Tax Prep, Planning & Strategy Insights

The “wash sale” rule: Don’t let losses circle the drain | tax preparation in elkton md | Weyrich, Cronin & Sorra

Tax Prep, Planning & Strategy

The “wash sale” rule: Don’t let losses circle the drain

Stock, mutual fund and ETF prices have bounced around lately. If you make what turns out to be an ill-fated investment in a taxable brokerage…
What tax documents can you safely shred? And which ones should you keep? | CPA in Alexandria VA | Weyrich, Cronin & Sorra

Tax Prep, Planning & Strategy

What tax documents can you safely shred? And which ones should you keep?

Once your 2024 tax return is in the hands of the IRS, you may be tempted to clear out file cabinets and delete digital folders. But before reaching…
Discover if you qualify for “head of household” tax filing status | cpa in harford county md | Weyrich, Cronin & Sorra

Tax Prep, Planning & Strategy

Discover if you qualify for “head of household” tax filing status

When we prepare your tax return, we’ll check one of the following filing statuses: single, married filing jointly, married filing separately,…
Are you a tax-favored real estate professional? | accounting firm in bel air md | Weyrich, Cronin & Sorra

Tax Prep, Planning & Strategy

Are you a tax-favored real estate professional?

For federal income tax purposes, the general rule is that rental real estate losses are passive activity losses (PALs). An individual taxpayer…
IRS clarifies theft and fraud loss deductions | tax accountant in bel air md | weyrich, cronin and sorra

Tax Prep, Planning & Strategy

IRS clarifies theft and fraud loss deductions

The Tax Cuts and Jobs Act (TCJA) significantly limited the types of theft losses that are deductible on federal income taxes. But a recent “advice…
Small business alert: Watch out for the 100% penalty | business consulting firms in dc | weyrich, cronin and sorra

Tax Prep, Planning & Strategy

Small business alert: Watch out for the 100% penalty

Some tax sins are much worse than others. An example is failing to pay over federal income and employment taxes that have been withheld from…

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Latest Tweets

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

wcscpas Weyrich Cronin Sorra @wcscpas ·
10 Jun

Tax obligations for money raised on crowdfunding platforms can be complex. But that doesn’t necessarily mean your nonprofit should pass up opportunities to reach possible donors. https://bit.ly/4k46xGP