The Hoffman Group is a full-service accounting and consulting firm headquartered in the Baltimore, Maryland region. Our dedicated team provides a comprehensive array of assurance, consulting and tax services for businesses and individuals. By thoroughly evaluating our clients’ unique financial needs, we create personalized solutions and develop comprehensive plans for their success. To us, the most valuable part of our business is client relationships. That is why we are built on the pillars of transparency, trust and respect. Our highly skilled team of professionals and Certified Public Accountants provide the knowledge, passion and technical abilities to help our clients thrive.
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A joint home purchase can ease estate tax liability
If you’re planning on buying a home that you one day wish to pass on to your adult children, a joint purchase can reduce estate tax liability, provided the children have sufficient funds to finance their portion of the purchase. With the gift and estate tax exemption now set at an inflation-adjusted $10 million thanks to the Tax Cuts and Jobs Act, federal estate taxes are less of a concern for...
For-profit vs. not-for-profit: Compare and contrast financial reporting goals
As the term suggests, for-profit companies are driven primarily by one goal — to maximize profits for their owners. Nonprofits, on the other hand, are generally motivated by a charitable purpose. Here’s how their respective financial statements reflect this difference. Reporting revenues and expenses For-profits produce an income statement (also known as a profit and loss statement), listing their revenues, gains, expenses and losses to evaluate financial performance. They report...
Follow IRS rules to ensure you receive your charitable tax deductions
If reducing your taxable estate is an important estate planning goal, making lifetime charitable donations can help achieve that goal and benefit your favorite organizations. In addition, by making donations during your lifetime, rather than at death, you can claim income tax deductions. But some of your charitable deductions could be denied if you don’t follow IRS rules. 3 things to be aware of First, the recipient charity must be...
Fixed vs. variable costs: How to compute break-even
Break-even analysis can be useful when investing in new equipment, launching a new product or analyzing the effects of a cost reduction plan. The break-even point is fairly easy to calculate using information from your company’s income statement. Here are the details. Analyzing your costs Break-even can be explained in a few different ways. It’s the point at which total sales are equal to total expenses. More specifically, it’s where...
At The Hoffman Group, we take a personal interest in your success. Drawing on over 60 years of combined practice, our team has a breadth of experience in anticipating challenges businesses may face and developing strategic plans to meet their financial objectives. We focus on an array of industries such as construction, manufacturing and distribution, and government contracting to help you make healthy financial and business decisions that amplify profitability and maximize competitiveness.