Are you self-employed? Being self-employed has many benefits. You can set your own hours and decide what jobs you take. However, you cannot escape paying federal income taxes. Our Maryland tax attorney discusses self-employment tax in this article, including ways to prepare for and minimize self-employment tax.

As a small business owner, understanding the impact of federal withholding tax on small businesses is crucial. Not only does it affect your employees’ paychecks, but it can also have significant implications on your business’s financial health and compliance with tax laws.

As person-to-person (P2P) payment apps, such as Venmo, become increasingly popular among businesses, it is essential to understand their tax implications.

Do you know how personal versus business transactions on these apps can be taxed differently?

The Internal Revenue Service (IRS) conducts roughly a million tax audits each year for the federal government. The purpose of an IRS audit is to review and examine an individual’s or organization’s financial information and accounts. The IRS wants to determine if the information reported on a federal tax return is accurate and complies with tax laws.

The rise of remote work has brought with it a complex web of tax obligations and tax rules. As a remote worker, you may face uncertainty about your income tax responsibilities, especially if you're working across state lines or even internationally.

Many small business owners build their companies to ultimately pass to their children. However, gifting a business is more complex than handing the building keys to the new owner.

If most people realized how much risk they face every day when owning a small or medium-sized business (SMB), they might think twice about being their own boss or having an ownership interest. Thankfully, there are ways to protect yourself and your personal assets from getting taken by a creditor or someone to whom you might have liability.

While trying to describe the Metaverse with precision is a bit like trying to nail Jello to the wall, it can be even more challenging to discuss tax issues of the Metaverse. The Internal Revenue Service (IRS) has not yet provided much guidance on the taxation of operating in the Metaverse, but you can bet they will find a way to tax Metaverse transactions, capital gains, and profits.

When they realize how much time and work is involved in handling the accounting processes for their companies, many business owners decide to delegate these tasks to the professionals. This overview of business accounting fundamentals from a Maryland business attorney will provide some of the information that could help you with that decision. A Maryland business attorney could help you with many of these accounting functions.

Tax issues can be confusing. Recent tax laws regarding payments to independent contractors may add to the confusion. Knowing when to issue a 1099 to independent contractors is crucial for every business.

In most cases, businesses must report to the IRS annual payments made to any single vendor totaling $600 or more. Payments include those to individuals, LLCs, or partnerships. Generally, a business owner does not file 1099 forms for payments to S or C-Corporations. Businesses that do not comply with tax laws can face severe penalties, interest, and additional taxes.

A Limited Liability Company (LLC) is a popular business structure for many small businesses throughout Maryland. LLCs offer many of the benefits of a sole proprietorship or partnership with the liability protection of a corporation.

Frequently asked questions about business taxes in Maryland could easily fill many pages, but we will try to cover some of the most common topics here. Business owners often ask about shipping and handling charges, tax exemptions, and resale certificates, by way of example.

A Maryland business tax attorney can answer your specific questions and help you stay in compliance with our state and federal tax regulations. Here are a few Maryland business tax FAQs.

The purpose of the Employee Retention Credit of the CARES Act is to give employers financial incentives to keep their workers on the payroll during the COVID-19 pandemic. To help you understand Employee Retention Credits under the CARES Act, we will first discuss the CARES Act's initial legislation and then explain how later legislation modified and extended employee retention credits.

Learn how to keep track of your business income and expenses, evidence for tax returns, where you should store records, the best ways to organize receipts so they are easy to find later.

Tax evasion is the intentional failure to pay federal taxes owed to the government. Tax avoidance is taking lawful actions to lessen tax liability to maximize after-tax income. Learn more here.

Learn how to manage the financial side of your business so you can get back to providing the goods or services that are the backbone of your company. Here are the top 10 small business bookkeeping tips from a Columbia, Maryland business tax attorney.

Small business owners need to keep their eyes on several things that can affect their taxes in 2021. The Tax Cuts and Jobs Act of 2018 significantly changed the taxation of small businesses. There have been tax incentives and programs to help businesses survive financially during the COVID-19 pandemic. Also, small businesses are subject to several types of taxes even when there are no pandemics or new tax code provisions.

This year brought many challenges that most people have never had to face before. A Maryland business tax attorney can help you evaluate your situation and answer your questions about what you can write off as a business expense in 2021.

A Limited Liability Company (LLC) is organized under state laws. Many companies choose a Maryland LLC as their business entity because it provides limited liability protection from personal liability. State laws govern the operation of an LLC in Maryland. However, the Internal Revenue Code provides alternatives for how an LLC is taxed for the income it earns.

The Tax Cuts and Jobs Act (TCJA) received a lot of attention when it passed in 2017, but with everything that has happened since, it would be a good idea to take another look at the TJCA. Some provisions of the tax reform act did not go into effect immediately, so you might want to talk to a Maryland tax attorney and revisit the TJCA.