Do you need to make an estimated tax payment by September 17th?

To avoid interest and penalties, you must make sufficient federal income tax payments long before your April filing deadline through withholding, estimated tax payments, or a combination of the two. The third 2018 estimated tax payment deadline for individuals is September 17th. If you don’t have an employer withholding tax from your pay, you likely need to make estimated tax payments. But even if you do have withholding, you might need to pay estimated tax. Read More

3 Traditional Midyear Tax Planning Strategies for Individuals that Hold Up Post-TCJA

With its many changes to individual tax rates, brackets and breaks, the Tax Cuts and Jobs Act (TCJA) means taxpayers need to revisit their tax planning strategies. Certain strategies that were once tried-and-true will no longer save or defer tax. But there are some that will hold up for many taxpayers. And they’ll be more effective if you begin implementing them this summer, rather than waiting until year-end.

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A Strategic Plan for Your Charitable Giving

There is nothing more fulfilling than to help others by giving. If you are like most people who donate, it is important that you are not only charitable but also wise. The Internal Revenue Service (IRS) gives anyone a tax break for providing donations to qualified charities. And so, if you give, then you shall also receive something back in the form of a taxable income—effectively lowering your tax bill.

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Be Aware of the Tax Consequences before Selling your Home

In many parts of the country, summer is peak season for selling a home. If you’re planning to put your home on the market soon, you’re probably thinking about things like how quickly it will sell and how much you’ll get for it. But don’t neglect to consider the tax consequences. Read More

Casualty Losses can Provide a 2017 Deduction, but rules tighten for 2018

Casualty Losses can Provide a 2017 Deduction, but rules tighten for 2018

If you suffered damage to your home or personal property last year, you may be able to deduct these “casualty” losses on your 2017 federal income tax return. For 2018 through 2025, however, the Tax Cuts and Jobs Act suspends this deduction except for losses due to an event officially declared a disaster by the President.
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Why You Shouldn’t do your own Business Taxes

In this world where many people love doing DIY, there are certain jobs wherein the DIY approach is not advisable and one of them is to do your business tax. Filing for your business tax should be left alone to the experts due to the complexity of the federal tax rules as well as the constantly changing tax laws.

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Why It’s Never Too Early to Prepare Your Estate Plan

 

 

Estate planning is very important in securing your family’s financial stability especially when you are gone. Unfortunately, so many people do not plan their estate, and this takes a toll on their surviving heirs on how they are to divide and distribute personal properties, investments, and benefits. With estate planning, you can leave your loved ones with peace of mind.

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7 Tips for Early Tax Preparation

The reality is that most people stop thinking about their taxes once they have filed their tax return. The problem with not planning for your taxes is that tracing back your expenses might be a difficult task for the next tax season. Setting up a smart record keeping system is one thing to prepare for the tax season. Below are the top 7 tips to help you with early tax preparation.

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7 Reasons Your Business Needs a Tax Accountant

For some business owners, especially those operating small businesses, hiring an accountant, or more specifically a tax accountant, may feel like an unnecessary expense. Here are some reasons why this is a financial fallacy: Read More

Solar Energy Incentives & Financing for Maryland Businesses

Every business owner wants to cut costs, but wouldn’t it be great if they could also improve the environment.  In addition to energy savings, there are some great tax incentives for converting your energy source to solar. Loan programs are also available to help businesses make this change.

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