taxes

May 28, 2021 | Juanita Farmer, CPA

Blog: Avoiding Tax Surprises When Retiring Overseas

Are you approaching retirement age and wondering where you can retire to make your retirement nest egg last longer? Retiring abroad may be the answer. But first, it’s important to look at the tax implications because not all retirement country destinations are created equal. Taxes on Worldwide Income Leaving the United States does not exempt […]

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May 18, 2021 | Juanita Farmer, CPA

Blog: Common Errors To Avoid When Filing a Tax Return

While not all mistakes on tax returns cause delays in refunds, some do. As the May 17 deadline approaches, it pays to steer clear of the 10 tax return errors listed below. 1. Not using electronic filing. While this isn’t necessarily a mistake per se, electronic filing is the best way to cut the chances for […]

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May 17, 2021 | Andrea Sarralde

Mayo 17: Fecha Límite Impuestos Federales; Julio 15: Impuestos de Maryland

El 17 de mayo es la fecha límite para presentar la declaración de Impuestos federales al (IRS) Servicio de Rentas Internas, para el año fiscal 2020. Faltan dos meses para la fecha límite de impuestos de Maryland, que es el 15 de julio. Anteriormente, el 15 de abril era el día límite para los impuestos […]

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May 17, 2021 | Suzanne Pollak

Monday is Federal Tax Deadline Day; Maryland Taxes Due July 15

Monday according to the National Today website is National Cherry Cobbler Day, National Do Something Good for Your Neighbor Day, National Graduation Tassel Day and National Walnut Day. It also happens to be the day federal income taxes are due. May 17 is the Internal Revenue Service’s filing deadline for the 2020 tax year for […]

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May 12, 2021 | Alvin Carlos, CFA, CFP®

Blog: 6 Strategies to Reduce Your Taxes

To significantly reduce your taxes now and in the future, you need to plan ahead. There are several strategies you can adopt to lower your tax bill. When I was studying for the Certified Financial Planner™ certification, I was amazed at the volumes of strategies we are allowed to take to reduce our tax bill. […]

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May 11, 2021 | Juanita Farmer, CPA

Blog: 8 Tax Return Tips for Last-Minute Filers

When it comes to working on your taxes, earlier is better, but many people find preparing their tax return to be stressful and frustrating and wait until the last minute. Complicating matters this year is tax reform and the newly redesigned Form 1040. If you’ve been procrastinating on filing your tax return this year, here […]

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April 30, 2021 | Juanita Farmer, CPA

Blog: Coronavirus-Related Distributions and Loans

The Coronavirus, Aid, Relief, and Economic Security (CARES) Act made it easier to access savings in IRAs and workplace retirement plans for those affected by the coronavirus. This relief provided favorable tax treatment for certain withdrawals from retirement plans and IRAs, including expanded loan options. Distributions: Certain distributions made from Jan. 1, 2020, through Dec. 30, […]

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April 26, 2021 | Gracie Tanner

City of Takoma Park Proposes Property Tax Increase

The Takoma Park City Council is holding two public hearings on Wednesday, April 28 to discuss the proposed FY22 tax rate and budget. At the hearings, the city will propose to increase real property taxes. For the tax year beginning July 1, 2021, the estimated real property assessable base will increase by 1.9%, equivalent to […]

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April 23, 2021 | Juanita Farmer, CPA

Blog: Include Gig Economy Income on Tax Returns

The gig economy is also referred to as the on-demand, sharing, or access economy. People involved in the gig economy earn income as a freelancer, independent worker or employee. Typically, an online platform is used to connect people with potential or actual customers to provide goods or services. Examples include renting out a home or […]

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April 12, 2021 | Juanita Farmer, CPA

Blog: Federal Tax Deadline Extended To May 17

The federal income tax filing due date for individual taxpayers, including individuals who pay self-employment tax, has been extended to Monday, May 17, 2021, for the 2020 tax year. There is no need to file any forms to qualify for this automatic federal tax filing and payment relief. Individual taxpayers will automatically avoid interest and […]

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