The Tax Cuts and Jobs Act (TCJA) provides new and improved tax incentives for buying new and used business equipment for tax years starting in 2018. Some taxpayers may still see benefits from leasing though. When deciding which way to go, here are some important considerations. Pros of Buying The primary advantage of purchasing and  Continue Reading »

Small business owners are often looking for additional ways to lower their taxes. One simple and effective tax planning technique that is available thanks to the Tax Cuts and Jobs Act (TCJA) is to purchase a “heavy” vehicle, work from a qualifying home office, and keep detailed business expense records. This opportunity will be available  Continue Reading »

Many state legislatures are now in session. One of the major issues that state lawmakers face this year is whether to conform their state income tax systems to the many changes included in the Tax Cuts and Jobs Act (TCJA). Some states are giving consideration to, or have already adopted legislation to address the following key  Continue Reading »

The one thing that never changes is that life is always changing. The Tax Cuts and Jobs Act (TCJA) has made huge changes to the federal income tax rules for individuals. But how will you, your family, and your business be affected? It depends on your specific circumstances. Major life changes, both personal and business,  Continue Reading »

The Affordable Care Act (ACA), enacting in 2010, has been controversial since the start. The latest legal attack raises the question as to whether insurance carriers will continue to be required to issue coverage with individuals no matter their pre-existing medical conditions, and how much pricing flexibility carriers may have based on a covered groups  Continue Reading »

Summer jobs remain an effective way for kids to learn about fiscal responsibility, save for college or even retirement, and supplement their spending money for the next school year. If you’re a Maine business owner, think about hiring your child or grandchild as a legitimate employee. Under the Tax Cuts and Jobs Act (TCJA) it  Continue Reading »

The U.S. corporate tax rate has historically been among the highest in the world. The DPAD (domestic production activities deduction) was created by Congress years ago to help even out the playing field between American manufacturers and their competitors operating in countries with lower tax rates. Before the Tax Jobs and Cuts Act (TCJA), C corporations  Continue Reading »

Bitcoin has been around for almost 10 years. But the tax rules associated with “virtual currency” are constantly evolving. In 2018, tax matters will become even more complicated for because relevant provisions of the Tax Cuts and Jobs Act take effect starting in 2018. This is what you should know about the brave (relatively) new world  Continue Reading »

The Tax Cuts and Jobs Act (TCJA) introduced a flat 21% federal income tax rate for C corporations for the 2018 tax years and beyond. Previously, profitable C corporations paid up to 35%. This news has caused many business owners in Maine and elsewhere to ask: What is the best choice of entity for my start-up  Continue Reading »

The first-year depreciation deductions for vehicles used more than 50% for business purposes has been expanded by the Tax Cuts and Jobs Act (TCJA). Here’s what Maine small business owners need to know to take advantage. Depreciation Allowances for Passenger Vehicles The TCJA dramatically and permanently increases the so-called “luxury auto” depreciation allowances for new  Continue Reading »