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 transition of all assets with minimal fees and taxes while helping to maintain existing relationships among family and friends.

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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 the Advance Child Tax Credit and whether you should consider opting out of these payments for the last few months of 2021.

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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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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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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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