Market turbulence in 2020 may have wreaked havoc on your investment goals for the year. It probably also highlighted the importance of periodically reviewing your investment portfolio to determine whether adjustments are needed to keep it on track. Now is a good time to take on these five year-end investment tasks. 1. Evaluate Your Investment […]
Tax
Is It Time to Think About Tax-Free Income?
Federal and state governments have spent extraordinary sums in response to the economic toll inflicted by the COVID-19 pandemic. At some point it is likely that governments will look for ways to increase revenue to compensate for this spending and increase income taxes as a result. That’s why it might be a good time to […]
Medicare Open Enrollment for 2021 Begins October 15, 2020
The annual Medicare Open Enrollment Period is the time during which Medicare beneficiaries can make new choices and pick plans that work best for them. Each year, Medicare plan costs and coverage typically change. In addition, your health-care needs may have changed over the past year. The Open Enrollment Period — which begins on October […]
All About Limited Liability Companies (LLC’s)
Limited liability companies (LLCs) are a popular choice of entity for small businesses and investment activities. LLC owners are called members. Single-member LLCs have one owner, although spouses who jointly own an LLC in a community property state can elect treatment as a single member LLC for federal income tax purposes. We will call LLCs […]
Small Business Loans for COVID-19
Maryland has authorized $130 million in loan and grant funding for small businesses and manufacturers that have been negatively impacted by the Coronavirus (COVID-19). This emergency assistance provides interim relief and proceeds that can be used to pay cash operating expenses including payroll, suppliers, rent, fixed debt payments and other mission critical cash operating costs. If […]
ATTENTION: KEEP EYES OPEN AND LISTEN CAREFULLY – CORONAVIRUS SCAMS ALREADY HAPPENING!
Fraudsters and scam artists are always looking for new ways to prey on consumers. Now they are using the same tactics to take advantage of consumers’ heightened financial and health concerns over the coronavirus pandemic. Federal, state, and local law enforcement have begun issuing warnings on the surge of coronavirus scams and how consumers can […]
2016 Business Year-End Update
The De Minimis Safe Harbor election for repairs and capitalization policies increased from $500 to $2500 per item for businesses without audited financial statements. This is a federal annual election that will require a review of client’s record of purchases and business activity each year to determine the amount to elect up to $2500 under […]
Year End Payroll and Form 1099 Information
We want to remind you of some important information to help in this year-end’s tax filings. Please read thoroughly, for there are many important changes. FORM 1099’S Please review your records to determine if any Form 1099’s are required to be prepared and mailed by 1/31/2017 to non-corporate companies (including LLC’s and/or individuals) who provided […]
Am I Having Enough Withheld?
If you fail to estimate your federal income tax withholding properly, it may cost you in a variety of ways. If you receive an income tax refund, it essentially means that you provided the IRS with an interest-free loan during the year. By comparison, if you owe taxes when you file your return, you may […]
Ten Year End Tax Tips
Deductions may be limited for those with high incomes If your adjusted gross income (AGI) is more than $259,400 ($311,300 if married filing jointly, $155,650 if married filing separately, $285,350 if filing as head of household), your personal and dependent exemptions may be phased out, and your itemized deductions may be limited. If your 2016 […]
