Posts Tagged ‘tax preparation’
The Fed Finally Cut Interest Rates. What Could It Mean for Your Finances?
On September 18, 2024, the Federal Reserve’s Federal Open Market Committee (FOMC) lowered the benchmark federal funds rate one-half percentage point to a range of 4.75% to 5.0%. It was the first rate cut since the Fed raised the funds rate aggressively from March 2022 to July 2023 to help control inflation.¹ The long-awaited policy…
Read MoreRequired Distributions: Changes You Need to Know
The Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act) changed the rules for taking distributions from retirement accounts inherited after 2019. The so-called 10-year rule generally requires inherited accounts to be emptied within 10 years of the original owner’s death, with some exceptions. Where an exception applies, the entire account must…
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 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 MoreYear-End Tax Tips for 2019
Immediate and Long-Term Tax Planning Tips Over the last two years, we have seen many individual tax changes that may have reduced some deductions, increased others and dramatically changed your tax return. There are still a number of tax planning strategies available and in this letter, we will remind you of a few. 401k The…
Read MoreTax Planning for the Self-Employed
Self-employment is the opportunity to be your own boss, to come and go as you please, and oh yes, to establish a lifelong bond with your accountant. If you’re self-employed, you’ll need to pay your own FICA taxes and take charge of your own retirement plan, among other things. Here are some planning tips. Understand…
Read MoreThere’s Still Time to Contribute to an IRA for 2017
There’s still time to make a regular IRA contribution for 2017! You have until your tax return due date (not including extensions) to contribute up to $5,500 for 2017 ($6,500 if you were age 50 by December 31, 2017). For most taxpayers, the contribution deadline for 2017 is April 17, 2018. You can contribute to…
Read MoreTax Filing Season is Here – Things for Taxpayers to Consider
All financial advisors, CPAs and tax preparers are not created equal! At Chesapeake Financial Advisors, we combine our expertise in financial planning and taxes to provide clients with a service level that provides them with tax advice and preparation that is relevant to their financial plan. After all they go together more than any other…
Read MoreTax Refunds in 2018
Refunds in 2018 Choosing e-file and direct deposit for refunds remains the fastest and safest way to file an accurate income tax return and receive a refund. The IRS expects more than four out of five tax returns will be prepared electronically using tax software. The IRS still anticipates issuing more than nine out of…
Read More