I’ve previously written a blog post about the pitfalls of incorporating too early. Incorporating too early can be a costly mistake, but so can including the wrong kinds of assets in a corporation. Assets that tend to go up in value, such as real estate, investments, and collectibles rarely belong inside of a corporation. This […]
The decision to incorporate is often one of the first choices new business owners makes, even before they’ve drafted a business plan or secured start-up capital. In many cases, this can turn out to be a costly mistake. While it’s true that incorporating a profitable business can sometimes yield tax savings, most businesses lose money […]
There are a number of tax benefits available to college students. While these benefits tend to be small compared to the cost of full-time enrollment in a private university, they can still account for a pretty big piece of tuition at Maine’s state universities or community college system. This can be especially true for students […]
Qualified tuition plans, more commonly known as 529 plans, offer parents and other relatives a tax-advantage way to save money for college. Taxpayers can fund a 529 plan only with after tax dollars, but the money in the plan grows tax-free, and can be withdrawn tax-free if used for qualifying educational expenses.