »

The 21st Century Cures Act was signed into law by President Obama on December 13, 2016. In addition to funding medical research, accelerating cutting-edge treatments for rare diseases and adding significant reforms to the mental health system, the new legislation allows small employers to provide standalone Health Reimbursement Arrangements (HRAs) to employees without paying penalties  Continue Reading »