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LSWG FYI

Maryland Tax Update

– by Jon C. Holmes, CPA, Principal Qualified Farms – Food Donation Pilot Program House Bill 472, effective July 1, 2017, permits a qualified farm to claim a credit against Maryland income tax for eligible food donations made to a Tax Credit Certificate Administrator.  A qualified farm

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IRS Releases Various Indexed Amounts for 2018

– by Brian Rippeon, CPA, Principal IRS has released the following indexed amounts effective January 1, 2018: Employee deferrals to retirement plans:  Elective deferrals to 401(k) plans, 403(b) plans, and the Federal Government’s Thrift Savings Plan are limited to $18,500 for 2018 (an increase of $500). Retirement

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Social Security Administration Announces 2018 Wage Base

The Social Security Administration has announced that the wage base for computing the Social Security tax in 2018 will increase to $128,700 (up from $127,200 in 2017). Click here for the SSA Fact Sheet:  https://www.ssa.gov/news/press/factsheets/colafacts2018.pdf

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Receiving a SCAM phone call from a pretend IRS agent can be scary!

Receiving a threatening phone call from someone claiming to represent the Internal Revenue Service can be scary.  Here’s what the IRS says about these SCAM calls:  https://www.irs.gov/newsroom/irs-urges-public-to-stay-alert-for-scam-phone-calls Remember, do not give out any information if you are the unlucky recipient of one of these calls. If you

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IRS Offers Tax Relief for Victims of Hurricanes Harvey, Irma, and Maria

– by Brian Rippeon, CPA, Principal Over the past weeks, IRS has announced relief for victims of the recent hurricanes. Some of the provisions for affected taxpayers in Florida, Georgia, Puerto Rico, the Virgin Islands, and parts of Texas include: Delayed tax filing deadlines – Individuals and

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Why you should boost your 401(k) contribution rate between now and year end

Why you should boost your 401(k) contribution rate between now and year end

One important step to both reducing taxes and saving for retirement is to contribute to a tax-advantaged retirement plan. If your employer offers a 401(k) plan, contributing to that is likely your best first step. If you’re not already contributing the maximum allowed, consider increasing your contribution

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