Posts Tagged ‘tax return’

Enhanced Child Tax Credit for 2021

If you have qualifying children under the age of 18, you may be able to claim a child tax credit. (You may also be able to claim a partial credit for certain other dependents who are not qualifying children.) The American Rescue Plan Act of 2021 makes substantial, temporary improvements to the child tax credit…

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American Rescue Plan Act Provides Relief to Individuals and Businesses

On Thursday, March 11, 2021, the American Rescue Plan Act of 2021 (ARPA 2021) was signed into law. This is a $1.9 trillion emergency relief package that includes payments to individuals and funding for federal programs, vaccines and testing, state and local governments, and schools. It is intended to assist individuals and businesses during the…

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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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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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Year-End Charitable Giving

With the holiday season upon us and the end of the year approaching, we pause to give thanks for our blessings and the people in our lives. It is also a time when charitable giving often comes to mind. The tax benefits associated with charitable giving could potentially enhance your ability to give and should…

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Taxation of Investments

It’s nice to own stocks, bonds, and other investments. Nice, that is, until it’s time to fill out your federal income tax return. At that point, you may be left scratching your head. Just how do you report your investments and how are they taxed? Is it ordinary income or a capital gain? To determine…

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