2024 Year-End Tax Tips
Here are some things to consider as you weigh potential tax moves between now and the end of the year. 1. Defer income to next year Consider opportunities to defer income to 2025, particularly if you think you may be…
Year-End Tax Tips for 2021
As we wrap up 2021, it’s important to take a closer look at your tax and financial plans. This year likely brought up questions that significantly impact your personal and financial situation. Now is the time to work on your current tax strategies to make sure…
Client Alert: Revised Maryland Tax Forms are Available
All individual tax forms have been revised and are ready to use for Maryland's 2020 tax year. Taxpayers who have been waiting for the revision of forms to amend their taxes to take advantage of an unemployment insurance subtraction can…
Is my Maryland (MD) unemployment income/benefits taxable in 2020?
ALERT: If you received unemployment income/benefits in 2020, and have already filed your taxes, you will most likely be due a refund. Contact us if you find yourself in this situation as the corrected Maryland tax return forms were not…
Teachers Can Deduct COVID-19 Supplies on Tax Return
Eligible teachers can write off their expenses for coronavirus protective items that will help stop the spread of COVID-19. The IRS has just issued guidance under which teachers can deduct unreimbursed expenses for protective items thanks to the COVID-Related Tax Relief Act that was…
2019 IRA Contribution Deadline Has Been Extended
Due to the coronavirus tax filing extension, there's still time to make a regular IRA contribution for 2019. You have until your tax return due date (not including extensions) to contribute up to $6,000 for 2019 ($7,000 if you were…
There’s Still Time to Contribute to an IRA for 2019 Taxes
Even though the tax filing season is well underway, there's still time to make a regular IRA contribution for 2019. You have until your tax return due date (not including extensions) to contribute up to $6,000 for 2019 ($7,000 if…
Year-End Tax Tips for 2019
Immediate and Long-Term Tax Planning Tips Over the last two years, we have seen many individual tax changes that may have reduced some deductions, increased others and dramatically changed your tax return. There are still a number of tax planning…
Should I Itemize or Take the Standard Deduction on my 2018 Tax Return?
If you live in the State of Maryland and several other high income tax states you may have a higher tax liability by taking the higher standard deduction under the new 2018 tax law (Tax Cuts and Jobs Act -…
New tax bill expands use of 529 Plans to private school tuition
URGENT call to action by 12/31 – new tax bill expands 529s As you may know, the U.S. Congress passed a tax reform bill that was signed into law by the President yesterday. Included in the law is a provision…