by The MDTAXES Network | Jan 16, 2019 | 2019 January Newsletter
On January 15, 2019 the government invoked the Lapsed Appropriations Contingency Plan (Tax Year 2018 Filing Season). This is a plan that is updated annually and which outlines procedures for the IRS to follow when there is a temporary lapse in appropriations. As...
by The MDTAXES Network | Jan 10, 2019 | 2019 January Newsletter
Although most Americans have not felt the impact of the recent government shutdown, now closing in on three weeks in length and making it the second longest shutdown in US history, this impact may soon change as tax filing season is less than a month away. With the...
by The MDTAXES Network | Jan 3, 2019 | 2019 January Newsletter
• For 2018, the standard deduction for a single individual is $12,000 and for a married couple is $24,000. A person will benefit by itemizing once allowable deductions exceed the applicable standard deduction. Itemized deductions include state and local income taxes...
by The MDTAXES Network | Jan 3, 2019 | 2019 January Newsletter
WASHINGTON – The Internal Revenue Service today issued the 2019 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on Jan. 1, 2019, the standard...
by The MDTAXES Network | Jan 3, 2019 | 2019 January Newsletter
Month Income Taxes Saving and Investing JANUARY 4th quarter 2018 estimates due 1/15/19 Expect to receive W-2s and 1099s by January 31, 2019 Review your withholdings for 2019, and, if necessary, file a new W-4 Form with your employer to adjust your withholding Prepare...
by The MDTAXES Network | Jan 3, 2019 | 2019 January Newsletter
Personal financial planning is an ongoing process. The good news is that financially speaking, most of 2018 was another really good year. The stock markets once again hit an all time high before giving back all of those gains at the end of the year . Real estate...
by The MDTAXES Network | Dec 1, 2018 | 2018 Year End Newsletter
Month Income Taxes Saving and Investing DECEMBER 4th quarter state estimates should be paid by 12/31 for people who itemize their deductions and will have less than $10k in state income taxes and real estate taxes combined. Keogh plans and Solo...
by The MDTAXES Network | Nov 20, 2018 | 2018 Year End Newsletter
One of the most interesting wrinkles of the Tax Cuts and Jobs Act, passed last December, was the creation of Opportunity Zones. According to the IRS, Opportunity Zones are particular distressed communities throughout the country in need of economic revitalization. ...
by The MDTAXES Network | Nov 19, 2018 | 2018 Year End Newsletter
With the year-end upon us, many investors see it as the time to rebalance their investment portfolios. However, savvy investors need to be aware of just when the timing is “right” or “wrong” to make that buy or sell trade happen. Mutual funds are required by law to...
by The MDTAXES Network | Nov 19, 2018 | 2018 Year End Newsletter
It’s not too late to cut your 2018 tax bill. Prior to Dec. 31st: Increase your 401(k) and 403(b) contributions if you haven’t been contributing at the maximum rate all year. This year you can put away up to $18,500 ($24,500 if 50 or older) into your...
