A new, refundable income tax credit is available for Maryland small businesses that have 14 or fewer employees. The business must employ at least one “qualified employee” to claim the credit.
The credit is available for the 2018 tax year and beyond.
To be considered a “qualified employee,” an individual must:
be employed by the small business;
earn wages that are no more than 250% of the federal poverty guidelines for a single-person household; and
earn paid sick and safe leave under Maryland law.
Amount of Credit
This special edition Q2 2018 Tax Letter is full of investing and planning strategies that can help you with ongoing financial management and tax planning. It contains information on:
Tax Planning under the Tax Cut and Jobs Act of 2017
Patience is prudent
Know your true tax rate
Rethinking retirement contributions
Regard Roth conversions carefully
Are state and local taxes reasons for relocation?
Positive prognosis for medical deductions
Home equity hassle
New tax deduction for pass-through entities
CPA Client Tax Letter Q2 2018 from TR&S CPA
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January 2018 Client Memo
If you wish to download or print this memo, please see the button at the bottom of this post.
New Pass‐Through Entity Rules
One of the most important – and complicated – changes in the new tax reform act is the tax rules affecting small businesses that are treated as “pass‐through entities.”
The good news is that if you own one of these businesses you may get as much as a 20 percent reduction to the taxation of business net income under the new rules. However, calculating […]
This special edition Q1 2018 Tax Letter is full of investing and planning strategies that can help you with ongoing financial management and tax planning. It contains information on:
2018 Tax News
Taxable Versus Tax-Deferred Accounts
Tax Credits Beat Tax Deductions
Asset Allocation in 529 Plans
IRS Ruling May Rescue Estate Plans
ESOPs As Retirement Plans
CPA Client Tax Letter Q1 2018 from TR&S CPA
Click to Read!
See Also: Citation and Resource Guide accompanying this publication
This CPA Client Tax Letter is provided by Twilley, Rommel & Stephens P.A […]