Tax attorneys and CPAs often occupy the same space, but there are several key differences between the two professions. The purpose of this blog is to explain what tax attorneys and CPAs do while also detailing the distinctions between the two. Understanding those distinctions will help you plan your finances, submit your taxes, improve your […]
The estate administration process involves the management and disbursement of an individual’s real and personal property after they’ve died. When a loved one passes away, the last thing you want to have to worry about are back taxes or squabbling heirs. By focusing on the estate administration process beforehand, the family can ensure a smooth […]
Installment agreements can be a useful way to resolve your back tax problems, but can also lead to problems if you commit to larger payments than you can afford. The blog will explain what can happen if you default on an installment agreement, how to get right again with the Internal Revenue Service, and why […]
Most people who qualify for the advance child tax credit have automatically enrolled, but many people still aren’t fully aware of the tax implications. If you’re not careful, you could end up owing the credits back to the IRS when it comes time to file your 2022 income taxes. Keep reading to learn more about […]
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 […]
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 […]
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 […]
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 […]
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 […]
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. […]
