Penrod Accounting, LLC
Professional – Reliable – Affordable CPA Services
Maryland’s Tax-Free Weekend for Certain Energy Star Products
Consumers will receive a break from the state's 6 percent sales tax on qualifying Energy Star products from Saturday February 17 - Monday February 19, 2024. During this Tax-Free Weekend, qualifying Energy Star products are tax free: Air conditioners Washers and dryers...
2021 Advance Child Tax Credit – Should You Opt Out?
Let’s start with “What is the Advanced Child Tax Credit?” There were changes to the amounts of the Child Tax Credit and how you can receive it in advance as part of the American Rescue Plan Act, for 2021 only. The act changed the Child Tax Credit for 2021 by...
American Rescue Plan – What’s In it For Me? Besides Patience?
The American Rescue Plan was signed into law on March 11, 2021, with a lot of changes for both individuals and businesses. Here is a brief synopsis of some of the relief. If you have already filed your tax return and the new legislation changes that, please wait for...
Wrapping Up 2020
As the year comes to an end, I have compiled some things to think about for your 2020 taxes. For 2020, you can deduct up to $300 in Charitable contributions if you take the standard deduction. This does not include goods that you donated (clothing, toys, household...
Who’s a Tax Preparer?
Did you know that it's very easy to call yourself a "Tax Preparer"? There's no qualifications, no one checks on you, you aren't regulated by anyone. All you have to be able to do is fill in the information in the tax program, or fill in the forms. Anyone can do it....
What’s in a Fee?
We all know that every CPA, Accountant, Enrolled Agent, Tax Preparer and Lawyer charges different fees for preparing a tax return. Some will charge by the form, others by the hour, some are based on the complexity of the return, while others charge by the complexity...