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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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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GameStop, Reddit, and Market Mania: What You Need to Know

Over the course of 11 trading days from January 13 to January 28, 2021, the stock of GameStop, a struggling brick-and-mortar video game retailer, skyrocketed by more than 2,200% — creating a mix of excitement and concern throughout the financial world, as well as among many people who pay little attention to the stock market.1 Other…

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Financial Aid Changes on the Horizon

The U.S. Department of Education has designated February as Financial Aid Awareness Month, and this year there’s a lot to talk about. On December 21, 2020, Congress passed the Consolidated Appropriations Act, 2021, another relief package in response to the pandemic. Included in the bill were several provisions related to education, including many changes to…

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Income Tax Planning and 529 Plans

The income tax benefits offered by 529 plans make these plans attractive to parents (and others) who are saving for college or K-12 tuition. Qualified withdrawals from a 529 plan are tax free at the federal level, and some states also offer tax breaks to their residents. It’s important to evaluate the federal and state…

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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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Five New Year’s Resolutions Every Investor Should Make

You owe it to yourself to take these steps for a healthier financial future.   Markets had a good 2020 and it’s almost a given that we will have a 10-15% pullback in early 2021 but based on current economic numbers, low-interest rates, and light at the end of the tunnel on the COVID crisis, we are planning…

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