According to a new Gallup poll, Small Business is the most trusted institution in America with 68% of the public expressing a high degree of confidence. The only other institution that still enjoys majority support is the U.S. military. In these times, Small Businesses are a positive and trusted unifier. Keep your small business flourishing … Continue reading Best Time to Be A Small Business
One of the most frequently asked questions is how long you must retain employee records. Short version: To be safe, 3 years is a good rule of thumb, except in the case of businesses under OSHA. See below. Long version: Fair Labor Standards Act (FLSA) Under the FLSA, keep records for three years. Keep records … Continue reading How Long To Keep Employee Records?
This interest rate increase by the Treasury this week was the largest increase since 1994. It was .75 percentage points. The Fed will continue to raise these rates at what is expected to be the most rapid pace in decades. Inflation is at a 40 year high. We all see prices soar at the pump, … Continue reading What About This Inflation?
As the stock market takes a hit you may want to take advantage of a possible tax bargain created by a Roth conversion. What is a Roth Conversion? When you have a traditional IRA, those are pre-tax dollars that you’re investing. While the money grows tax-free, when you later go to take a withdrawal, every … Continue reading Should You Consider a Roth Conversion?
The IRS has a new Where’s My Refund tool. It allows you to check the status of your refunds for the 2021, 2020, and 2019 tax years. You will need your Social Security number or ITIN, filing status and expected refund amount from their original tax return for the year you are checking. It is … Continue reading The Where’s My Refund tool is better now
Health Reimbursement Arrangements have been around for a while, but changes in the last 2 years make them more attractive to small businesses. The following two alternatives are relatively new to the marketplace, but might work for you if you don’t want a group insurance plan, but want to reimburse your employees for health insurance. … Continue reading HRA – QSEHRA- ICHRA
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
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
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
** 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