With unemployment at record lows — both here in Maine and across the nation — retaining and attracting employees is a high priority for many business owners. So as the year winds down and you look ahead to 2020, one way you can address this issue is by improving your employee benefits, which may include  Continue Reading »

It’s not uncommon for folks here in Portland and all across Maine to be self-employed. Those who are probably pay the self-employment (SE) tax. But people who do the occasional odd job or only collect income for one-off circumstances may not have to pay the SE tax. If this type of work applies to you,  Continue Reading »

While people are jumping in their cars and hitting the road here in Maine for some summer adventures, you and your small business may be hitting the road in a new vehicle. If you are adding a new car or truck to your business’ fleet, the purchase could qualify for some tax breaks under the  Continue Reading »

The IRS has recently issued proposed reliance regulations that help clarify the new qualified business income (QBI) deduction that was introduced as part of the Tax Cuts and Jobs Act. The guidance is involved and goes on for hundreds of pages. The IRS explained that as part of the proposed regulations, if certain requirements are  Continue Reading »

Of all the changes under the Tax Cuts and Jobs Act (TCJA), one of the biggest is the permanent installation of a flat 21% federal income tax rate for C corporations for tax years beginning after 2017. This new 21% applies equally to personal service corporations (PSCs) that were previously taxed more heavily than other  Continue Reading »

Are your employees having enough money withheld from their regular paychecks? The Tax Cuts and Jobs Act (TCJA) has made a number of significant changes to the tax rules for individuals for 2018 through 2025. Consequently, many taxpayers, in Maine and elsewhere, who previously itemized their deductions are likely to claim the standard deduction starting  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 »