Great Pine Financial Services

06/18/2026

Small business owners: If you think your income is too high for you to qualify to make Roth IRA contributions, think again. Many owners are eligible without realizing it because of various deductions for the self-employed. A Roth IRA offers potential advantages over tax-deferred accounts. Although Roth contributions aren’t deductible, qualified withdrawals won’t be taxed. And you aren’t required to take withdrawals from your Roth IRA, meaning the account can continue to grow tax-free. Your heirs can also take tax-free withdrawals. For help evaluating your Roth IRA eligibility and developing a long-term retirement strategy that aligns with your personal and financial goals, contact us at (207) 517-0303.

06/17/2026

Small business owners: Tax credits can reduce your tax bill dollar for dollar. But using them isn’t always straightforward. Many business credits fall under the general business credit (GBC), which limits how much you can claim each year and governs how unused credits are carried back or forward. Missteps can mean lost or delayed tax benefits. We help small businesses identify eligible credits, apply the GBC rules correctly and optimize their tax outcomes over time. Contact us at (207) 517-0303 to see whether you’re making the most of the credits available to you.

06/16/2026

U.S. Generally Accepted Accounting Principles (GAAP) is widely perceived as the “gold standard” in financial reporting. However, many businesses supplement their GAAP financials with non-GAAP metrics to help stakeholders make better-informed decisions. For example, earnings before interest, taxes, depreciation and amortization (EBITDA) can provide insight into your business’s cash flow and long-term profitability. Because non-GAAP measures aren’t governed by a single set of accounting standards, calculations can vary significantly. So detailed disclosures are critical for reliable comparisons. Call us at (207) 517-0303 for help presenting your financial results consistently and transparently.

06/15/2026

Do you dream of retiring early? As in, really early? So do adherents of FIRE (Financial Independence, Retire Early). Many FIRE followers aim to retire in their 40s or even 30s! They make it happen by saving at least 50% of their current income, which some maximize by working second jobs. Obviously, this requires discipline and planning. But if early retirement is a priority, call us {Phone%} so we can help you make it happen.

06/11/2026

Certain “small businesses” may qualify for several valuable tax breaks. But different tax provisions use different size tests. For instance, a gross receipts test is used to determine eligibility for cash accounting, simplified inventory rules, the completed contract method, relief from UNICAP requirements and exemption from the business interest deduction limitation. This threshold is adjusted for inflation. For 2026, your business may be eligible if its average annual gross receipts for the prior three-year period were $32 million or less. Call us at (207) 517-0303 for help evaluating your eligibility for these and other tax-saving opportunities based on your business’s structure and operations.

06/10/2026

We're a proud sponsor of Portland Food Map's Midcoast Pocket Guide!

The 2026 Midcoast Pocket Guide is now available—see below for where to pick one up. The guide highlights a cross section of the restaurants, bakeries, breweries, coffee shops, cocktail bars, and cafes that make eating and drinking in the Midcoast so compelling.

28 cities and towns are represented from smaller communities like Union, Palermo and Owls Head along with the bigger cities and towns along the coast and some inland locations like Swanville and Whitefield. The list features both longtime mainstays of the Midcoast food scene and newer spots that have launched in recent years. We hope that no matter where you live or are traveling to in the Midcoast that this guide has something to offer.

Are you holding a wedding, running a business event, operating a hotel, or simply want a bunch of the guides on hand for out of town visitors? The pocket guides are now for sale online in packs of 25 at our online store (link below).

Many thanks to the Pocket Guide sponsors! Their support is essential in making this resource available: Evergreen Credit Union, The Boulos Company, Allagash Brewing Company, and Great Pine Financial Services.

While supplies last you can pick-up a free copy of the guide at these locations: Vessel & Vine in Brunswick, Treats in Wiscasset, The Alna Store, Salt and Pepper Social in Newcastle, Ida’s at The Waldoboro Inn, Honey’s in Thomaston, Cafe Grazie in Rockland, the Villager Cafe in Camden, and Dot’s Market in Lincolnville. In Portland, you can find a copy at Allagash Brewing, the Portland Trading Company, and Total Loss Books. They’re also available at Bresca and the Honey Bee in New Gloucester, and at Table Bar in Gardiner.

One final note: This dining guide wouldn’t be as good as it, in fact it wouldn’t exist at all, without the skills and contributions of graphic designer Sofija Razgaitis and of Dawn Hagin. Congratulate them on their work the next time you see them.

You can purchase packs of the pocket guides here: https://portlandfoodmap.myshopify.com

06/10/2026

Starting in 2026, the tax rules for the personal casualty loss deduction are changing. While the deduction remains limited mainly to disaster-related losses, eligibility is expanding beyond federally declared disasters to include certain state-declared disasters. Because the rules are complicated and additional limits apply, review your situation with us. We can help determine whether you’re eligible for a casualty loss deduction. Contact us at (207) 517-0303.

06/09/2026

Don’t underestimate how overhead costs can affect your business’s profitability. Indirect expenses — such as rent, utilities, insurance and administrative costs — often grow quietly over time. Allocating overhead costs across products, services, projects or clients can provide greater insight into profitability. A disciplined allocation approach can help you identify underperforming products or services, evaluate expansion opportunities, and make better-informed pricing decisions. Reviewing your allocation methods periodically is especially important as labor, technology and operating costs change. Call us at (207) 517-0303 to discuss practical strategies for managing overhead and improving your bottom line.

06/08/2026

It’s almost never too late to start planning for retirement. Whether you already have large 401(k) or IRA balances or are starting from scratch, we can help craft a strategy that reflects your personal situation and addresses your goals. So start thinking about what’s important to you: Building a big nest egg, reducing income tax liability, something else … We’re here to help make it possible!

06/04/2026

Small business owners, beware: Tax identity theft is a costly, ongoing threat. Criminals may file fraudulent returns using a business’s EIN, impersonate executives to steal employee W-2 data, or use forged IRS documents to pose as a business for financial or tax-related activity. Protect your organization by implementing a cybersecurity plan, securing sensitive data, training employees and using technology tools such as encryption and multi-factor authentication. Working with a trusted tax professional is also critical. We can review your risks, recommend safeguards and determine the next steps if something looks suspicious. Contact us at (207) 517-0303 to learn more.