Happy Thanksgiving

Happy Thanksgiving

All of us at BMC would like to wish all of you a very Happy Thanksgiving.  We are very thankful that you have trusted us with your business.

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Thank You Veterans

Thank You Veterans

Happy Birthday to our Marine Corp. and a huge THANK YOU to all Veterans and service members.  Thank you for defending this freedom that we so easily take for granted.  Thank You that we can wake up each morning to the sounds of nature or city, and not bombs and gunfire.  Thank  you that we […]

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A brief overview of the President-elect’s tax plan for individuals

tax changes indiv trump

Now that Donald Trump has been elected President of the United States and Republicans have retained control of both chambers of Congress, an overhaul of the U.S. tax code next year is likely. President-elect Trump’s tax reform plan, released earlier this year, includes the following changes that would affect individuals: Reducing the number of income […]

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How to max out education-related tax breaks

Education Credits

If there was a college student in your family last year, you may be eligible for some valuable tax breaks on your 2015 return. To max out your education-related breaks, you need to see which ones you’re eligible for and then claim the one(s) that will provide the greatest benefit. In most cases you can […]

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Reduce taxes on your investments with these year-end strategies

While tax consequences should never drive investment decisions, it’s critical that they be considered — especially by higher-income taxpayers, who may be facing the 39.6% short-term capital gains rate, the 20% long-term capital gains rate and the 3.8% net investment income tax (NIIT). Holding on to an investment until you’ve owned it more than one year […]

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Gearing up for the ACA’s information reporting requirements

Gearing up for the ACA’s information reporting requirements Starting in 2016, applicable large employers (ALEs) under the Affordable Care Act (ACA) will have to file Forms 1094-C and 1095-C to provide information to the IRS and plan participants regarding their health care benefits for the previous year. Both the forms and their instructions are now […]

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All income investments aren’t alike

All income investments aren’t alike when it comes to taxes The tax treatment of investment income varies, and not just based on whether the income is in the form of dividends or interest. Qualified dividends are taxed at the favorable long-term capital gains tax rate (generally 15% or 20%) rather than at the applicable ordinary-income […]

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IRS Cracks Down On ID Theft

A very important and interesting article on ID Theft and the IRS. https://tax.thomsonreuters.com/wp-content/private/pdf/CheckpointMarketingForFirms/Checkpoint_SpecialReport_IDTheft.pdf

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Maryland Tax Amnesty Period

Maryland is offering a Tax Amnesty period from September 1, 2015 to October 30, 2015.  For more information about whether this applies to your situation we have provided a link below.  If you have an old tax problem that you have been ignoring this is the time to get it settled. http://taxes.marylandtaxes.com/Business_Taxes/Business_Tax_Compliance/Tax_Amnesty/Tax_Amnesty_FAQs.shtml

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