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12 08
Teenagers’ retirement may seem too far off to warrant saving now, but IRAs can be perfect for teens precisely because they’ll likely have many years to let their accounts grow tax-deferred or tax-free. The 2015 contribution limit is the lesser of $5,500 or 100% of earned income. A teen’s traditional IRA contributions typically are deductible, […]
6 08
As business owners, we often do a good job of planning for possible negative outcomes or circumstances. We set aside enough cash flow to weather a downturn in our business, we plan for the tax impacts of profits on the business, we plan for turnover in our staff, etc. This type of planning is important […]
9 07
A very important and interesting article on ID Theft and the IRS. https://tax.thomsonreuters.com/wp-content/private/pdf/CheckpointMarketingForFirms/Checkpoint_SpecialReport_IDTheft.pdf
6 07
Maryland is offering a Tax Amnesty period from September 1, 2015 to October 30, 2015. For more information about whether this applies to your situation we have provided a link below. If you have an old tax problem that you have been ignoring this is the time to get it settled. http://taxes.marylandtaxes.com/Business_Taxes/Business_Tax_Compliance/Tax_Amnesty/Tax_Amnesty_FAQs.shtml
14 03
I met with a client today who had received a notice from IRS and the state of Maryland that he owed more taxes for 2012 due to unreported income. The notice referenced some unreported investment income. The taxpayer recognized that he did not report that income and assumed the tax agencies were correct and paid […]
9 02
We have been made aware of numerous reports regarding issues with TurboTax and other DIY software packages and filing issues. The article below illustrates one such example. http://www.forbes.com/sites/kellyphillipserb/2015/02/06/minnesota-stops-accepting-returns-filed-with-turbotax-cites-fraud-concerns/ We have also been made aware that the FREE version of many of the tax programs is no longer free when you have to start filing out […]
5 02
The new health care law often referred to as Obamacare or the ACA could have a dramatic effect on your tax return. As an example the link at the bottom of this article illustrates the many different impacts your health insurance situation could have on filing your return. Not only could these new laws affect […]
11 12
According to Kiplinger (one of our primary sources for new tax information), all of the major tax provisions that lapsed in 2013 will be extended for 2014. Congress had all year to revive these tax breaks, but as usual they procrastinated and played the political game. The good news is that we believe the following […]
25 11
New Minimum Wage Rules New minimum wage rules will apply in many states including Maryland and West Virginia starting January 1, 2015 and even earlier for certain counties in Maryland. Use the links below for more information and specifics. If you are unsure how this applies to your business please contact us. Maryland Law http://www.dllr.state.md.us/labor/wages/wagehrfacts.shtml […]
20 11
Roth Options In a recent ruling from the IRS… High-incomers can supersize their Roth IRAs. Currently, married filers with adjusted gross incomes below $181,000 and singles with AGIs below $114,000 can contribute up to $5,500 to a Roth IRA…$6,500 if they are age 50 and up. But no contributions are allowed when AGI tops $191,000 or $129,000, respectively. So, those with larger […]