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Are you confused about what rules currently apply to meals and entertainment expenses? I don't blame you. The tax treatment of these business-related expenses has had shifting requirements over the last few years. The Consolidated Appropriations Act(CAA), which became law at the end of last year, included a taxpayer-friendly change in these requirements. The law stated that you can write off 100% of the cost of business-related food a...
The Relief Act of 2021 As we told you in our last blog, Governor Hogan recently signed the bipartisan RELIEF Act of 2021, which will provide more than $1 billion in tax relief and economic stimulus funds to Maryland residents, small businesses, and unemployed workers. We talked about how the Act will help small businesses by allowing them to keep the sales tax they collect during March, April, and May - up to $3000 per month. In additio...
Governor Hogan signed the RELIEF Act into law about a week ago. But, the answers to how it's to be implemented are very slowly rolling in. There is one area of immediate relief for some small business owners - Sales Tax Credits. The RELIEF Act has earmarked $200 million to support small businesses with sales tax credits of up to $3,000 per month for three months—for a total of up to $9,000. This relief will directly help more than 5...
Did you know that not all types of businesses have the same filing deadline for their income tax returns? This year the IRS started accepting and processing returns on February 12, 2021. If you haven't filed yet, here are some due dates you should know: Federal Tax Returns If you are a calendar-year partnership or limited liability company with two or more members, Form 1065 for 2020 is due by March 15, 2021. If you are an S corporati...
You probably know that claiming tax deductions and tax credits can help lower the amount of your tax bill, but do you know the difference? Tax Credits vs. Tax Deductions While the end result of deductions and credits may be the same — you pay less in taxes — they work in very different ways. Tax deductions reduce your taxable income, while tax credits directly reduce your tax bill. Tax credits give you a doll...
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Are you tossing and turning at night, unable to sh...
Just submitted your taxes? A sigh of relief, isn't...