Year-End Tax Tips for 2021

As we wrap up 2021, it’s important to take a closer look at your tax and financial plans. This year likely brought up questions that significantly impact your personal and financial situation. Now is the time to work on your current tax strategies to make sure they are still meeting your needs and take any last-minute steps that could save you…

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RMDs For 2021: Here’s What’s Changing

The CARES and SECURES Acts offered financial relief during COVID-19. And though some of the benefits of these acts are no longer in effect, some of the rules within them were enacted as permanent changes in 2021. In this article, we will look at how these changes affect RMDs in 2021. Keep in mind that…

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Client Alert: Revised Maryland Tax Forms are Available

All individual tax forms have been revised and are ready to use for Maryland’s 2020 tax year. Taxpayers who have been waiting for the revision of forms to amend their taxes to take advantage of an unemployment insurance subtraction can now file or amend with Maryland Form 502LU. Tax returns are due for the state…

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Q1 2021 Stock Market Commentary

The market continued to surge higher as we said goodbye to 2020 and hello to 2021. Additional stimulus, mass vaccinations, and hopes for a return to a fully opened economy provided a nice backdrop for the market to further its gains. As rosy as that all sounds, we did run into some volatility late in…

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Is my Maryland (MD) unemployment income/benefits taxable in 2020?

ALERT: If you received unemployment income/benefits in 2020, and have already filed your taxes, you will most likely be due a refund. Contact us if you find yourself in this situation as the corrected Maryland tax return forms were not ready and are still not available. If you received unemployment, do not file your MD…

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Pandemic Relief Measures and Your Tax Return

Two emergency relief bills passed in 2020 in response to the COVID-19 pandemic will make this an unusual tax season for many taxpayers. The Coronavirus Aid, Relief, and Economic Security (CARES) Act was passed in March, and a second relief package was attached to the Consolidated Appropriations Act, 2021, in December. The federal government relied…

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Teachers Can Deduct COVID-19 Supplies on Tax Return

Eligible teachers can write off their expenses for coronavirus protective items that will help stop the spread of COVID-19. The IRS has just issued guidance under which teachers can deduct unreimbursed expenses for protective items thanks to the COVID-Related Tax Relief Act that was passed in December.     Personal Protective Equipment (PPE)  Personal Protective Equipment (PPE) and other items used to stop the…

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Consolidated Appropriations Act Provides Relief to Individuals and Businesses

On Sunday, December 27, 2020, the Consolidated Appropriations Act, 2021 (CAA 2021) was signed into law. A $900 billion emergency relief package is included as part of this omnibus spending bill. It is intended to assist individuals and businesses during the ongoing coronavirus pandemic and accompanying economic crisis. Major relief provisions are summarized here, as…

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Year-End Tax Tips for 2020

As we wrap up 2020, we are all looking forward to brighter and more COVID-free days ahead. Year-end tax planning has never been more crucial. This year brought new challenges that can impact your personal and financial situations – COVID-19, economic relief measures, and new tax laws. Now is the time to take a closer…

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How COVID-19 Changed Consumer Behavior and the Future of Retail

U.S. retail sales suffered in the spring of 2020 due to safety concerns, government-mandated lockdowns, and economic uncertainty wrought by the coronavirus pandemic. Sales β€” including purchases at stores, restaurants, and online β€” plunged from $483.95 billion in March to $412.77 billion in April, a record 16.4% drop.1 Fortunately, retail sales rebounded sharply after the…

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