2020 Tax Season Changes for Maryland Residents and Businesses

There were several state tax updates in Maryland in 2019 that are just now starting to really affect Maryland residents and businesses, as the 2020 tax season is beginning. Rates in some areas increased, while some residents will experience tax relief, and a new tax deduction could be a valuable way to save on taxes … Continued →

IRS Issues Guidance on Whether Refunds from SALT Deduction Are Taxable

In May, we shared a brief update on how taxpayers can utilize the new State and Local Tax (SALT) deduction limits to save money. Ever since the Tax Cuts and Jobs Act lowered the deduction threshold to $10,000 per year ($5,000 for married filing separate), guidance on issues related to the SALT deduction limit has … Continued →

Updated Online Sales Tax Guidance from South Dakota v. Wayfair Inc.

Last summer, the Supreme Court paved the way for individual states to collect sales tax on online transactions from out-of-state sellers. South Dakota v. Wayfair Inc. drastically changed e-commerce rules, and small businesses are starting to feel the effects. At the time of the Supreme Court decision, only South Dakota and a few other states … Continued →

Off-Season Tax and Investment Strategies for 2019

Since we’re heading into summer, you might think it’s a good time to sit back, relax, and not think about taxes. This is a great time for off-season planning, however! The memory of how well – or how poorly – tax season went is still fresh, and there is plenty of time to act on … Continued →