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There is Still Time to Get Health Insurance. Open Enrollment Extended in Maryland through February 28!

1/20/2022

 
Link to this post: ramlcpa.link/0201a

There is Still Time to Get Health Insurance. Open Enrollment Extended in Maryland through February 28!


​Did you know business owners can get coverage through the Maryland Health Exchange, just not the way you would normally think. 

Over 181,000 Maryland residents have enrolled so far for health insurance through marylandhealthconnection.gov for 2022, an 9.4% increase over 2021.
Between November 1st and January 15th, new health insurance enrollments totaled 39,181 – up by 48%. Over 141,000 people who had insurance through the state exchange renewed their plans for 2022. Maryland residents can also get dental coverage through Maryland Health Connection.

​Dental enrollments grew 29% from 51,505 in 2021 to 66,634 for 2022.
The rise in enrollments is not by accident though, as Maryland launched a reinsurance program back in 2018 that has helped create some of the most affordable plans in the nation. According to a Kaiser Family Foundation, Maryland on average has the least expensive Individual gold and bronze plans and the third lowest cost silver plans in the nation.
There will be additional enrollment opportunities this year, including the Easy Enrollment program, which allows uninsured people who file their state income taxes to sign up for insurance through an online application. Additional information on the Easy Enrollment program can be found by visiting marylandhealthconnection.gov/easyenrollment
Maryland is also launching a similar program later this year for those filing for Unemployment Insurance and checks a box feature indicating that they need coverage.
Key Statistics and important demographic trends.
Key MHC Enrollment Statistics
Maryland Gov. Larry Hogan announces that open enrollment for state residents through Feb. 28 in response to coronavirus outbreak and ongoing surge in cases.
Visit Maryland Health Connection to enroll.

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The Latest Maryland Tax Relief Package aims to help Families, Small Businesses, and Retirees with additional tax savings and stimulus.

1/12/2022

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The Working Marylanders Tax Relief Act of 2022 will be the largest Tax Relief Package In State History (if it becomes law). Some of the key provisions include:
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  • eliminating 100% of State Retirement Taxes,
  • an additional $650 Million in Tax Relief for families,
  • eliminating the $300 filing fees for businesses (SDAT), 
  • extended tax incentives to new and existing manufacturers that locate or expand in Maryland and create new manufacturing jobs, and
  • initiatives  to revitalize vacant retail and commercial space. ​
Currently, this is a proposed legislation and not yet law so specifics are limited. However, all but the SDAT savings & retirement tax relief are added benefits to existing programs that were enacted in response to the pandemic. Thus the rules, benefits, and limits of these programs are expected to be similar. ​
Link to Blog Post: ramlcpa.link/01-12a

The Retirement Tax Reduction Act

​The Retirement Tax Reduction Act eliminates 100% of state retirement tax in Maryland. Tax relief will be phased-in starting in 2022.

The Working Marylanders' Tax Relief Act

​Permanent tax relief for working families. The Working Marylanders' Tax Relief Act will make the enhanced earned income tax credits (EITC) permanent and provide another $650 million in tax relief for working families.
Link: interactive2.marylandtaxes.gov/EITCAssistant/
Link: Maryland EITC resource
Maryland Earned Income Tax Credit (EITC) Assistant - Calculator
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Maryland Earned Income Tax Credit (EITC) - 2021 Thresholds
Clickable Image Maryland (EITC) - 2021 Thresholds

Small Business Tax Relief

​Small Business Fee Relief. The governor will also propose legislation to eliminate the filing fees for businesses that submit their annual report (SDAT), including the $300 annual filing fee for companies, LLCs, and other legal entities. This would make Maryland the first state to provide a zero-fee option for all businesses.

The More Jobs for Marylanders Act 3.0

Expansion of Manufacturing Incentives. The More Jobs for Marylanders Act 3.0 extends the program an additional five years, through 2027 and provides tax incentives to new and existing manufacturers that locate or expand in Maryland and create new manufacturing jobs and to non-manufacturers that locate or expand in Maryland Opportunity Zones.

Project Restore Act

​Long-Term Economic Development. The Project Restore Act makes permanent initiatives, which provide financial assistance for small businesses and commercial developers to revitalize vacant retail and commercial space. 

Maryland Tax Resources

https://governor.maryland.gov/2022/01/11/governor-hogan-announces-4-6-billion-tax-relief-package-for-hardworking-maryland-families-small-businesses-and-retirees/
https://governor.maryland.gov/2022/01/11/transcript-tax-relief-and-economic-growth-announcement-january-11-2022/
​https://www.marylandtaxes.gov/reliefact/
​https://www.marylandtaxes.gov/tax-credits.php

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3 Timely Tax Season Tips from the IRS

1/4/2022

 
Link to This Article: ​ramlcpa.link/22-1c2
​The IRS has provided a number of tips on three (3) key areas of  this seasons tax flings.  We've summarized these and please review them before filing your taxes. These areas include Charitable Contributions, Advance Child Tax Credit Payments, and Economic Impact Payments and claiming the Recovery Rebate Credit.
​The IRS is encouraging taxpayers to make sure they're well-informed about their tax situation as the filing deadline approaches. The key topics include special steps related to charitable contributions, economic impact payments and advance child tax credit payments. Here are some key items for taxpayers to know before they file next year.
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Changes to the charitable contribution deduction

​Taxpayers who don't itemize deductions may qualify to take a deduction of up to $600 for married taxpayers filing joint returns and up to $300 for all other filers for cash contributions made in 2021 to qualifying organizations.

