Posts Tagged ‘coronavirus’
Q4 2021 Stock Market Commentary
For the third consecutive year, the stock market posted a double-digit positive return. The S&P 500 gained 26.9% for the year, the Dow Jones Industrial Average posted an 18.9% gain, and the Nasdaq Composite gained 21.4%. Double-Digit Returns Despite Challenges The market confronted and largely ignored a lot of events that normally would have sent…
Read MoreYear-End Tax Tips for 2021
As we wrap up 2021, it’s important to take a closer look at your tax and financial plans. This year likely brought up questions that significantly impact your personal and financial situation. Now is the time to work on your current tax strategies to make sure they are still meeting your needs and take any last-minute steps that could save you…
Read MoreClient Alert: Revised Maryland Tax Forms are Available
All individual tax forms have been revised and are ready to use for Maryland’s 2020 tax year. Taxpayers who have been waiting for the revision of forms to amend their taxes to take advantage of an unemployment insurance subtraction can now file or amend with Maryland Form 502LU. Tax returns are due for the state…
Read MoreQ1 2021 Stock Market Commentary
The market continued to surge higher as we said goodbye to 2020 and hello to 2021. Additional stimulus, mass vaccinations, and hopes for a return to a fully opened economy provided a nice backdrop for the market to further its gains. As rosy as that all sounds, we did run into some volatility late in…
Read MoreIs my Maryland (MD) unemployment income/benefits taxable in 2020?
ALERT: If you received unemployment income/benefits in 2020, and have already filed your taxes, you will most likely be due a refund. Contact us if you find yourself in this situation as the corrected Maryland tax return forms were not ready and are still not available. If you received unemployment, do not file your MD…
Read MoreTeachers Can Deduct COVID-19 Supplies on Tax Return
Eligible teachers can write off their expenses for coronavirus protective items that will help stop the spread of COVID-19. The IRS has just issued guidance under which teachers can deduct unreimbursed expenses for protective items thanks to the COVID-Related Tax Relief Act that was passed in December. Personal Protective Equipment (PPE) Personal Protective Equipment (PPE) and other items used to stop the…
Read MoreThe Jobs Recovery: More Work to Be Done
In April 2020, the U.S. economy lost an astonishing 20.8 million jobs, by far the largest loss recorded in a single month dating back to 1939. To put this in perspective, the second largest monthly job loss was about 2 million in September 1945, when defense industries reduced production at the end of World War…
Read MoreTemporary Payroll Tax Deferral: What You Need to Know
On August 8, 2020, the president issued an executive order to allow the deferral of certain payroll taxes during the last four months of 2020, and the IRS recently provided related guidance. This has implications for both employers and employees. Here’s a brief summary of the issues. Already-existing payroll tax deferral provisions There are generally…
Read MoreThe Bull Is Back… Will It Keep Charging?
On August 18, 2020, the S&P 500 set a record high for the first time since COVID-19 ushered in a bear market on February 19. The cycle from peak to peak was just 126 trading days, the fastest recovery in the history of the index, erasing losses from an equally historic plunge of almost 34%…
Read MoreIRS Clarifies COVID-19 Relief Measures for Retirement Savers
The Coronavirus Aid, Relief, and Economic Security (CARES) Act passed in March 2020 ushered in several measures designed to help IRA and retirement plan account holders cope with the financial fallout from the virus. The rules were a welcome relief to many people but left questions about the details unanswered. In late June, the IRS…
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