Health Savings Accounts have plenty of benefits. The one that stands out the most is the tax benefits. This helps the account holder pay for healthcare without paying taxes on the money either for themselves or their family. Although the initial intention behind funding HSA is to save up for health emergencies, they can also … Read more
Searching for unclaimed property in Maryland The state of Maryland has a robust and thriving unclaimed property program. Last year, the Maryland Comptroller recovered more than $59.3 million in unclaimed property. This figure represents a small portion of the total $42 billion in unclaimed property nationwide. However, the program successfully reunites real owners with their … Read more
ESPPs or employee stock purchase plans aren’t taxed exactly the same way as the income generated from the sale of a stock you bought from an exchange. They are specific rules that only apply to ESPPs, and you should know them before filing a federal income tax return. Otherwise, you might end up amending your … Read more
For some, a new year’s resolution is to front-load their 401k retirement accounts to get more returns. It’s always a good idea to max out your 401k as early as possible so that the money contributed has a long time ahead to appreciate in value. While this makes sense to most people, there are other … Read more
IPOs, the initial public offerings, are seen as one of the best ways to invest as they generally offer the lowest price possible of a stock. It’s the ground floor that a company’s stock price starts in most cases and picks up from there. This makes them attractive to many investors, including individual investors that … Read more
The tax season is up ahead, and taxpayers are already trying to figure out how much tax they will pay. The same as every tax season, taxpayers need to file their federal income tax returns by April 15 and pay their tax liabilities if they have any. If you’re calculating your tax bill before filing … Read more
MW507, Employee’s Maryland Withholding Exemption Certificate, is the state withholding form for employees to tell their employers how much state income tax to withhold from their wages. Though the purpose of MW507 is the same, the form is entirely different. It’s essentially Form W-4 but for Maryland state income tax. In a way, MW 507 … Read more
The Required Minimum Distribution, shortly known as RMD, is the minimum amount a retiree needs to withdraw from their account every year after they reach 72 years of age. Anybody can calculate their RMD by dividing the year-end value of the retirement account by the distribution period value that matches their age at the end … Read more
Maryland residents can benefit from a weekend without taxes in August this year. Buying clothing, back-to-school supplies, and other necessities for you and your family during this time will save you money. Here are some pointers on how to maximize your purchase. Back-to-school shopping If you are a Maryland resident, you are entitled to a … Read more
Form 4562, Depreciation and Amortization, is the Internal Revenue Service form generally used for claiming the depreciation and amortization deduction. It’s also used for making an election under Section 179 to expense a certain property. Additionally, taxpayers can use Form 4562 to provide information on the business or investment use of vehicles and other listed … Read more