Business and Tax News
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...
2023 Tax Rules and Tips for Cost Effective Charitable Giving
At a time when so many people want assistance, there are still several fiscal and charitable advantages to giving back. When planning out their...
Tips For Filing an Amended Return
So, you submitted your tax return on time and intended to forget about taxes for another year. But you've recently uncovered an error on your...
Qualified Business Income Deduction (QBI): What Is it and Who Qualifies?
What is the qualified business income deduction? The Qualified business income deduction (QBI) allows self-employed and small-company owners to...
Tax Basics for Teens: Filing Your First Tax Return
Are you doing your taxes for the first time this year? Filing an income tax return for the first time might be intimidating. The good news is that...
Sole Proprietorship Taxes: What You Need to Know
Sole proprietorship taxes differ from other business entities, such as corporations, in that the business is not taxed separately from the owner....
HSA Taxes, FSA Taxes & How They Work in 2023-2024
Medical expenditures may be quite costly. However, two special accounts, the health savings account (HSA) and the health flexible spending account...
Can I Claim My Boyfriend or Girlfriend as a Dependent on My Tax Return?
If you and your significant other live together but are not married, you most likely share numerous expenditures, and one of you may even...
How to Handle Taxes When You’re Self Employed
How to treat the home office deduction Many people who work for themselves do so from home. If that describes you, you are probably familiar with...