Read This First Before Tapping Your Retirement Savings
Your 401(k), IRA or other retirement accounts may be a tempting source for cash if you find yourself short of funds or have a major purchase you are c…
Tax Central
Charitable Tax Deduction Peculiarities
Charitable contributions are deducted as part of a taxpayer’s itemized deductions on IRS Schedule A, except for the special 2020 and 2021 provis…
Inheritances Enjoy a Special Tax Benefit
You may hear people use the term “Stepped-Up Basis” that many believe is a tax provision that allows beneficiaries of an inheritance to re…
Gambling and Tax Traps
Although gambling may seem to be a recreational activity for many taxpayers it is not for THE government. They look at it as a source of tax revenue a…
Does a Tax Deduction and a Tax Credit Result in the Same Tax Benefit?
Tax lingo, even without getting into the weeds of the Internal Revenue Code, tax regulations, IRS rulings, etc., can be confusing. Two frequently used…
If You Have a Side Hustle, Be Advised: The IRS is Cracking Down
If You Have a Side Hustle, Be Advised: The IRS is Cracking Down
IRS Stops Using Facial Authentication Software for Access to Online Accounts
A prior blog article posting included an article about the IRS’ plans to use ID.me facial recognition software for taxpayers and others to authentic…
Important Enhancements to the Earned Income Tax Credit For 2021
The earned income tax credit (EITC) is regarded as one of the government’s largest antipoverty programs and helps millions of American families …
Is Interest Paid on Borrowed Money Tax Deductible?
If you borrow money will the interest you pay be deductible for income tax purposes? The answer to that question can be complicated, and unfortunately…
Is there a Tax Break for Tuition Paid to Special Schools?
A component of itemized deductions is the cost of medical care. The total of eligible medical expenses paid during the tax year is reduced by 7.5% of …
Address
19 120th Street
Ocean City, Maryland 21842
(410) 524-2720
FAX: (410) 524-5925
Quick Links
Track Your Refund
Check your State Refund
Newsletter
Join our Weekly Newsletter! We promise we won’t spam.
©2022 CG Accounting Group, LLC. All rights reserved.