Mark M. Flanigan, CPA, Attorney at Law

02/02/2023

It's about that time... tax season is here! You should have most of your tax documents already, take the time now to gather all of your information and to get organized for your CPA. If you haven't found a CPA for the 2022 filing season visit our website and send us an email through our "contact us" tab. Link below.

https://www.flaniganlaw.net/contact

12/30/2022

If you purchased a new electric plug in vehicle in 2022 you may qualify for the plug-in electric drive vehicle credit. If you purchased AFTER August 16th 2022 this credit requires that your new vehicle’s final assembly was in the US. The IRS has a link on their website that includes a list of plug-in electric vehicles that may qualify. The maximum credit per new vehicle is $7,500. For the link to their webpage see below.

https://www.irs.gov/businesses/plug-in-electric-vehicle-credit-irc-30-and-irc-30d

The Plug-In Electric Drive Vehicle Credit (IRC 30D) - Internal Revenue Code section 30D provides a credit for qualified vehicles, including passenger and light trucks.

12/28/2022

Have you made home improvements this year? Were any of them green in nature? Tax credits are given to particular improvements that are energy efficient in nature. These include:
• Solar Panels or Water Heaters
• Geothermal Heat Pumps
• Wind Turbines
• Energy-efficient Exterior Windows, Doors, and Skylights
• Roofs (metal and asphalt) and roof products
• Insulation
• Energy-efficient Heating and AC Systems, Water Heaters, Biomass Stoves
Various limitations apply to this credit. More information at the link below:

https://www.irs.gov/newsroom/energy-incentives-for-individuals-residential-property-updated-questions-and-answers

Updated questions and answers on the residential energy property credit.

12/23/2022

The child and dependent care credit is a tax credit that may help you pay for the care of eligible dependents. To qualify the expenses must be incurred because you or your spouse are working or are looking for work causing the need for dependent care. Things like daycare, summer camp, and after school programs would count. The amount of the credit is 20% to 35% of dependent care cost up to $3,000 for 1 dependent or $6,000 for 2+ dependents.

12/22/2022

Did you pay taxes to other countries? If not directly, we often see foreign taxes paid through investment accounts. You can take a credit for the amount of foreign taxes paid against your U.S. taxes. The foreign tax must:
-be imposed on you
-have paid or accrued the tax
-Be legal and an actual foreign tax liability
-Income tax

See the link below for more information

https://www.irs.gov/individuals/international-taxpayers/foreign-taxes-that-qualify-for-the-foreign-tax-credit

Outlines the four criteria that must be met for foreign taxes to qualify for the tax credit.

08/11/2022

The IRS encourages taxpayers to apply for an Identity Protections PINS to boost tax filing security. The PIN gets assigned to taxpayers yearly and is then required to be entered before filing a tax return. Effectively blocking any fraudulent returns.

They can be applied for at
https://www.irs.gov/identity-theft-fraud-scams/get-an-identity-protection-pin

06/14/2022

Whether you are starting a new business or have had one for a long time, we all make mistakes. It is easier to avoid them than correct them. Having a trusted professional is a great way to minimize and avoid mistakes.

06/09/2022

The business structure you choose to implement will affect everything from regulation to taxes. Structures include Partnership, Limited Liability Company, S Corporation, Corporation, and Not for Profit. Finding someone to help guide you through this process is vital to a healthy business.

06/07/2022

June 15th is the extended deadline for Maryland business entities to file their personal property tax returns. The original deadline was April 15th. These returns are required to keep your entity in good standing with Maryland. They also report the value of the personal property used within a business, which then gets taxed by the different counties in Maryland.

06/02/2022

Did you know the deadline for the 2nd estimated tax payment is June 15th? Estimated tax payments are made each quarter to the Internal Revenue Service (IRS) by people whose income isn't subject to tax withholding. When people are self-employed or have significant investment income estimated tax payments are often required.

05/31/2022

It is a public record filed with the office of the clerk of court where a taxpayer’s property is situated and alerts creditors that the federal or state government has rights to a taxpayer’s property and can attach to property such as real estate, personal property, and other financial assets.

The Internal Revenue Service or State Government sends a notice of its intent to lien at least thirty days before the lien is filed. A lien is essentially collateral to secure payment of an outstanding tax debt owed to the government and can affect a taxpayer’s credit, and in some cases, interrupt their business operations.

05/26/2022

First and foremost the organization must have a clear understanding of who is its direct customer and who is its indirect customers. Customer-focused means putting your energy into satisfying customers and understanding that profitability comes from satisfying customers. There should be researching, establishing, and understanding current and future customer needs and expectations. The organization should ensure that the objectives of the organization are linked to customer needs and expectations.