Blogs
Is Canceled Debt Taxable?
It's great news if a creditor forgives your debt, isn't it? Such a cancellation of debt typically occurs when the statute of limitations on...
Crypto Staking Taxes for 2024
What is crypto staking? Staking is the process by which cryptocurrency holders participate in the validation of blockchain transactions. Staking...
What Are Deferred Tax Assets and Deferred Tax Liabilities?
Standard accounting and tax accounting methods require different methods. If you are expecting to receive a payment, you may be required to pay...
Understanding Your Withholding Allowance on Your Form W-4
If you've filed your taxes, you may be wondering what to anticipate and what steps you need to take next. One of the most important steps you can do...
Guide to Social Security Taxes
Social Security benefits, which offer a safety net to guarantee financial stability throughout your golden years, are essential to the retirement...
Why You Should Hire a CPA for your Small Business
Every small business owner eventually becomes concerned about their company's tax ramifications, as well as the need to manage accounting and other...
Tax Deductions for Independent Business Consultants
As a self-employed business consultant, you probably assume a variety of positions and titles. Your clients count on your industry knowledge to...
How to Go About Filing an Amended Return
Let's say you submitted your tax return by the deadline, but in June you discovered you neglected to include revenue from a freelancing job last...
How to Itemize Taxes When Claiming Dependents
Claiming dependents and itemizing deductions is an efficient approach to reducing your income taxes. Each dependent you claim reduces your taxable...
The Educator Expense Tax Deduction
The main tax relief for teachers is the Educator Expense Deduction. To qualify for the Educator Expense Deduction in any given year, you must...
Tax Credits for Parents: What You Need to Know
Raising a child can of course be expensive, including the cost of child care, basic living expenses, and college tuition, and these prices are...
Are Political Contributions Tax Deductible?
When election season arrives, it may appear like news and commercials regarding political campaigns, candidates, and elections are ubiquitous. If...
Changes You Can Make Now to Prepare for Next Tax Season
Let's all breathe a collective sigh of relief now that this year's tax return has been filed. But now that this year's filing is done, what might...
How Your Summer Plans Could Impact Next Year’s Tax Return
Let's be honest - tax preparation isn't at the top of anyone's summer to-do list. But consider this! When planning fun summer activities or making...
Late on Your Taxes? File Now to Prevent Higher Penalties
Penalties for late filings and payments The IRS applies late filing penalties when taxpayers fail to submit or pay their tax returns on time. The...
Which Documents To Toss -And Which to Keep!
The IRS generally has three years to audit a tax return, beginning with the later of the return's due date or the day you submit. You can also file...
Comptroller Lierman provides temporary relief for Maryland business taxpayers following the Key Bridge collapse.
Comptroller Brooke E. Lierman has stated that the Office of the Comptroller will waive late payment penalties and interest for Maryland businesses...
How Married Filing Separately Can Save You Taxes
Filing jointly or separately The IRS deems taxpayers wedded if they are legitimately married under state law, reside together in a state-recognized...