You May Qualify for a Small Business Home Office Deduction
If you are a small business owner and use part of your home for business, you may be able to take the so-called office-in-home tax deduction. This ded…
Tax Deduction
Are Damage Awards Taxable?
Frequent questions that arise are: Are amounts received from settlement of lawsuits and other legal remedies taxable? Are the legal fees paid in connection with these payments tax deductible? The tax code specifies that all income is taxable from whatever source derived, unless exempted by the Internal Revenue Code.
You May Qualify for the 20% Tax Pass-Through Deduction
Several years ago, when Congress changed the tax-rate structure for C corporations to a flat rate of 21% instead of the former graduated rates that to…
Does a Tax Deduction and a Tax Credit Result in the Same Tax Benefit?
Tax lingo, even without getting into the weeds of the Internal Revenue Code, tax regulations, IRS rulings, etc., can be confusing. Two frequently used…
Is Interest Paid on Borrowed Money Tax Deductible?
If you borrow money will the interest you pay be deductible for income tax purposes? The answer to that question can be complicated, and unfortunately…
Video Tips: Tax Break for Special Education Tuitions and Expenses
When itemizing deductions in the tax return, a taxpayer can include medical expense payments to a special school for a mentally impaired or physically disabled person if the main reason for using the school is its resources for relieving the disability. Watch this video for a better understanding of this tax break.
Are You a Candidate for Bunching?
The changes in the 2017 Tax Cuts and Jobs Act (TCJA) included nearly doubling the standard deduction and placing limitations on or suspending certain …
Address
19 120th Street
Ocean City, Maryland 21842
(410) 524-2720
FAX: (410) 524-5925
Quick Links
Track Your Refund
Check your State Refund
Newsletter
Join our Weekly Newsletter! We promise we won’t spam.
©2022 CG Accounting Group, LLC. All rights reserved.