Archive for Category: Taxes

5 Tax Tips for Self-Employed Individuals

In today’s world, workers in the gig economy and freelancing are more common than ever. However, are you really on the hook for paying taxes when you deliver a few pizzas on a Friday night? Do you have an obligation to file and report the income if you are...

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How the American Rescue Plan Affects Form 1099-K

The American Rescue Plan brought many different changes to businesses, and one of the things that is changing is the Form 1099-K reporting threshold for third-party settlement organizations. The old rule, which remained the rule for the 2020 and 2021 tax years, centered around a $20,000 minimum per 200...

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So when are my taxes due?

Recognizing that the current tax season continues to be a tough time for many people due to the unusual circumstances related to the COVID pandemic, the IRS announced last week that the tax deadline for individual taxpayers was automatically extended from April 15, 2021 to May 17, 2021. This...

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Maryland Deadline Extension

Maryland announced yesterday an extension of the tax income filing deadline for individuals, pass-through entities, fiduciary, and corporate income tax returns that would have been due March 15 or April 15, 2021. This extension also includes the deadline for the first and second quarter estimated payments that are now...

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Stay on Track with Your Business Taxes

Failure to pay business taxes punctually or accurately is usually due to inadequate preparation. The following daily, weekly, and monthly tasks will help you keep your finances in order and avoid paying tax penalties: Daily Accounting Responsibilities 1.     Check Account Balances Check your business bank account and credit card...

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