Small mistakes can be costly when it comes to filing state or federal income taxes. Though most people endeavor to pay as little in taxes as possible, many filers are still overpaying every year. Maryland residents can avoid such mishaps by remembering a few...
Month: August 2018
Those with tax debt may have trouble traveling abroad
Creating the Foreign Account Tax Compliance Act (FATCA) is among a series of steps that the government has taken to close the international tax gap. This gap is the difference between what the IRS takes in each year from overseas filers compared to what it is owed....
5 questions and answers about taxes while living overseas
You grew tired of living in the United States. You decided it was finally time for a change. After all, in your line of work, you can live anywhere you want. You moved overseas and set up a new life for yourself, something you always wanted to do. You cut ties with...
Tax return records need to be kept on file for over 3 years
People in Maryland might have heard that they should keep copies of their federal tax returns for three years. This guideline represents a minimum recommendation that does not necessarily protect people from all inquiries from the Internal Revenue Service. Although...
Do you have to track your employees’ tips?
Let's say you own a string of restaurants in Maryland and adjacent states, and you have hundreds of employees at all of those locations. Many of those employees earn tips as a part of their standard compensation. Obviously, the exact amount earned varies dramatically...
Online gambling could lead to tax liability
The rise of online gaming means that there are many opportunities for enthusiasts to enjoy casino-like games as well as sports betting and other gambling activities. However, many of these sites are run and operated outside of the United States, even though Americans...
Common tax issues that raise chances of IRS audit
Although individuals in Maryland only face a low chance of getting audited by the Internal Revenue Service, not all tax returns are created equal. The IRS uses computers to analyze tax returns and flag some for closer review based on criteria meant to identify...