Estate-planning can be an overwhelming process to consider. However, with a little knowledge, you can have your estate-plan prepared in no time, leaving you with one less thing hanging over your head. In this video, Steve Thienel answers the top 5 estate-planning questions people ask every day.

The deductions you may take for interest on your boat loan has changed somewhat since the Tax Cuts and Jobs Act (TCJA), but the deductions have not been eliminated. Below is a brief discussion from Maryland tax attorney, Steve Thienel, of some changes in the tax reform bill that impacts interest deductions for a boat. If you follow the current rules in the Tax Cuts and Jobs Act, you may still benefit from certain deductions.

As a musician, you have expenses that are unique to your industry. Utilizing the tax deductions available for musicians is essential to reducing your tax liability. This is especially true since some of the deductions musicians may have used in past tax years were eliminated with the passage of the Tax Cuts and Jobs Act.

In this article, we discuss several of the unique income tax planning issues for musicians and how musicians can take advantage of tax laws to reduce income tax liability.

Business owners who use a portion of their home for business may benefit from using the home office deduction when preparing their income taxes. Claiming a deduction for a home office often reduces tax liability. However, the IRS has strict guidelines for claiming a home office deduction on your tax return. A Maryland tax attorney can help you determine if you can claim a home office deduction and the best way to maximize tax benefits for this deduction.

Updated 2020 - The rules have changed on how you can deduct your business-related auto expenses on your S-Corp taxes under the Tax Cuts & Jobs Act (TCJA). A Maryland tax attorney can help.

If you are a new startup, you may realize a small profit at the end of the year, buton paperyou report a loss. Reporting a loss on paper is common for some new startups during the first two or three years. Thisis especially true when someone is turning a hobby into a profitable business venture. Depending on the type of business entity you choose after speaking with a Maryland business attorney, you could benefit from those losses while you are building and growing your business.

Individual Retirement Accounts (IRAs) are used by many people to save for retirement because of the benefits of contributing to IRAs while you are working. However, if you want to access the money in your IRA before age 59 ½, you may owe taxes on the withdrawal, in addition to the hefty 10 percent penalty for early withdrawals.

In the Tax Cuts and Jobs Act of 2017, Congress greatly increased the federal estate tax exemption. The tax bill doubled the federal estate tax exemption to $11.18 million for 2018. At the time of passing the tax bill, Maryland and DC intended to match the federal estate tax exemption amount. DC was set to match the federal estate tax exemption in 2018 and Maryland would match the federal exemption amount in 2019.

An MSA is a Master Service Agreement used by your business that creates a legal relationship between the parties by setting forth the legal terms agreed to by both parties. A SOW is a Statement of Work. SOWs are specific to a job or a client. The SOW establishes the payment terms and project-specific terms for that particular client. The SOW is attached to and governed by the terms of your standard MSA.

Sometimes, individuals confuse a fractional general counsel with in-house counsel because they receive many of the same services from a fractional general counsel as they do from in-house counsel, but the attorney is not an employee of the business nor does the attorney work full time for the company. A fractional general counsel is a part-time attorney who provides on-going legal services for your company at a flat-rate or fixed pricing structure.

Whether you are a new startup, or you have years of business experience, there are easy ways you can screw up your business if you are not careful. Below is a list of the top 10 ways you can cause yourself a lot of grief and potential liability compiled by a trusted Maryland Business Attorney.

Health insurance premiums can be very expensive for a small business. To offset some of that expense for small businesses, The Affordable Care Act provides a small business health care tax credit. The tax credit can reduce the cost of employee health coverage for a small business. If you need assistance with this small business tax deduction or other tax deductions to reduce your tax liability, you can get more information from a Maryland business attorney.

If you have an estate plan, resolve to review the plan with your Maryland estate-planning attorney. If you have no estate plan, resolve to devise an estate plan in 2019 that reflects your wishes and desires for your future and your family.

Explore crowdfunding to kickstart your Maryland small business. Learn legal insights and strategies for successful funding from our experienced Maryland business attorney.

An LLC may elect how it wants to be taxed: as a sole proprietorship, partnership, S-Corp, or C-Corp. Depending on the situation, electing one income tax structure over another income tax structure for an LLC can provide important tax benefits for the company and the owner. Because tax law can be complicated, it's beneficial to discuss your concerns and needs with a Maryland business tax attorney before electing how your LLC should be treated for tax purposes.

Are you interested in purchasing a franchise? Purchasing a franchise offers several benefits, such as name recognition and an established reputation. However, deciding whether a franchise is a good investment for you can be complicated. Below are seven considerations that you may want to discuss further with a Maryland business attorney before entering a franchise agreement.

Are you ready to start a new company? If so, there are several steps you should take as you prepare to begin a new business. The steps you take now to build a strong foundation for your business can greatly impact whether your business is successful. As a Maryland business attorney, I regularly guide clients through the steps of starting a company.

Is your company complying with Maryland’s new minimum wage laws? If not, you could face significant penalties from the Maryland Department of Labor, Licensing and Regulation. If you have questions about the minimum wage increase, a Maryland business attorney can review your company’s policies to ensure compliance with the new minimum wage laws in Maryland.

The Maryland Healthy Working Families Act became effective as of February 11, 2018. Many employers continue to have questions regarding the Act’s requirement for employers to provide employees with ESS time (earned sick and safe leave) to care for themselves or their family members, in accordance withthe requirements of the Act. Consulting with a Maryland business attorney can help ensure you are complying with all provisions of the Act.

Starting a business can be an exciting but nerve-wracking process. Every one of today’s biggest companies started out on the ground floor, and they were often led by people who were unsure about their future prospects.