The IRS is backlogged in many of their processing functions, and it is causing serious problems for many of our clients. Some taxpayers still have not received their 2020 refunds for returns they filed back in April. Others are having their 2020 refunds reduced but getting no explanation why. An even bigger problem is the… Continue Reading
Don’t overlook these end of year tax saving moves!
The end of the year is drawing close! Here are some last-minute ideas for saving on this year’s income taxes. Continue Reading
Santa’s Tax Situation Doesn’t Look Good!
If Santa needs a good CPA, he can find one in Jefferson, Maryland. Continue Reading
Many changes to 2019 tax forms!
There are many new lines and changes to the 2019 tax forms. What started as a tax simplification process has evolved into anything but! Continue Reading
New Tax Laws for 2019!
This week I attended a two-day seminar on the new tax laws taking effect for 2019. The sheer number of changes is a little overwhelming. There are new reporting requirements for anyone who files Head of Household status. There is also an expanded due diligence checklist for any taxpayer that claims college expenses, the child… Continue Reading
Experience is the Best Teacher!
I just returned from a three-day retreat for CPA firm owners. It was at the Hotel Hershey in Hershey, PA. At this retreat, small accounting firm owners mentor each other, share with each other and sympathize with each other over the trials of running a small accounting and tax practice in today’s economy. It is by… Continue Reading
Recording Donated Assets on your Books
Business owners record the cost of their physical assets on their books for a variety of reasons. The cost is important for income tax reasons since it is depreciated or deducted over a period of years. In Maryland, the assets of a business, and their costs or values, are reported annually on a Personal Property… Continue Reading
The Business Expo Is Here!
The Brunswick Chamber of Commerce annual Business Expo is this evening. It will be held at the new Brunswick firehall. Our firm has been an exhibitor for the last three years and each year it has been a great experience. This is a great venue to market a small local business like ours. For me,… Continue Reading
A Lack of Documentation can Cost You!
I met with a number of clients in the last couple of months who are very tech savvy and utilize a lot of the current technology available in running their businesses. Some deposit their customer checks by taking pictures of them with their phones. Others track their auto mileage by using the GPS app on… Continue Reading
The IRS does not care what your Divorce Decree says!
Every year at tax time, we encounter a variety of situations relating to divorced spouses claiming their children. In prior years, there were various ways used to justify who claimed which child. Sometimes the spouses agreed who claimed who and sometimes they didn’t. For years, the state court systems would approve divorce agreements that specified… Continue Reading