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How renting out a vacation property will affect your taxes | estate planning cpa in harford county md | Weyrich, Cronin & Sorra

Estate & Wealth Transfer Planning

How renting out a vacation property will affect your taxes

Are you dreaming of buying a vacation beach home, lakefront cottage or ski chalet? Or perhaps you’re fortunate enough to already own a vacation…
Update on retirement account required minimum distributions | accountant in cecil county md | Weyrich, Cronin & Sorra

Tax Prep, Planning & Strategy

Update on retirement account required minimum distributions

If you have a tax-favored retirement account, including a traditional IRA, you’ll become exposed to the federal income tax required minimum…
Tax-wise ways to take cash from your corporation while avoiding dividend treatment | tax accountants in alexandria | Weyrich, Cronin & Sorra

Management Advisory Services & Business Consulting

Tax-wise ways to take cash from your corporation while avoiding dividend treatment

If you want to withdraw cash from your closely held corporation at a low tax cost, the easiest way is to distribute cash as a dividend. However,…
9 tax considerations if you’re starting a business as a sole proprietor | tax accountants in washington dc | Weyrich, Cronin & Sorra

Management Advisory Services & Business Consulting

9 tax considerations if you’re starting a business as a sole proprietor

When launching a small business, many entrepreneurs start out as sole proprietors. If you’re launching a venture as a sole proprietorship,…
Plan now to reimburse staffers, board members and volunteers | tax preparation in elkton md | Weyrich, Cronin & Sorra

Tax Prep, Planning & Strategy

Plan now to reimburse staffers, board members and volunteers

Even if your not-for-profit organization rarely needs to reimburse staffers, board members or volunteers, reimbursement requests almost certainly…
What’s the best accounting method route for business tax purposes? | tax accountant in baltimore md | Weyrich, Cronin & Sorra

Tax Prep, Planning & Strategy

What’s the best accounting method route for business tax purposes?

Businesses basically have two accounting methods to figure their taxable income: cash and accrual. Many businesses have a choice of which method…

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410.339.6464
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wcscpas Weyrich Cronin Sorra @wcscpas ·
13 Feb

"New nonprofits must ask the IRS to recognize their tax-exempt status. But should you file Form 1023 or Form 1023-EZ, the easier, less expensive option? Here’s some information to help you decide." https://bit.ly/3PDkHBb

wcscpas Weyrich Cronin Sorra @wcscpas ·
11 Feb

"You may spend years building up your traditional IRA, but there is a time when you must start taking withdrawals. Here are answers to frequently asked questions about required minimum distributions." https://bit.ly/3C4uFbF