Tax Tips:

Maryland Tax Amnesty

Maryland Governor Martin O'Malley has signed legislation requiring the Maryland Comptroller to declare an amnesty period for delinquent taxpayers from September 1, 2009through October 30, 2009. The tax amnesty program waives civil penalties and half the interest attributable to nonpayment, nonreporting, or underreporting of Marylandstate and local corporate income, individual income, withholding, sales and use, or admissions and amusement tax. Further, a taxpayer cannot be charged with a criminal tax offense arising out of any return filed and tax paid during the period or in accordance with an agreement entered into with the Comptroller.

Seven Facts about the New Sales Tax Deduction for Vehicle Purchases

Taxpayers who buy a new car or several other types of motor vehicles this year may be entitled to a special tax deduction when they file their 2009 tax return next year. The tax break is part of the American Recovery and Reinvestment Act of 2009.

Why Do You Need An Accountant?

Here is a humorous look at the cover of the 1040 instructions that one of our clients gave to us. We hope it gives you a smile!

Thinking of Retiring?

If so, read through this informative memo issued by the Social Security Administration.

Important Information for Maryland Homeowners

Legislation enacted in the 2007 session of the General Assembly required homeowners to submit a one-time application in order to continue their eligibility for the homestead tax credit. If you just received your assesment in the mail, you will need to submit the application in order to get the credit. For the application and more information, click here.

Charitable Contributions

Did you make a cash contribution to your favorite charity? Have you recently spent a weekend cleaning stuff out of your garage or basement that you then donated to a local charity? Charitable contributions can be tax deductible but you must have the proper records to support your donation. Read this article for more information.