Albert E. Bergen, CPA

Posts Tagged ‘ Income Tax ’

Keep Real Estate Out of Your Corporation

Photo of 384 Court Street Auburn, ME 04210

Including the wrong kinds of assets in a corporation can be an expensive mistake. Things that are worth more over time, like investments, collectibles, and especially real estate, should be kept out of a closely-held corporation.  This mistake costs more for C-corporations than for S-corporations, but even  S-corps should be cautious about what assets they hold.  Business real estate…
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Small Landlords Not Required To File Form 1099

Photo of 384 Court Street Auburn, ME 04210

Most small landlords do not need to issue 1099s to contractors they pay in connection with their rentals. Exceptions apply when the rental activity rises to the level of a trade or business.

Tax-Advantaged Plans for Doctors

Tax-Advantaged Savings for Doctors Doctors and other high-earning professionals can be some of the most challenging clients to find tax savings for.  Their incomes are too high for them to claim a lot of common deductions and credits, but because that income comes in the form of wages, they don’t have access to all of…
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Accountant licenses on desk

When it comes to selecting a tax return preparer, it is important to understand his or her credentials.  Albert Bergen is a Certified Public Accountant licensed as both an individual and an accounting firm to practice in the state of Maine. Maine CPAs need to complete 150 or more college credit hours, including at least…
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Pine Tree Development Zone Income Tax Credit

Pine Tree State

Businesses that have been approved for Pine Tree Development Zone (PTDZ) status by the Maine Department of Economic and Community Development are eligible for an income tax credit designed to eliminate their Maine income tax on the additional activity that results from expanding their operations in qualifying industries in Maine.  This can be an extremely…
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