tax reform

March 6, 2019 | Juanita Farmer, CPA

Four Tax Deductions that Disappeared in 2018

Tax reform eliminated a number of deductions that many taxpayers counted on to reduce their taxable income. Here are four that could affect you. 1. Personal Exemptions Personal exemptions enabled individual taxpayers to reduce their taxable income in addition to the standard deduction, but were repealed for tax years 2018 through 2025. While the standard […]

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January 26, 2018 | Mitti Hicks

What Does Federal Tax Reform Mean for Marylanders?

So what exactly does the GOP’s Tax Cuts and Jobs Act of 2017 mean for Marylanders? “It’s complicated,” according to Maryland Comptroller Peter Franchot. “This tax law is the biggest change to the nation’s economy in my lifetime,” he said. “We know it’s a significant tax cut for most Maryland taxpayers.” Franchot said the new […]

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January 24, 2018 | Mark Avallone, MBA, CFP®, CRPS®

How Tax Reform May Impact Near-Retirees And Retirees

The Tax Cut and Jobs Act of 2017 lowers income-tax rates for all tax brackets, especially for high earners, and raises the estate-tax exemption—both of these changes benefit the wealthiest Americans. While the wealthy are clear winners, the vast majority of Americans will pay the same or less in taxes for more than one reason. […]

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December 11, 2017 | Mitti Hicks

Some Residents Worry About GOP Tax Plan (VIDEO)

In a sit-down meeting with Maryland Senator Ben Cardin (Md-D), Nancy Suniewick of Silver Spring expressed concern over the tax reform bills passed recently by the Senate and the House. Both bills aim to eliminate the state and local tax reduction. According to the Tax Policy Center, state and local income and real estate taxes […]

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October 18, 2017 | Mark Avallone, MBA, CFP®, CRPS®

The Economic Impacts Of Recent Hurricanes And Tax Reform

The release of the September jobs report, which showed a net decline of 33,000 jobs, has caused some concern that the U.S. economy might be slowing. However, a closer look at the data shows otherwise. In the same report, we saw the nascent trend of wage growth continuing. For the past twelve months, average hourly earnings […]

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June 7, 2017 | Mark Avallone, MBA, CFP®, CRPS®

May- Here’s To Your Wealth

In A Tale of Two Cities, Charles Dickens famously writes “it was the best of times, it was the worst of times.” Today, depending on where you get your news, you might agree with either perspective. While some channels and websites report chaos, collusion, corruption, and ineptitude, others report a picture of leadership, reopened factories, promises […]

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