PSA CPA

It's important to consider how summer plans can impact next year's return, whether it's starting a summer side gig, or sending children off to day camp. Read more for details and tax planning tips: https://lnkd.in/eW547JeE

Breathe a sigh of relief now that tax season is over, but don't stop planning just yet! Now is a great time to explore how to save time and money on next year’s return, such as making tax-deductible purchases before the end of this year to increase the number of tax breaks available. Learn more for additional tax planning strategies: https://lnkd.in/eRsUgk5w

For those unsure of how long to keep their financial records, this new article provides some much needed clarity! The IRS generally has a three-year window to audit a tax return, starting from the return’s due date or the day it was submitted. But keep in mind: certain documents might need to be held onto for longer periods, depending on the statutes of limitations. Check out this blog post to learn more: https://lnkd.in/eHgtW2-A and don’t hesitate to reach out to PSA CPA for expert advice.

Attention Maryland business owners: In response to the devastating Francis Scott Key Bridge collapse, the Office of the Comptroller will be waiving late payment penalties and interest until May 31, 2024. See how this will affect your business and learn more here: https://lnkd.in/eSDQxEvT

After a marriage, taxes are probably the last thing couples want to think about. And yet - as a married couple, there is an important decision to be made about filing taxes jointly or filing taxes separately. New benefits open up to couples filing jointly, but is it always the best decision to file with a spouse? Here are some things to consider: https://lnkd.in/euz5bxX2

From health insurance, to business mileage, to home office expenses - navigating the world of a small business taxes can be daunting. Here are some things to know if you're operating a business as a sole proprietor: https://lnkd.in/eX9Nidxa

Health Savings Accounts (HSAs) and Flexible Spending Accounts (FSAs) offer unique tax advantages for healthcare expenses; Understanding how they work, and their tax implications is crucial for maximizing their benefits. Dive into this latest article to uncover valuable insights such as the eligibility requirements, contribution limits, and rollover rules that come with these savings accounts : https://lnkd.in/g-2N_rqy

Small business owners will want to dive into this latest article covering the Qualified Business Income (QBI) deduction. The QBI deduction allows tax payers to deduct up to 20% of their qualified business income from their taxes, potentially resulting in significant savings. Read the article to see who qualifies for this deduction, what constitutes "qualified business income", and what income sources are excluded from this deduction. And reach out to your partners at PSA CPA if you're a small business looking to take advantage! https://lnkd.in/esjqv4Mh

Time is ticking away, and the 2024 tax deadline is just around the corner, with only 30 days left to go! Act now to ensure your taxes are filed promptly and accurately. If you're on the lookout for a reliable CPA to navigate the complexities of your tax affairs, look no further than PSA CPA. Our team of seasoned professionals is available for appointments as soon as next week! Reach out to us today at 301-879-0600 or by email at contact@psacpa.com.

Struggling with filing an amended tax return? Don't fret! Check out these expert tips to make the process a breeze: Learn the ins and outs of amending your tax return effectively. Discover common mistakes to avoid when filing an amended return. Get expert advice to maximize your potential refunds. Take the stress out of tax season with our comprehensive guide! https://lnkd.in/eJ9H4tYV