Nelson v Commr., 2021 “Mary P. Nelson and James C. Nelson appeal the Tax Court’s denial of their petition for a redetermination of a deficiency of gift tax issued by the commissioner of Internal Revenue for the tax years 2008 and 2009. For the following reasons, we AFFIRM.” Facts. Mary Pat and James Nelson sought  Continue Reading »

If you own a small or medium-sized business, it may be eligible for significant tax breaks that aren’t available for larger entities. Here are three examples to consider as you file your tax return for 2021 and plan for 2022. QBI Deduction The qualified business income (QBI) deduction was a centerpiece of the Tax Cuts  Continue Reading »

You may still have time to significantly reduce this year’s business federal income tax bill even with all the uncertainty about proposed tax law changes. Congress is currently considering some tax changes. Here are five possible moves to consider — but stay tuned for developments.    Claim 100% First-Year Bonus Depreciation for Last-Minute Asset Additions Thanks  Continue Reading »

With fall coming up in a couple of months, it’s time to think about “harvesting” capital gains or losses from sales of securities. In addition, unfavorable tax law changes proposed in President Biden’s American Families Plan (AFP) may create an added sense of urgency for some taxpayers. The Basics When you sell securities and other  Continue Reading »

In recent years, energy-efficient tax breaks have enticed many manufacturers to “go green.” At the end of 2020, The Consolidated Appropriations Act (CAA) was enacted, which includes various provisions that expand and improve certain green tax breaks. Here are five examples that could benefit your company. 1. Energy-Efficient Buildings Under prior law, a taxpayer could  Continue Reading »

The American Rescue Plan Act (ARPA) was signed into law earlier this month, providing a massive infusion of much-needed relief to nearly every corner of the American economy — from individuals to businesses to nonprofits to healthcare organizations and state and local governments. If you’re a business or self-employed individual here in Maine, there are  Continue Reading »

As a small business owner, you need to ensure that your compensation reflects what others would receive for performing similar duties in a similar setting. Not only is this important for tax purposes, but it’s needed to determine the value of your business. Total Compensation Package As the business owner, you’re likely to have related  Continue Reading »

After a most unusual, volatile and unprecedented year for Maine businesses, your finances — and tax situation — may be unlike any other “normal” year. Filing your business taxes can oftentimes be stressful, but with the economic hardships of the past year, it can be even more challenging. The silver lining is that there is  Continue Reading »

Every dollar counts, especially as the COVID pandemic continues to create economic uncertainty here in Maine and throughout the country. As tax season arrives, it can be helpful to learn about federal income tax credits that can significantly lower your tax obligations. It’s important to note that tax credits aren’t the same as tax deductions.  Continue Reading »

Ever since the CARES Act was passed in early 2020, many businesses in Maine and across the country have been waiting for additional government action to help handle the economic fallout of the COVID pandemic. After much back and forth — and much delay — the Consolidated Appropriations Act (CAA) was signed into law just  Continue Reading »