Mainebiz

W W W. M A I N E B I Z . B I Z 7 A P R I L 2 1 , 2 0 2 5 preventative actions to support reliability and safety of the grid. The company also announced that more than 8,500 cus- tomers will see the benefit of more reli- able service after dozens of new smart devices were installed on the energy grid during the first three months of 2025. L.L.Bean to open Biddeford store this spring L.L. Bean's latest outlet store should be opening in the Shops at Biddeford Crossing retail complex, off Route 111, in May, a spokesman for the Freeport- based retailer told Mainebiz. e 14,500-square-foot store is currently under renovation adjacent to Market Basket. Spokesman Jason Sulham said Bean is leasing the existing building from Tewksbury, Mass.-based DSM Realty. In addition to the flagship and outlet stores in Freeport, Bean has other Maine outlet locations in Bangor and Ellsworth. e outdoor retailer operates 61 stores across the U.S. along with 14 in Canada and 25 in Japan. e new Biddeford location is expected to hire 30 employees. S O U T H E R N Marcus Sibley is going places. Business • Employee Benefits • Bonding • Home • Auto UnitedInsurance.net/Sibley Scan here to learn more. That's why he trusts us to handle Sibley Transportation's insurance so he can focus on growing his business. A S K AC E A n s w e r e d B y M i c h a e l R e e d e r , C P A , R e e d e r C P A G r o u p The Association for Consulting Expertise (ACE) is a nonprofit association of independent consultants who value "success through collaboration." The public is welcome to attend its regular meetings to share best practices and engage with industry experts. For more information go to www.consultexpertise.com. Q: Tax season Is over. What can my company do now to prepare for next year? ACE Advises: The April tax deadline has come and gone. For many business owners, it's a moment of relief — but also a missed opportunity. Tax season should not be the only time you think about your tax strategy. The best planning happens outside of crunch time. Now is when the real work begins if you want to stay ahead of next year's return. If you went on extension this year, good. That decision gives you more time to gather documents, organize your books, and work through any major transactions or funding events that deserve a closer look. Extensions are not red flags—they are planning tools. And if you did not file one but felt rushed, it is something worth considering next year. Here are three things you can do now to stay ahead: 1. Schedule a mid-year tax check-in: Waiting until December to talk to your CPA is too late. A mid-year review gives you time to adjust withholding, take advantage of deductions, or shift your compensation mix if you are an owner-employee. 2. Keep business and personal finances separate: If your books are still a mess, get serious about clean separation. It makes tax prep easier — and it posi- tions you better in the eyes of lenders, partners and buyers. 3. Review your entity struc- ture: If you are an LLC or sole proprietorship, it might be time to explore whether an S Corp or partnership election better supports your goals. A year-round mindset means fewer surprises, more con- trol, and better long-term outcomes. It is not just about minimizing taxes — it is about using the tax code as a tool to grow your business. ACE member Michael Reeder is a CPA and managing partner at Reeder CPA Group. He helps small businesses and entrepreneurs with strategic tax planning, accounting and business development. He can be reached at michael@reedercpagroup.com

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