Waterfront Tax & Accounting Blog

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Services for Real Estate Pros - Lisa D Church CPA, EA, MBA, NTPI Fellow
RECENT BLOG POSTS
Launching a new business takes hard work -- and money. Costs for market surveys, travel to line up potential distributors and suppliers, advertising, hiring employees, training, and other expenses incurred before a business is officially launched can add up to a substantial amount.The tax law pla...
02/06/2021
Investing in residential rental properties raises various tax issues that can be somewhat confusing, especially if you are not a real estate professional. Some of the more important issues rental property investors will want to be aware of are discussed below. Rental LossesCurrently, the owner of...
01/31/2021
As a result of annual IRS cost-of-living adjustments, a number of federal tax credit amounts and income limits will increase in 2021. Here are some of the most significant changes affecting taxpayers at a variety of income levels. EARNED INCOME CREDIT (EIC) CHANGES. The maximum credit amounts for...
01/31/2021
You've finally found a buyer for the rental property, land, or business you've been trying to sell but the buyer doesn't have enough cash to pay the full purchase price in a lump sum. So you agree to an installment sale. The buyer will make a partial payment now and pay you the balance over sever...
01/25/2021
Severn, MD: Tax Filing Season Start The IRS has announced that the individual tax filing season will start on Friday, February 12, 2021 and the current deadline to file 2020 tax returns and pay any taxes owed is Thursday, April 15, 2021. Although the IRS systems open for processing on February 12...
01/25/2021
Starting on Jan. 1, 2021, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be:- 56 cents per mile of business travel driven, a decrease of 1.5 cents from the rate for 2020.- 16 cents per mile driven for medical or moving purposes (for qualified active duty...
01/25/2021
Sooner or later, you may decide to sell property you inherited from a parent or other loved one. Whether the property is an investment, an antique, land, or something else, the sale may result in a taxable gain or loss. But how that gain or loss is calculated may surprise you. Your BasisWhen you ...
01/17/2021
Severn, MD: Quarterly Estimated Payments ReminderIf you are making quarterly estimated tax payments to the IRS, the due date for the September 1st - December 31st quarter of the year is January 15th. You may be able to skip the January 15 payment if you file your 2020 return by February 1, 2021 a...
01/17/2021
Under the Coronavirus Response and Relief Supplemental Appropriations Act, the federal government has authorized a second round of 2020-2021 Economic Impact Payments (EIPs, also called stimulus payments) for many Americans. The IRS has already begun sending these new EIPs by direct deposit and ma...
01/09/2021
Some Employees May Still Qualify to Deduct Business Expenses  The Tax Cuts and Jobs Act (TCJA) of 2017 eliminated the tax deduction for business expenses for most workers classified as employees. However, some employees may still qualify for a deduction by filing the proper form with their federa...
01/03/2021
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Lisa Church

IRS tax representation in Anne Arundel County, MD
local_phone877-727-6577
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