Go Green to Save Some Green
November 2, 2009 | 
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People can now weatherize their homes and be rewarded for their efforts. According to the Internal Revenue Service, homeowners making energy-saving improvements this fall can cut their winter heating bills and lower their 2009 tax bill as well.
Pay Back Taxes Before the IRS Finds You
August 24, 2009 | Subscribe to our RSS Feed
Senior Tax Partner Steve Albert featured in Baltimore Sun on 8/23/09 in “Pay Back Taxes Before IRS Finds You” by Eileen Ambrose.
“Maybe you purposely underreport your income to the IRS or have gone along for years without filing a tax return. Or, you made a mistake significantly in your favor on the return and never fixed it.
Whatever the case, it’s not too late to make it right with the IRS. Uncle Sam prefers that you voluntarily come forward and pay what’s due rather than having to track you down or, in serious cases, prosecute you. And while you’re at it, you might need to make good on state taxes. Fortunately for Marylanders in tax arrears, the state is launching an amnesty program next month.”
Maryland Tax Amnesty – An Overview
August 20, 2009 | Subscribe to our RSS Feed
The State of Maryland has introduced a Tax Amnesty Period to run from September 1, 2009 to October 30, 2009.
This amnesty period allows taxpayers with outstanding liabilities to pay their bills without being assessed new civil penalties or criminal prosecution (period does not waive existing penalties or charges). The State will also waive one-half of any unpaid interest for eligible tax payers.
Gambling Wins and Losses – Tax Tips
August 10, 2009 | Subscribe to our RSS Feed
Here are seven things the IRS wants you to know about reporting what Lady Luck has sent your way.
All gambling winnings are fully taxable.
Gambling income includes, but is not limited to, winnings from lotteries, raffles, horse races, poker tournaments and casinos. It includes cash winnings and also the fair market value of prizes such as cars and trips.
The Roth IRA Conversion Window – A Planning Opportunity
July 29, 2009 | Subscribe to our RSS Feed
Beginning January 1, 2010, for the first time, there will be temporary lift of the income limits on Roth IRAs. That means anyone can start a Roth IRA, or convert their current traditional IRAs into Roth IRAs, regardless of income levels.
There is usually an income cap on the Roth IRA.