Maine Bean Counters

07/15/2026

Good news for those with business mileage! The IRS has increased the business mileage reimbursement rate from $.725/mile to $.76/mile as of July 1, 2026.

The charitable mileage rate remains the same at $.14/mile.

Medical mileage has increased from $.205/mile to $.235/mile

06/30/2026

The basics of the Augusta Rule:

This is a great strategy for some people and one that I use personally. The basics:

1) You rent your primary residence or vacation home for up to 14 days.
2) You are not required to claim the income.
3) You cannot claim the expenses either.

It's basically tax-free rental income for 14 days or less. Two key ways to use this:

1) If you own a small business, hold a company meeting at your primary residence and have the business rent the house for the day. The business gets the expense, and you don't claim the income. My company rents my home 4 - 6 times/year.

2) You own a vacation home that you'd rather not rent out long-term. You rent it for up to 14 days. This brings in money to cover expenses, and you aren't required to claim the income.

There's a little more to it, but that's it in a nutshell.

03/25/2026

Big news in the crypto world! The SEC has clarified its treatment of crypto assets. This should lead to wider adoption on Wall Street and Main Street. More details in our latest blog.

https://www.mainebeancounters.com/blog/the-biggest-crypto-news-in-8-%c2%bd-years

The SEC released guidance on crypto assets that changes everything! We cover the new categories and the tax implications in this blog.

03/04/2026

An S Corp can provide great tax savings, but only if used properly. Not every small business should be an S Corp (despite what social media tells you).

Here's a basic breakdown of the S Corp tax savings and a rule of thumb for when it might make sense.

Do you have an LLC that's earning a good profit? There's a simple way for you to reduce taxes every year by making one small change.

02/24/2026

Are you reporting your rental income correctly? Is your rental property a business?

The answer to the second question isn't up to how you feel about it. The IRS has particular language that addresses if your real estate business is actually a business.

This article addresses which IRS form to use in which situation.

https://www.mainebeancounters.com/blog/schedule-c-vs-schedule-e-for-rental-properties

Your rental property income and expenses can be reported on Schedule C or Schedule E. But which one should it be and why?

02/19/2026

Talking to a tax strategist could have saved him from a $77,000 headache.

This simple and common mistake could have been avoided with a simple call to our office and a conversation with one of our tax strategists. A 48-year-old client got divorced last year, which required the sale of the marital home. He then cashed in $257,000 of retirement funds to help with the purchase of a new home. He didn't read the paperwork or talk to a tax strategist, so the company withheld 10% federal and 5% for the state.

You know where this is going: 10% is the amount of the early withdrawal penalty, so he effectively had 0% withheld for federal income tax. Adding $257k of income to the rest of his income, changing his filing status from MFJ to Single, and not having enough withheld for the state resulted in the client owing in excess of $77k.

What would I have done if he called me (glad you asked)

1) Run the numbers so he knows what the tax hit would be

2) Suggest he purchase a less expensive home

3) Consider renting

4) Discuss the long-term impact of this huge hit to his retirement account

Don't make a mistake like this. Reach out to our office and talk with a tax strategist today.

02/10/2026

Looking for a creative way to be charitable? We've got a pile of options for you in this latest video, including something new for 2026!

Giving to charity is a double blessing: the charity receives funding and you get the benefit of a tax deduction while feeling good about supporting your favo...

01/27/2026

It's not too late to save on your 2025 taxes! Here are 16 things you can do to reduce your 2025 liability or increase your refund.

2026 is here, but it's not too late to make tax moves that will impact your 2025 return.Reach out to the Tax Strategists at Management Accounting to schedule...

01/22/2026

If you're a real estate investor, you've heard about REPS status. While it's great for some people, it's a disaster for others. We dig into the challenge with REPS status in our latest video.

REP Status is great for some people and terrible for others. Here's 13 things you need to know before working towards REPS status.

01/15/2026

More than 35 years ago, I had an epiphany about real estate that would change the way I invest. Watch our latest video to learn more!

https://youtu.be/A5fEGaNHDwI

I had an epiphany about real estate at 12 years old that would change the way I invested 30 years later.Revealed in three phases, this epiphany can change yo...