Estate & Wealth Transfer Planning Insights

Understanding the “step-up in basis” when inheriting assets | tax accountant in bel air md | Weyrich, Cronin & Sorra

Estate & Wealth Transfer Planning

Understanding the “step-up in basis” when inheriting assets

If you inherit assets after a loved one passes away, they often arrive with a valuable — but frequently misunderstood — tax benefit called…
Deduct a loss from making a personal loan to a relative or friend | estate planning cpa in hunt valley md | Weyrich, Cronin & Sorra

Estate & Wealth Transfer Planning

Deduct a loss from making a personal loan to a relative or friend

Suppose your adult child or friend needs to borrow money. Maybe it’s to buy a first home or address a cash flow problem. You may want to help…
How can you build a golden nest egg if you’re self-employed? | estate planning cpa in hunt valley md | Weyrich, Cronin & Sorra

Estate & Wealth Transfer Planning

How can you build a golden nest egg if you’re self-employed?

If you own a small business with no employees (other than your spouse) and want to set up a retirement plan, consider a solo 401(k) plan. This…
Make year-end tax planning moves before it’s too late! - estate planning CPA in Harford County MD - Weyrich, Cronin & Sorra

Estate & Wealth Transfer Planning

Make year-end tax planning moves before it’s too late!

With the arrival of fall, it’s an ideal time to begin implementing strategies that could reduce your tax burden for both this year and next. One…
Planning your estate? Don’t overlook income taxes - Estate Planning CPA in Elkton MD - weyrich, cronin and sorra

Estate & Wealth Transfer Planning

Planning your estate? Don’t overlook income taxes

The current estate tax exemption amount ($13.61 million in 2024) has led many people to feel they no longer need to be concerned about federal…
Watch out for “income in respect of a decedent” issues when receiving an inheritance - tax accountant in washington dc - weyrich, cronin and sorra

Estate & Wealth Transfer Planning

Watch out for “income in respect of a decedent” issues when receiving an inheritance

Most people are genuinely appreciative of inheritances, and who wouldn’t enjoy some unexpected money? But in some cases, it may turn out to…

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410.339.6464
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Bel Air, MD 21014
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wcscpas Weyrich Cronin Sorra @wcscpas ·
17 Jun

As a C corporation or S corporation business owner, setting your own salary can be tricky. If it’s too high or too low, the IRS may step in. Here’s how to help ensure your compensation is considered reasonable, which helps keep your tax deductions intact. https://bit.ly/43n6jTT

wcscpas Weyrich Cronin Sorra @wcscpas ·
12 Jun

Harvesting capital losses is a viable tax-saving strategy as long as you avoid the wash sale rule. Here’s how it works. https://bit.ly/43uChhh