This new act provides assistance to Marylanders who received unemployment insurance benefits during 2020 and 2021 or have been in adjudication for at least 30 days.
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Every once in a while, we find a “sticky wicket” in the tax laws. This is one of those.
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Congress passed some new Charitable Giving Provisions in the March Cares Act to make charitable giving more attractive
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Under the Cares Act of 2020, we have been given a one-year opportunity to make a difference for a nonprofit of your choice while minimizing your tax liabilities.
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There are several changes that this new legislation has made:
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These have been put in place to protect taxpayers from mistreatment by IRS.
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Your deduction for gifts to business customers and clients is limited to $25 per person per year.
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The following special tax provisions can help seniors save on their taxes.
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Beginning with the 2018 tax return, you can claim a $500 non-refundable credit for each eligible dependent for whom the child tax credit cannot be claimed.
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The following expenses are deductible from rental income on Schedule E of Form 1040
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A wash sale is one where you sell a security to take a loss and then buy it back in less than 30 days.
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If you have a small passthrough business (Sole proprietor, LLC, or Sub S) and have a profit in 2018 you may be eligible…
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For the tax filing year 2018, there are no changes. Therefore, if you pay alimony to a former spouse…
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If you know that you have been scammed and that your personal information has been compromised please tell the IRS.
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When selling rental real estate, it is important to figure out the basis of the property.
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If you own a business and work out of your home, you can deduct the space used exclusively for the operation of the business.
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All tax records and copies of your tax return should be kept together for at least three years. The IRS can go back three years to audit your return or just send an inquiry.
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The new tax law completely disallows any deductions for entertainment and now says that all meals must be otherwise deductible.
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Beginning in the tax year 2018, strict limitations have been put upon the deduction of real estate and state personal income taxes paid during the year.
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These are two concepts that are frequently misunderstood. Both have differing impacts on your current and future tax liabilities.
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