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Your Kids, Summer and Taxes

Posted on: May 20, 2022

Sending kids to summer day camp The cost of summer day camp (not overnight) may count towards the Child and Dependent Care Credit. Children working part-time (earned income)   A child who has only earned income must file a tax return if their total earned income is over $12,950 for the year 2022.  If they will … Continue reading Your Kids, Summer and Taxes

Advisory Notes

Posted on: May 18, 2022

Volatility in the Market and Inflation Those of you who remember 2008 (and earlier cycles), have seen volatility and inflation before.  Periods of instability are not new.  Thankfully, we have had a very long period of growth.  Your investments should rebound at some point.  However, inflation will increase your costs in all areas.  We suggest … Continue reading Advisory Notes

2021 Tax Update

Posted on: January 20, 2022

You may have heard that the Maryland Individual tax return due date for filing of 2021 taxes is extended to July 15, 2022.   The due date for payments is also extended to July 15. The due date for the first installment of estimated Maryland tax for 2022 has not been extended.  It is due April … Continue reading 2021 Tax Update

Maryland’s New Tax Relief Legislation

Posted on: January 12, 2022

** Tax Relief For All Retirees. The Retirement Tax Reduction Act will eliminate 100% of state retirement taxes in Maryland. Tax relief is phased in over time using an income exclusion, and begins in tax year 2022. In past years, the governor has been successful in enacting retirement tax relief for law enforcement and first responders, as well … Continue reading Maryland’s New Tax Relief Legislation

IRS starts sending out advance CTC, EIP letters

Posted on: January 4, 2022

The IRS will start sending out information letters to recipients of the advance Child Tax Credit and of the third round of Economic Impact Payments that were made in January 2021. We will need to reconcile any advanced CTC received and the payments with your 2021 tax returns due April 18, 2022. Letter 6419 for … Continue reading IRS starts sending out advance CTC, EIP letters

Changes in Maryland Tax Payments to Reduce Your Federal Income

Posted on: September 28, 2021

This will save taxes, so we want to do this for you now. If you live or have a business in Maryland, we will be emailing you shortly about changes to your Maryland taxes.  We have been working on your tax planning.  We have estimated the savings to each of you already….as best we can … Continue reading Changes in Maryland Tax Payments to Reduce Your Federal Income

Vaccine Rules for Employers with over 100 Employees

Posted on: September 14, 2021

First, know that none of this has been finalized yet.  We will let you know when it is. You may be aware the Biden administration announced that OSHA will soon issue a rule that will require all employers with 100 or more employees to either ensure their workers are vaccinated or require unvaccinated employees to … Continue reading Vaccine Rules for Employers with over 100 Employees

2021 Tax Planning – Estate Taxes

Posted on: August 26, 2021

As Your Tax Professionals and Trusted Advisors, CAS is The Hub of Your Important Wheel.  We should be talking to all your Spokes!  We will work with your attorney, your financial planner, your banker, your insurance agent, etc…..all the people you depend on to help you keep more of your hard-earned money. When your advisory … Continue reading 2021 Tax Planning – Estate Taxes

Planning for higher capital gains taxes

Posted on: August 24, 2021

For many of you, the biggest consequences of the latest tax policies could be related to capital gains. The current highest capital gains rate possible, is 37.1%. Let’s take a quick look at the standard current rates, minus any state tax: Rate Single Income Married filing jointly 0% Less than $40,000 Less than $80,000 15% … Continue reading Planning for higher capital gains taxes

Credit Card Security

Posted on: August 3, 2021

Accepting credit cards is convenient, but in today’s world of security breaches, it is more important than ever to be sure you are compliant with rules regarding acceptance of credit cards for payment of your product or services. If you process or store credit cards in any manner, you are required to comply with PCI … Continue reading Credit Card Security