CFO Source Blog

Understanding a Federal Tax Lien

October 10, 2017

Taxes put stress on everyone, whether it be filing taxes or paying them, the whole process can be stressful for many people. In some cases individuals are unable to pay their taxes, whether it be entirely or in part. In these cases the government can put a lien on your assets, as collateral against the […]

What is New on my Taxes in 2017?

February 17, 2017

It is that time of the year again: tax time. Every year Americans gear up for tax season starting in January, to be ready to submit their taxes by April. Each year the government releases new tax laws and deductions, often making tax time more complicated and confusing for people around the United States. But […]

Tax Considerations When Your Business Grows

January 16, 2017

Is your business quickly growing? First, congratulations on the success of your business. Now, what are you going to do about the tax side of your business growth? As your business grows, your taxes will change as well—so be sure to keep in mind these tax considerations. When to Incorporate One question we hear from […]

When to Start Your Maryland Tax Preparation

December 21, 2016

As a business owner, you may wonder when to start working on your tax preparation. If you’re like a lot of other business owners, you may even wait until the very last minute to being preparing your taxes. This is a big mistake. The time to start working on your tax preparation is now. When […]

Qualifying for the Business Use of Home Deduction

February 15, 2016

Whether you are a business owner using home as your work space, an employee who works from home or someone who sees and serves clients at home, you may qualify for the business use of home deduction. It’s one of the deductions many home-based businesses forget about or simply don’t take the trouble to claim, […]

5 Overlooked Small Business Tax Deductions

January 20, 2016

As a business owner, you may be aware of many tax breaks you are eligible for. But this doesn’t mean you are taking full advantage of the tax deductions available to you. At The CFO Source, our Maryland tax accountants work with many businesses to maximize their deductions and provide peace of mind during tax […]

5 Biggest Business Tax Mistakes to Avoid

December 16, 2015

We know, this is a bit early for the tax season. But tax season is not the only time you should worry about taxes. Monitoring your transactions and accounting for your spending and income should be a year-round task. And since 2015 is coming to an end, we’d like to take a look back and […]

5 Tips for Choosing Your Maryland Tax Return Preparer

February 26, 2015

Tax season is always a busy time for you as a business owner. Not only do you see an influx of clients who finally decided to act upon their New Year’s resolutions, but you also have to devote time to getting the paperwork for your tax return together. And if you don’t have a tax […]

2015 TAX IMPLICATIONS FOR ALL CLIENTS

February 6, 2015

As you may be aware, the IRS has implemented new regulations surrounding the ownership of so-called “tangible property.” These regulations will affect every business and rental property and require that Form 3115, “Application for Change in Accounting Method,” be filed to indicate that you will follow these regulations and change your method of accounting to […]

2014 Maryland Business Tax Return Changes

January 30, 2015

If your business’s fiscal year corresponds to the calendar year, this means it’s the tax season for you! In Maryland, business tax returns will be processed starting January 9 and you have until April 15th to file your paperwork. Unfortunately, business taxes is one of those tedious tasks that tend to evolve just when you […]

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