by PSA CPA | Feb 1, 2025 |
Itemized deductions can significantly reduce your taxable income, potentially lowering the amount of tax you owe. However, claiming these deductions requires careful tracking of eligible expenses and can be more complex than taking the standard deduction. This guide...
by PSA CPA | Jan 1, 2025 |
If you and your significant other live together but aren’t married, you might share many expenses—and in some cases, one of you may be financially supporting the other. This might leave you wondering: can you claim your boyfriend or girlfriend as a dependent on your...
by PSA CPA | Jan 1, 2025 |
The State of Maryland offers the Homeowners’ Property Tax Credit Program, designed to provide relief to homeowners whose property taxes exceed a fixed percentage of their gross income. This program ensures that property taxes remain manageable for Maryland...
by PSA CPA | Dec 1, 2024 |
Imagine you’re a business owner looking to purchase a dependable, heavy-duty vehicle for your company—perhaps a large truck or SUV. At the same time, you’re concerned about managing your business taxes effectively. Here’s the good news: the IRS Section 179 deduction...
by PSA CPA | Dec 1, 2024 |
Filing taxes is a fundamental responsibility for small business owners, one that demands thoughtful preparation to minimize liabilities and stay compliant. While owners focus on optimizing their tax savings through deductions, credits, and strategic financial...
by PSA CPA | Nov 1, 2024 |
Investing in assets like cryptocurrency, real estate, or stocks can be a strategic way to grow wealth, but it also carries risks. If your investments have taken a hit this tax year, there’s a silver lining: tax loss harvesting. This tax-saving strategy allows you to...
It’s interesting to see how Social Security benefits are taxed differently depending on income and location. I didn’t realize only…