For Maryland Taxpayers, a Tough Ruling

“All income is taxable unless the tax code says it’s not; all expenses are not deductible from that income unless the tax code says they can be deducted.”

How To Have a Better Tax Year

What can a taxpayer do now to prepare for the tax year ahead? Maryland Smith’s Samuel Handwerger recently shared some advice. Handwerger is a CPA and a full-time accounting lecturer at the University of Maryland’s Robert H. Smith School of Business. He also oversees TerpTax, Maryland Smith’s free tax preparation service, which puts volunteer undergrad students to work helping qualifying community members and UMD graduate students file their taxes.

Three Ways TerpTax Adapted in the Pandemic

For many organizations, the pandemic era has been a test of resilience and adaptability. Maryland Smith’s TerpTax is acing that test. TerpTax, Maryland Smith’s free tax preparation service, puts volunteer undergrad students to work helping qualifying community members and UMD graduate students file their taxes. Most years, those tax returns are filed by the April 15 deadline, and soon after, the student volunteers head off in all directions for internships or job prospects. But 2020 was not like other years. And TerpTax was ready to adapt.

Why Cannabis Firms Are Focused on Banking and Tax Reform

The SAFE Banking Act was a big step toward removing barriers for cannabis businesses. But other obstacles loom. Among them, the tax code.

Why the Berry Tax Case Is So Interesting

Or: how to deduct the sportscar of your dreams. 

The Rocket Scientist and the Tax Court Exemption

It’s not rocket science, but could it be a clever scheme to make a living and avoid the IRS?

Didn’t File Early? 2 New Reasons Why It May Pay To Wait

It's often smart to file your tax returns early. But is that the case this year?

Are Crowdfunding Donations Deductible?

Those crowdfunding contributions you made or received last year, amid the hardships of the COVID-19 pandemic, are they tax deductible?

How COVID Will Change Your Tax Return

And why it might have you feeling a bit more charitable than usual.

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