Tax Resources
Tax Resources For Businesses & Individuals in Maryland
Look to LSWG to guide you through the maze of state and federal tax information, investment options and financial plans. Below is a list of useful tax resources on our website and/or downloadable PDF documents.
If you cannot find the information you are looking for, please contact us.
Mileage & Reimbursement Rates for 2022
Taxpayers may use the optional standard mileage reimbursement rate issued by the IRS in lieu of tracking actual costs to calculate the deductible allowances for operating an automobile for business, charitable, medical or moving purposes.
In early June 2022, the IRS announced a rare mid-year increase to the optional mileage rate to better reflect recent fuel price increases.
| Purpose | 1/1/2022 – 6/30-2022 Rate | 7/1/2022 – 12/31/2022 Rate |
|---|---|---|
| Business | 58.5 cents per mile | 62.5 cents per mile |
| Medical/Moving | 18 cents per mile | 22 cents per mile |
| Charitable | 14 cents per mile | 14 cents per mile |
| The allowable rate for business purposes in 2021 was 56 cents per mile. |
Financial Calculators
- Are you better off buying your home or continuing to rent?
- Can you afford to buy your dream home?
- Is a Roth or traditional IRA right for you?
- Should you lease or buy equipment for your business?
- How much should you be paying in self-employment tax?
Not sure what to do next? Run your numbers through financial calculators to get started.
Important Dates and Deadlines
This tax calendar has the due dates for 2023 that most taxpayers will need.
LSWG New Business Start-Up Guide
When the decision to start a business moves from an idea to reality, everything seems to demand immediate attention. Starting a new business off on the right foot is crucial to its success and we are committed to helping businesses succeed. LSWG’s New Business Start-Up Guide is designed to assist with the complicated maze of forms and requirements for operating your business in Maryland.
Contact us to request your FREE copy (available in both print and pdf versions).
LSWG’s 2023-2024 Tax Planning Guide
Looking to reduce your 2023 tax liability? Start by looking through our Tax Planning Guide.
LSWG Year-end Payroll Reconciliation Worksheet
As you prepare your W-2’s at year-end, we recommend you reconcile your W-2 totals with your quarterly reports to avoid receiving a discrepancy notice from the Social Security Administration. This worksheet can help guide you.
LSWG Tax Preparation Checklist
Are you ready for your tax preparer? Don’t let missing or incomplete information delay the completion of your tax return. Save yourself time and money by using this checklist to ensure you have gathered all the information you need before you meet with your tax preparer.
LSWG Record Retention Checklist
How long should you keep canceled checks? Purchase orders? Insurance policies? Tax returns? Organizing a multitude of business and personal files is never easy, but the task can be more manageable if you know how long you need to keep certain documents. Refer to this list for guidance, but make sure to keep current on requirements for your specific industry.
LSWG Guide to Reporting Rental Income & Expense of a Second or Vacation Home
How you use your second or vacation home determines the extent to which you may deduct expenses. Is your second home a vacation home or a rental property? General guidelines are provided here.