News and Events

April 17, 2018 is the tax deadline for filing for your 2017 taxes. While many taxpayers are excited about getting a refund on tax day, not everyone gets money back from the government. While you are supposed to pay your taxes as you earn income, there are some circumstances where you may end up falling short of this goal, especially if you underestimate what you're supposed to be paying.

Many people enjoy hobbies and sometimes those hobbies will actually end up earning them a little money. If your hobby does turn a profit, you likely will need to declare the income with the IRS. If you fail to declare the money that you made from your hobby and the IRS discovers you had earnings you didn't pay income tax on, you could find yourself facing legal trouble. A Maryland tax attorney can help you to understand the rules for declaring hobby income, deducting expenses from a hobby, and determining when your hobby becomes a business and why it matters.

At the end of December, President Trump signed the Tax Cuts and Jobs Act.  This made fundamental changes to the U.S. tax code, including eliminating some key deductions. The new law will go into effect for your 2018 taxes, which means that your 2017 taxes that you file in April of next year will still be determined under the old rules.

If you’ve had a baby, you likely are now eligible for many new tax deductions and tax credits that you were not able to take before. Talking with a Maryland tax lawyer about your eligibility for deduction is a smart move so you can make sure you claim the full value of deductions and credits that may be available. 

The Republican Party has announced its tax reform proposals and the reforms would mean some major changes to the tax code for both individuals and businesses.