Over the past few years, we’ve seen a change in many taxpayers’ streams of income.  Some taxpayers are leaving their one main job and replacing that income with a variety of sources of income.  [...]

There are a number of factors to consider for tax purposes when you are thinking of selling an asset.  What is the selling price?  Will there be any costs to sell the asset?  What is the tax [...]

The Internal Revenue Service announced last week that the standard mileage rates for 2022 will be adjusted starting – July 1st. This is in response to rising gas prices. There are two rates [...]

It’s nearly time to pay the 2nd Quarter Estimated Income taxes. Payments for Federal estimated income taxes should be postmarked by June 15, 2022. Payments for MD estimated income taxes are due [...]

Congratulations – you’ve finished having the essential Estate planning documents executed.  You have your Will(s), Trust(s), Powers of Attorney for Financial Matters and Medical Matters.  You’ve [...]

At year’s end we are frequently asked – what records do I really need to keep?  The quick answer is that you need to keep records as long as the information is pertinent to answer a question or [...]

It’s nearly time to pay the 4th Quarter Estimated Income taxes. Payments for estimated income taxes should be postmarked by January 15, 2022 (since 1/15/22 is a Saturday, technically you have [...]

We get this question frequently.  Clients and friends are unsure what medical costs are deductible. In short deductible medical expenses are the costs of diagnosis, cure, mitigation, treatment or [...]

As we go about our lives we obtain bank accounts, insurance policies, annuities, investment accounts, retirement plans, IRAs and other such financial vehicles.  We have the attorney write up our [...]

Congress is currently debating President Biden’s American Families Plan of tax and benefit changes. The Plan would make sweeping changes to our individual tax system and a limited window of time [...]