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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Understanding the Passive Activity Loss Rules
Are you wondering if the passive activity loss rules affect business ventures you’re engaged in — or might engage in? If the ventures are passive activities, the passive activity loss rules prevent you from deducting expenses that are generated by them in excess of their income. You can’t deduct the excess expenses (losses) against earned income or against other nonpassive income. Nonpassive income for this purpose includes interest, dividends, annuities,...
The 2021 Social Security Wage Base Is Increasing
If your business is planning for payroll next year, be aware that the Social Security wage base is increasing. The Social Security Administration recently announced that the maximum earnings subject to Social Security tax will increase from $137,700 in 2020 to $142,800 in 2021. For 2021, the FICA tax rate for both employers and employees is 7.65% (6.2% for Social Security and 1.45% for Medicare). For 2021, the Social Security...
Year-End Moves for Charitable Giving
'Tis almost the season for charitable giving. Besides helping a worthy cause, your donations may qualify for a festive write-off on your 2020 tax return if you qualify. Here are five ways to boost your deduction for charitable contributions if you itemize. 1. Bunch Contributions Under the Tax Cuts and Jobs Act (TCJA), for 2018 through 2025, the standard deduction was increased while certain itemized deductions were curtailed or suspended....
Beware of Vishing (Voice Phishing) Scams
Individuals and businesses have been worrying about phishing scams for years, and now there's a new twist aimed largely at small businesses: voice phishing scams, a.k.a. vishing. A recent alert from the Cybersecurity Infrastructure Security Agency (CISA), acting in conjunction with the Federal Bureau of Investigation (FBI), provides the details. Vishing Expeditions In the classic phishing scam, scammers use email or text messages to trick someone into revealing sensitive information....
At The Hoffman Group, we take a personal interest in your success. Our team of Certified Public Accountants and consultants have 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.