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6 02
Home Office deductions have long been scorned as “too risky” or “not worth the effort”. The bottom line is that if you meet the requirements for a home office deduction there is no greater risk of audit than any other deduction, and IRS has made taking the deduction even simpler. For tax year 2013 IRS […]
31 01
1. Most people know they can take contributions as a write off if they itemize deductions. Did you realize that you can also deduct mileage or travel expenses for your volunteer or charity work for qualified non-profit organizations.
18 01
Your income taxes, and who will prepare them is a question we have to answer every year. The tax code is now 73,954 pages long, do you want to trust your return to a seasonal tax company, and a preparer who is primarily answering prompt to software driven questions, or do you want true […]
14 08
BMC continues to upgrade our payroll systems and software. Available now at no additional charge you can view and print historical reports from previous pay periods at no additional charge. For a small monthly fee you can give your employees access to prior pay stubs, W2’s etc. These are secure portals with encrypted data.
16 01
We are beginning to see the effects of Obamacare on our personal and business taxes in 2013. One of the biggest impact will be for taxpayers earning more than 200K(Single) and 250K(Married). Individuals in those tax brackets could be subject to an increase in the Medicare tax of 3.8% on passive income (interest, rent, capital […]
16 01
So Congress again waited until the last minute to “save us” from going over the fiscal cliff. That is what we are lead to believe anyway. Most of us simply want to know what it means to our bottom line. So here is the short and sweet version: Most of the tax rates and tax […]
28 06
In a meeting with a doctor the other day we saw an opportunity for him to maximize his retirement contributions far beyond his 401k limits in his hospital job. He pays his wife who works in his family practice as the office manager and assistant. We setup a Simple IRA account for the company which […]
23 05
I met with a client today about his business. As we looked back at the last year or two and the many meetings we have had, he reflected on the value of learning how to make his business lean. He was excited about seeing how his leaner/meaner business would create profits as the economy improves. […]
23 05
Maryland raised income tax rates for singles making over 100,000 and married couples over 150,000. The increase starts at a quarter percent up to 1 percent for those over $250,000. With the addition of local taxes this takes Maryland income tax rates into the 8.75% range. This tax increase is retroactive to January 1, 2012, […]