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Tax Blog
“Taxing” is a word synonymous with “onerous” and “wearing.”  Bond Beebe, Accountants & Advisors, have created a user friendly blog called “It’s Taxing” to inform and educate our clients and business associates on timely topics related to tax, estates, accounting and finance.  We hope our blog answers your questions and alleviates the heavy burden and anxiety related to understanding complicated tax laws and related matters. 

 

DC Repeals Municipal Bond Income Tax

On July 30, 2013, District of Columbia Mayor Vincent Gray signed the “Fiscal Year 2014 Budget Support Emergency Act of 2013.” Part of this legislation, the Out-of-State Municipal Bond Tax Repeal Emergency Act of 2013, repeals the 2011 law which required interest income from out-of-state municipal bonds acquired after January 1, 2013 to be included in determining DC taxable income for individuals, estates, and trusts.

Tax Strategies for the “Sandwich Generation”: Claiming Dependents Young and Old

The aging population and the challenging job market has “sandwiched” middle-aged Americans. As more and more elderly parents outlive their retirement savings
and unemployed college graduates return to the nest, this generation often finds themselves caring for either their adult children or their elderly parents, and sometimes both.

Fun in the Sun: Summer Camp Tax Credits

As we suffer through July’s heat waves, many summer day camps are in full swing, keeping kids occupied while we parents keep our noses to the grindstone.  In addition to convenient child care and stimulating educational experiences, day camps can also be a tax advantage to your family.

ACA Update: Healthcare Exchanges Delayed for Small Businesses

The Obama Administration announced last Tuesday that the implementation of the employer health insurance mandate, a key piece of the Patient Protection and Affordable Care Act, will be delayed until 2015.

Supreme Court Rules Defense of Marriage Act Unconstitutional – Tax Implications

The Supreme Court’s June 26th decision in United States v. Windsor has created a great deal of uncertainty surrounding federal taxation of same-sex married couples.  The decision struck down as unconstitutional section 3 of the Defense of Marriage Act (DOMA), which required same-sex married couples to be treated as unmarried for federal law.  This means that in the 13 states (plus the District of Columbia) that currently allow same-sex marriages, the federal government will recognize the marriage.  

The Effect of the Affordable Care Act on Medical Expense Deductions

While sifting through the details of the medicare surtaxes that took effect this year as part of the Affordable Care Act (ACA) implementation, you may have missed the ACA-mandated change to the threshold for deducting qualified, unreimbursed medical expenses. 

Making Your Small Business a Family Business: Employing Your Children

If you have children and also own and operate your own business, summer is a great time to implement an easy tax savings strategy: hire your children to work for you. This could have several tax benefits for both you and your children, including lowering taxable income, reducing payroll taxes, and creating opportunities to start your children’s retirement savings.

Out-of-State Sourced Taxable Income – Update on Wynne V Comptroller

On Friday, May 17, 2013, the Maryland Court of Appeals denied the comptroller’s motion for reconsideration in Brian and Karen Wynne, et al v. Comptroller of Treasury.  The original ruling was in favor of the taxpayer, allowing taxes paid to another state to count as a tax credit against the income taxes paid to a Maryland County. 

The ruling is still standing in favor of the taxpayer, although the effective date is on hold, allowing Maryland time to petition the U.S. Supreme Court.

Stay tuned for additional guidance from Maryland and for more updates on this court case.  For more information on how this may affect your tax return, view our previous post

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