Blog
Have you ever wondered about the difference between standard and itemized deductions? You're not alone! I recently discussed a trend our office has seen over the last several years. Taxpayers who had always itemized are now taking the standard deduction. A gentleman raised his hand and said, "I hate to admit it, but I'm not sure I really know the difference between standard and itemized deductions." I've always said that if one pers...
*Updated 11/26/24 Let’s face it—tax season doesn’t exactly spark joy. But here’s the thing: when you take a little time to organize your financial records, it can save you so much stress (and money) down the line. I can’t count how many times I’ve seen disorganized records lead to missed deductions, filing mistakes, or penalties. On the flip side, organized records make tax planning so much easier and, dare I say it, even...
Worker classification is important because it determines if an employer must withhold income taxes and pay Social Security, Medicare taxes, and unemployment tax on wages paid to an employee. Businesses normally do not have to withhold or pay any taxes on payments to independent contractors. The earnings of a person working as an independent contractor are subject to self-employment tax The general rule is that an individual is an indepe...
Small businesses are constantly concerned with cash flow. One of the areas that can have a negative impact on your cash flow, is undermanaging the seemingly “little” expenses. Here are some areas you should keep an eye on throughout the year. Although it may seem like pennies on the dollar, saving on these expenses can make a difference in how successful your year is. Credit Card Fees Have you reviewed what you are paying in c...
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...
Maryland's Family and Medical Leave Insurance prog...
You support a cause you care about, receive a than...
A one-time job has a funny way of becoming a few m...
It has been cold lately. The kind of cold where al...
Ken and I went to see Chicago the musical last wee...