Check on advance child tax credit payments

​Families that received advance payments will need to compare the advance child tax credit payments that they received in 2021 with the amount of the child tax credit they can properly claim on their 2021 tax return:
​Taxpayers who received less than the amount for which they're eligible will claim a credit for the remaining amount of child tax credit on their 2021 tax return.
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Eligible families that did not get monthly advance payments in 2021 can still get a lump-sum payment by claiming the child tax credit when they file a 2021 federal income tax return next year. This includes families that don't normally need to file a return.
​In January 2022, the IRS will send Letter 6419 showing the total amount of advance child tax credit payments taxpayers received in 2021. People should keep this and any other IRS letters about advance child tax credit payments with their tax records to share with their preparers. Individuals can also create or log in to an IRS.gov online account to securely access their child tax credit payment amounts.

Economic impact payments

and 

claiming the recovery rebate credit

​Individuals who didn't qualify for the third economic impact payment or did not receive the full amount may be eligible for the recovery rebate credit based on their 2021 tax information. They'll need to file a 2021 tax return, even if they don't usually file, to claim the credit.
​Individuals will need the amount of their third economic impact payment and any plus-up payments received to calculate their correct 2021 recovery rebate credit amount when they file their tax return.
​In early 2022, the IRS will send Letter 6475, which contains the total amount of the third economic impact payment and any plus-up payments received. People should keep this and any other IRS letters about their stimulus payments with other tax records. Individuals can also create or log in to an IRS.gov online account to securely access their economic impact payment amounts.
​There's a good chance you have other issues you should address to minimize any problems or hassle as the filing date approaches. Reach out to a qualified tax preparer to keep yourself on track.

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How Scenario Planning can transform your Strategic Planning. ⠀

11/29/2021

 

How Scenario Planning can transform your Strategic Planning.

Link to this article : ​https://ramlcpa.link/60d
The COVID-19 pandemic disrupted businesses in several major ways — some good, some not so good. One positive change is the acceptance of scenario planning as a way to build resilience and preparedness into a business's strategic plan.
​Scenario planning is not new. ​It has been around since the 1950s, 
when Herman Kahn used it in his work for the U.S. military at the RAND corporation. It did not immediately catch on among small or midsize businesses, which believed it to be too time consuming and impractical. However, some larger companies, notably Apple, have recently had success with the method, leading to a surge in its popularity.
Scenario planning can help solve many issues, from big-picture ones to problems that occur in specific situations. Here is an example of how it can be used in today's business environment: The so-called "great resignation" is affecting every level of business, from the top down. When people leave, they take institutional knowledge with them. In times like these, when people leave before they train a replacement, the loss can be especially impactful. So, instead of simply hiring someone else for an open position, what if the company took the time to evaluate whether its needs have changed or are expected to change soon — and then hired in anticipation of meeting those needs?
Scenario planning is a tool that seeks to provide reassurance in times of uncertainty by assessing a set of "what if" situations that describe how the future might unfold. The exercise is designed to challenge conventional assumptions.
The most common method of scenario planning is the four-scenario exercise. To begin, identify external opportunities (e.g., a manufacturer gets a contract with a big-box store) and challenges (e.g., there is a major supply chain disruption). Then classify each possible outcome as both high or low probability and high or low impact.
High-probability/high-impact scenarios. These types of scenarios require strategic shifts. Identify the backup plans that must be in place if there is a major supply chain disruption. Currently, many businesses are facing this type of worst-case scenario. What are they doing to deal with the situation? What strategies and tactics do they need to have in place to prevent the same problem from happening in the future? What other sources are available for your products? Is there a product that can be substituted for the original? It is important to think outside the box and explore all options. This exercise is about planning for disruption, so look for a disruptive solution.
Low-probability/high-impact scenarios. This category represents a major disruption, like the COVID-19 pandemic. How would you prepare your business for another pandemic, or a flood or a fire? Make sure you have disaster recovery plans and procedures in place.
High-probability/low-impact scenarios. These types of scenarios are important, but do not need urgent attention. Any changes in these areas can be made incrementally. For example, imagine you know your lease is expiring in three years. It is important to start renegotiating your existing lease or find a new space, but the business will not be impacted if you put off starting the project for a few months.
Low-probability/low-impact scenarios. Often called flash-in-the-pan scenarios, these are one-off situations that require attention. Trends are an example of a flash-in-the-pan scenario. It's important to have a plan in place in case one of your company's tentpole products goes out of fashion.
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Link to the original article: https://ramlcpa.link/pb4​

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