Our Blog

  • Simple Tax Tips Are Sometimes the Best
    by TaxDoctor on February 22, 2024 at 3:47 pm

    People often struggle with record keeping and are typically so busy that they are simply unaware of tools or services that have been developed that could greatly improve the recording of tax deductible expenses, mileage, etc. There are many topics we could cover here, but two that are universal. If you are in business, you have a phone and a car. Cell phones are pretty typical for smaller companies. What we usually see is a personal cell phone bill of about $150-200 a month, and of course the business owner wants to deduct it all. When you start asking questions however, it’s almost always a family plan with the spouse and kids on it, so 80% of the cost and

  • Overlooked Opportunities
    by TaxDoctor on February 15, 2024 at 9:46 pm

    An often overlooked tax savings opportunity comes from not fully understanding how you can use your cars as a deduction on your tax return.  It is very common for people who have a Schedule C sole proprietor type business to claim their mileage on automobiles. But the privilege of using personal deductions on a tax return is not limited to someone who is filing a Schedule C.  For instance, a landlord might own three apartment buildings and file a schedule E on his personal tax return and not feel like he is “self-employed” as he has a full-time W-2 job. However, the use of his personal car on that schedule E is just as deductible as it is for the

  • Charitable Planning for Younger Clients ~ with a Twist
    by TaxDoctor on February 8, 2024 at 6:27 pm

    Often people will have one-time “Income Events” that greatly increase the income tax due in that year. Finding ways to mitigate that additional tax, especially for younger people, can be challenging. In some cases, setting up a Charitable Lead Trust (CLT) in order to receive an upfront income tax deduction might be viable option. A person who has significant and unusual taxable income in a particular year can establish the grantor lead trust and use the charitable income tax deduction to mitigate the impact of taxes in his or her situation. An example might be someone who has received the proceeds from selling a business, or a stock option at work is coming due. A far more common and likely

  • Business Owners Often Paint Themselves Into a “Tax Corner”
    by TaxDoctor on February 1, 2024 at 4:24 pm

    As weather interrupts some parts of the country and business owners have to scramble and fill in the gaps of employees, supplies, deliveries and the like, it’s easy for them to worry about taxes later, after all, there’s “plenty of time.” That often comes back to bite them though, sometimes hard. If they run their business as a sole proprietorship then yes, they have until mid-April to file, and until mid-October if they file an extension.  However, the majority of small businesses under pay tax estimates, if they pay them at all, and the first filing date (mid-April) is when the taxes are due, even with an extension to file. The penalties and interest are based on what’s owed and

  • They Zig, We Zag
    by TaxDoctor on January 25, 2024 at 4:52 pm

    People who are worried about the 10 year rule, requiring beneficiaries of inherited IRAs to withdraw the entire balance within 10 years, can double that time with a CRT beneficiary in front of inheritors.  What if you really have a big IRA and the 10 year rule just isn’t enough of a stretch to help your beneficiary stay out of the top tax bracket?  Or any other reason you care about reducing the negative tax impact from the 10-year rule? You could use other remaining tax rules to your benefit by setting up a charitable trust.  A charitable trust allows the retirement assets to continue growing tax-deferred, even once the assets are distributed from the retirement account into the CRT.

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912 Hudson Rd
Glenburn, ME 04401
Call: 1-207-884-6852
Text Only: 1-207-631-3982
250 Center St, Suite #204
Auburn, ME  04210 
Call: 1-207-884-6852
Text Only: 1-207-631-3982
US Tax Centers

 

912 Hudson Rd.
Glenburn, ME
04401

1-207-884-6852

US Tax Centers

 

912 Hudson Rd.
Glenburn, ME
04401

1-207-884-6852