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Vm Tax & Financial Services Llc

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United States
Pikesville, MD
Vm Tax & Financial Services Llc

No annoying tax professional lingo. Just straight, authoritative and friendly expert advice. We are professional, experienced, and affordable.

VM Tax and Financial Services LLC is licensed in MD and specializes in Accounting. We offer a broad range of services for business owners, executives, and independent professionals.

10/28/2026

When a person dies, his or her executor files an income tax return for the year of death. For purposes of the final return, the tax year begins on Jan. 1 and ends on the date of death. The return is due by April 15 of the following calendar year. But in the year of death, a surviving spouse is generally deemed to be married for the entire calendar year, so he or she can file a joint return with the estate’s cooperation. Filing jointly often provides tax savings, such as from qualifying for a lower tax bracket, larger standard deduction and higher IRA contribution limits. Call us for details.

10/26/2026

For small businesses that carry inventory, managing it effectively can help improve cash flow, reduce waste and keep customers happy. Make sure your staff is well trained to regularly review stock levels, track sales trends, and reorder products in a timely, cost-conscious manner. It’s also wise to identify slow-moving items and adjust purchasing decisions accordingly. Wondering how inventory management affects your financial performance? Contact us for insights and practical guidance tailored to your business needs.

10/23/2026

If you’re sending money abroad, beware of a possible 1% excise tax. This new tax generally applies to transfers of cash, money orders or cashier’s checks from U.S. senders to foreign recipients via certain remittance transfer providers such as Western Union and MoneyGram. But transfers made via credit or debit card, bank account transfer, or digital wallet aren’t subject to the excise tax. Essentially, the tax doesn’t apply to transfers from accounts in financial institutions subject to Bank Secrecy Act requirements or to credit or debit cards issued in the U.S. So to avoid the extra expense, consider using a card or ACH transfer from your own bank account. Contact us to learn more.

10/21/2026

Small business owners: As the year wraps up, review your receivables for credit sales that have become wholly or partially worthless. If you use the accrual method of accounting, you may be eligible to deduct amounts that were included in income but later became uncollectible. You may also claim deductions for uncollectible business loans and certain guarantees, as well as for debts attributable to an insolvent partner. To qualify, you must take reasonable steps to collect the debt and show it’s unlikely to be paid. Contact us to review your potential bad debts for 2026.

10/19/2026

You must pay the alternative minimum tax (AMT) if your AMT liability exceeds your regular tax liability. An exemption of $90,100 is available ($140,200 for joint filers, half that for separate filers), but it phases out when income exceeds certain levels — which have dropped for 2026. Plus, the exemption is now phased out twice as fast as in 2025. Add to that the impact of a potentially larger state and local tax deduction (which isn’t AMT-deductible), and you might be at higher AMT risk this year. Call us for help assessing your risk and finding strategies to minimize your taxes.

10/16/2026

Cryptocurrency holders: Be alert for a new IRS impersonation scam. Fraudsters are mailing fake IRS letters directing recipients to a bogus “Digital Asset Compliance Portal.” The letters instruct recipients to scan a QR code that leads to a fraudulent website designed to look like IRS.gov. The site may ask for personal information, cryptocurrency wallet details, or exchange account credentials that criminals can use to steal identities or digital assets. If you receive one of these letters, don’t respond. Report any suspicious communication to the IRS immediately. If you have questions about an IRS notice or digital asset reporting, we’re here to help. Contact us today.

10/14/2026

As your business grows, more people may need access to your accounting system. But when was the last time you reviewed the system’s user permissions? Outdated or excessive access can increase the risk of fraud, errors and unauthorized changes to your financial records. Year end is a good time to do some housekeeping. Confirm that employees and outside service providers have only the access they currently need. Pay special attention after employees change roles or leave your business, or when you switch vendors. We can help evaluate your accounting system’s security settings and strengthen internal controls. Call us to get started.

10/12/2026

Giving away assets during your life can reduce the size of your taxable estate. One option is to pay someone’s tuition or medical expenses. Such payments can be gift-tax-free — but only if you make them directly to a qualifying educational institution or medical provider. (Advancing the funds to a loved one or reimbursing previously paid expenses doesn’t count.) Unlike making gifts under the gift tax annual exclusion ($19,000 per recipient for 2026), there’s no limit on the amount of tuition or medical expenses you can pay tax-free. Call us to learn more about lifetime gifts.

10/09/2026

The IRS has released its 2026–2027 per diem rates for certain business travel expenses, effective Oct. 1, 2026. Under the high-low substantiation method, the rate for lodging, meals and incidental expenses for travel to high-cost localities within the continental United States (CONUS) rises to $329 per day, from $319. The rate for other CONUS localities rises to $230, from $225. The portion attributable to meals remains $86 for high-cost areas and $74 for other areas. The incidental-expenses-only rate remains $5. Employers can pay more than the IRS per diem rates, but excess amounts generally must be substantiated or treated as taxable wages. Contact us to learn about all your options for substantiating business travel expenses.

10/07/2026

With more tax law changes taking effect this year, don’t wait to talk with us until it’s time to prepare your 2026 tax return next year. By then, it will be too late to implement most tax strategies that could reduce your April 15, 2027, tax bill (or increase your refund). Let’s review your situation now. Call us today.

Address

1314 Bedford Avenue
Pikesville, MD
21208

Opening Hours

Monday	9am - 5pm
Tuesday	9am - 5pm
Wednesday	9am - 5pm
Thursday	9am - 5pm
Friday	9am - 5pm

Website

https://vmtaxservices.com/

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