Tax Prep, Planning & Strategy Insights

Is your income high enough to owe two extra taxes? | cpa in cecil county md | Weyrich, Cronin & Sorra

Tax Prep, Planning & Strategy

Is your income high enough to owe two extra taxes?

High-income taxpayers face two special taxes — a 3.8% net investment income tax (NIIT) and a 0.9% additional Medicare tax on wage and self-employment…
The Inflation Reduction Act: what’s in it for you? | accountant in cecil county md | Weyrich, Cronin & Sorra

Tax Prep, Planning & Strategy

The Inflation Reduction Act: what’s in it for you?

You may have heard that the Inflation Reduction Act (IRA) was signed into law recently. While experts have varying opinions about whether it…
How to avoid the early withdrawal tax penalty on IRA distributions | accountant in hunt valley md | Weyrich, Cronin & Sorra

Tax Prep, Planning & Strategy

How to avoid the early withdrawal tax penalty on IRA distributions

When you take withdrawals from your traditional IRA, you probably know that they’re taxable. But there may be a penalty tax on early withdrawals…
Is your withholding adequate? Here’s how to check | accountant in cecil county md | Weyrich, Cronin & Sorra

Tax Prep, Planning & Strategy

Is your withholding adequate? Here’s how to check

When you filed your federal tax return this year, were you surprised to find you owed money? You might want to change your withholding so that…
Estimated tax payments: Who owes them and when is the next one due? | accounting firm in elkton md | Weyrich, Cronin & Sorra

Tax Prep, Planning & Strategy

Estimated tax payments: Who owes them and when is the next one due?

If you don’t have enough federal tax withheld from your paychecks and other payments, you may have to make estimated tax payments. This is…
The tax obligations if your business closes its doors | quickbooks consulting in washington dc | Weyrich, Cronin & Sorra

Tax Prep, Planning & Strategy

The tax obligations if your business closes its doors

Sadly, many businesses have been forced to shut down recently due to the pandemic and the economy. If this is your situation, we can assist you,…

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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