August 2018 Archives

Common income tax mistakes cost money

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 tips.

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. However, Maryland residents and others who live or travel internationally may face passport restrictions for not paying taxes or filing tax returns in a timely manner.

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 the agency generally has three years to decide if it is going to audit a person or require additional tax payments, some situations extend the statute of limitations.

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 from one shift to the next.

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 in Maryland and across the country have brought in substantial winnings from those sites. If you enjoy online gambling, you may wonder how to handle tax issues that could arise as a result.

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 potential problems. Self-employed income, higher-than-average itemized deductions, rental properties and home office expenses all represent categories that could cause the agency to scrutinize people's tax filings.

Contact Kundra and Associates Today

Please call our offices at 301-637-8130 or fill out the form below to arrange a confidential consultation.

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Email Our Attorneys

Rockville Office
110 North Washington Street
Suite 406
Rockville, MD 20850

Phone: 301-637-8130
Fax: 301-424-7047
Rockville Law Office Map

Washington, D.C. Office
1025 Connecticut Avenue NW
Suite 1000
Washington, DC 20036

Phone: 301-637-8130
Fax: 301-424-7047
Map & Directions

Mumbai, India
C/o Anmol Sekhir Consultants Pvt. Ltd.
Chartered Accountants
3rd Floor, Sahakar Bazar
Opposite Railway Station
Bandra (West), Mumbai, India 400-050

Map & Directions