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Services for Real Estate Pros - Lisa D Church CPA, EA, MBA, NTPI Fellow
You may not think about taxes often, but they can prove to be a large expense. That's why it's important to make the most of any opportunities you may have to lower your tax liability. Here's a look at some of the factors you may want to consider in your planning.Standard Deduction or ItemizingTh...
If you have a dependent who does not meet the criteria for the Child Tax Credit (CTC), you may still qualify for a $500 credit called the Other Dependent Credit. Examples of qualifying dependents include children of age 17 or 18 (or up to age 23 if they are full-time students), and adult relative...
IRS Projects Delivery Schedule for 2020 Tax Refunds & TrackingWith the processing of 2020 federal tax returns now underway, the IRS has issued information about the likely timetable for refunds to be issued. Here are some key points to keep in mind:- The IRS began processing returns on February 1...
Every year brings some degree of change regarding filing income taxes. While 2020 taxes are a done deal, it’s never too early to begin thinking about the next tax year. To help you be prepared for next year’s filing, here are 6 Ways Income Taxes Will Be Different for 2021.Standard Deduction Incre...
Launching a new business takes hard work -- and money. Costs for market surveys, travel to line up potential distributors and suppliers, advertising, hiring employees, training, and other expenses incurred before a business is officially launched can add up to a substantial amount.The tax law pla...
Investing in residential rental properties raises various tax issues that can be somewhat confusing, especially if you are not a real estate professional. Some of the more important issues rental property investors will want to be aware of are discussed below. Rental LossesCurrently, the owner of...
As a result of annual IRS cost-of-living adjustments, a number of federal tax credit amounts and income limits will increase in 2021. Here are some of the most significant changes affecting taxpayers at a variety of income levels. EARNED INCOME CREDIT (EIC) CHANGES. The maximum credit amounts for...
You've finally found a buyer for the rental property, land, or business you've been trying to sell but the buyer doesn't have enough cash to pay the full purchase price in a lump sum. So you agree to an installment sale. The buyer will make a partial payment now and pay you the balance over sever...
Severn, MD: Tax Filing Season Start The IRS has announced that the individual tax filing season will start on Friday, February 12, 2021 and the current deadline to file 2020 tax returns and pay any taxes owed is Thursday, April 15, 2021. Although the IRS systems open for processing on February 12...
Starting on Jan. 1, 2021, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be:- 56 cents per mile of business travel driven, a decrease of 1.5 cents from the rate for 2020.- 16 cents per mile driven for medical or moving purposes (for qualified active duty...

Lisa Church

IRS tax representation in Anne Arundel County, MD
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