maryland amended tax return

Everything You Need to Know About Amended Tax Returns in Maryland

Many taxpayers think that once they file their tax returns, there’s nothing they can do to fix or update them. Thankfully, that’s not the case.

If you’ve made any errors or forgotten to include pertinent information on a recent Maryland or federal tax return, there’s likely still time to set it right by filing an amended tax return.

Keep reading to learn the essentials of filing an amended tax return in Maryland, including relevant deadlines, how to check the status of an amended return, and how to file one in the first place.

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maryland sales and use tax

5 Things You Need to Know About Maryland Sales and Use Taxes

Understanding the subtle nuances of sales and use taxes can get tricky in a hurry — and accurately compiling, calculating, and filing sales tax returns can be even more difficult. But learning the basics of how these taxes work in the State of Maryland can set you on the path toward financial success.

In this blog, we’re going to help you learn more about Maryland sales and use taxes, and how you can streamline your tax filings in the future.

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offer in compromise calculator

Should I Use an Online Offer in Compromise Calculator?

If you have a significant tax debt and are looking for the fastest, most affordable way toward a resolution, then you should consider an Offer in Compromise, which is a major component of the IRS’s “Fresh Start” initiative. But first, you have to know if the effort is worth the outcome—which means you have to understand how much you could potentially save through this program.

We wrote this blog to explain what an Offer in Compromise is, how to use an online Offer in Compromise calculator, and how a licensed tax professional can help.

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Small Business IRS Audit

Is Your Small Business Prepared for an IRS Audit?

For years, small businesses have enjoyed relatively low audit rates, but that’s about to come to an end. The IRS recently announced they will increase small business audits by 50% in 2021 and have begun intense hiring operations to ensure they have plenty of specialized auditors to do the deed.

Whether you own a mom-and-pop shop, an online business, or are self-employed, the IRS will be looking at your financial records very closely this year — and in the future. Further, since recent tax law changes and COVID-19 stimulus programs have made bookkeeping more challenging and complex than ever, you might have made several mistakes without even realizing.

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First Time Penalty Abatement

Take Advantage of the IRS’ First-Time Penalty Abatement Policy

Filing and paying state and federal taxes can be complicated, inconvenient, and unnerving. Deadlines can be hard to remember and even harder to meet. And since state and federal tax laws are constantly changing, it’s nearly impossible to keep up. With all this confusion and bureaucracy, failing to file and pay your taxes is an understandable mistake — and one that is easy to make. 

If you or someone you know has missed a filing or payment deadline, you’re probably subject to penalties. But you could be eligible to waive these fees if you meet certain criteria. Keep reading to learn more about the IRS First Time Penalty Abatement program and how it could improve your tax situation.

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statute of limitations irs tax liens

Is There a Statute of Limitations on IRS Tax Liens?

Whether you owe a few hundred dollars or hundreds of thousands, tax debt can be extremely stressful and have serious adverse effects on your personal and professional life, especially when it leads to a tax lien. Thankfully, there are many ways to reduce or even eliminate your tax debt entirely—one of which is to allow the statute of limitations on your tax liability to elapse.

In this blog, we’re going to discuss the statute of limitations on IRS and Maryland tax liens, as well as how you can eliminate these liens before these deadlines expire.

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Maryland LLC Tax Filing Requirements

Does an LLC File a Tax Return in Maryland? (And 4 Other FAQs)

Many small businesses and self-employed individuals are unsure of their annual tax filing requirements or if they even have to file a tax return at all. So, we wrote this blog to help you learn more about Maryland LLC tax filing requirements and how to efficiently and effectively file your business tax returns each year.

Keep reading to learn more and please reach out with any questions.

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can i take a home office deduction

I’ve Been Working From Home During the Pandemic. Can I Take a Home Office Deduction?

Many Americans have spent some or all of the last 18 months working from home due to the COVID-19 pandemic. Since working from home meant setting up some sort of office in our houses or apartments, many Americans are looking forward to claiming a office deduction on their taxes. Unfortunately, for most employees who made the switch to working remotely during the pandemic, options are limited.

Keep reading to learn what the home office deduction is and who qualifies for it.

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can the irs levy a business account for personal taxes

Can the IRS Levy a Business Account for Personal Taxes?

If you own or manage a business and owe back taxes personally, outside of your business ventures, you might be wondering if the Internal Revenue Service can levy your business account to collect that liability. Thankfully, they cannot. However, an IRS levy against your business bank account is a very serious collection tactic and requires serious and immediate action.

Keep reading to learn more about business bank account levies and the steps you can take to resolve your tax liability before things get any worse.

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Will the IRS Subordinate a Tax Lien

Will the IRS Subordinate a Federal Tax Lien?

For those of you who are facing a federal tax lien, you’re aware of the stress and anxiety involved in this difficult situation. While not an immediate collection action, a lien still represents a substantial escalation in the IRS’ attempts to recoup a tax liability and can make it difficult for you to sell or refinance the property.

Obviously, the best way to eliminate a tax lien is to pay off your existing tax debt. Short of that, however, you can request a lien subordination. In this blog, we’re going to discuss when the IRS will subordinate a federal tax lien and how this process could improve your financial situation.

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