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KBST&M CPA's & Consultants

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Timonium, MD
KBST&M CPA's & Consultants

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Certified Public Accountants & Consultants

We are KBST& M, a full-service public accounting firm serving businesses, nonprofit organizations and individuals in the Baltimore/Washington metropolitan area and throughout the United States. Our experienced partners are dedicated to overseeing every aspect of your financial interests and we operate under the premise that every situation is unique; requiring services tailored to your needs.

11/02/2026

Self-employment (SE) tax is the Social Security and Medicare tax paid by individuals who work for themselves. It isn’t just for sole proprietors. It may also apply to partners, LLC members, independent contractors and even employees who earn income from a side business.

The combined rate is generally 15.3%, consisting of 12.4% on net self-employment income up to the annual Social Security wage base ($184,500 for 2026), plus 2.9% on all net self-employment income for Medicare. Higher-income taxpayers may also owe the 0.9% additional Medicare tax.

Contact us to learn more. We can help you calculate your SE tax obligation and develop strategies to optimize your overall tax position.

10/29/2026

A board retreat can help your nonprofit turn financial information into strategic goals. Set clear retreat objectives and a realistic budget and share financial statements, forecasts and program costs in advance. Depending on your priorities, you might use your retreat to assess funding reliability, program sustainability and operating reserves. Weigh proposed investments against available resources and mission impact. And before leaving, assign tasks and deadlines, choose measures of progress, and schedule follow-up discussions. Finally, carry those priorities into your budget. Contact us for help preparing financial information.

10/27/2026

If you’re in the process of buying a home, or you bought one earlier this year, mortgage points may be deductible on your 2026 return — even if the seller paid them. You might also be able to deduct points if you took out a loan to build a new home, substantially improve your current home or purchase a second home. But to claim the deduction, you must itemize deductions rather than take the standard deduction. For an immediate deduction, points generally must meet IRS requirements for a loan to buy or build your main home. Otherwise, points usually are deducted over the loan term. Additional rules and limits apply. We can review the details with you to help assess your potential tax savings.

10/26/2026

The Federal Insurance Contributions Act imposes two taxes on employers and employees: Social Security and Medicare. Each year since 1950, the Social Security Administration has adjusted the wage base for computing Social Security tax. For 2027, it will be $192,300 (up from $184,500 this year). Wages and net earnings from self-employment above this amount aren’t subject to Social Security tax — but there’s no earnings cap for Medicare tax. Additional rules apply to the 0.9% additional Medicare tax, federal unemployment tax, and various state and local taxes. Got questions? Contact us for guidance on complying with all applicable reporting and withholding requirements.

10/21/2026

In business, the accounting cycle is used to record, organize and summarize financial activity for a specific period. It’s designed to produce accurate data so owners can better understand performance, manage cash flow effectively and make viable plans. Although the level of detail can vary, you should usually follow these six steps: 1) Gather source documents, 2) post transactions to your general ledger, 3) generate a trial balance, 4) adjust the general ledger, 5) prepare financial statements, and 6) close the books. Be sure to document who performs each step. Contact us for help developing easy-to-follow procedures.

10/20/2026

As the year draws to a close, your employer’s 401(k) plan may offer an opportunity to reduce your 2026 income taxes. If you haven’t been contributing, it may not be too late to start. And if you’re already contributing, increasing the amount you contribute from each paycheck before year end could boost your 2026 tax savings. If your employer matches contributions, try to contribute at least enough to receive the maximum match. Otherwise, you’ll lose out on free money! Check with your employer about deadlines and available options. We can help you evaluate the tax implications and determine whether increasing your contributions makes sense for your situation.

10/19/2026

The IRS recently announced special per diem travel rates that are effective from Oct. 1, 2026, through Sept. 30, 2027. Under the simplified high-low method, employers can use two per diem rates to reimburse employees for lodging, meals and incidental expenses for business travel within the continental U.S. The new rate is $329 for high-cost localities and $230 for all other areas. In some locations, the high-cost rate applies only for certain periods of the year. The high-low method can simplify expense reimbursements and reduce paperwork, but you must follow specific IRS rules and restrictions. Contact us to help determine whether this method is right for your business.

10/14/2026

Are you separating or divorcing this year? Decisions made before your divorce is finalized can affect your 2026 income tax liability and your tax situation in future years. Some of the most critical tax issues to consider as you work through a separation or divorce are related to: 1) tax filing status and, if you have dependent children, who’ll claim them for tax purposes, 2) support payments, 3) home ownership, 4) retirement accounts, and 5) business interests. We can help you evaluate the tax consequences of your separation or divorce so you can make informed decisions before year end. Contact us to get started.

10/12/2026

It’s time to address year-end tax planning, especially if your business is booming. Start by projecting your 2026 tax obligation and assessing whether estimated payments made throughout the year are sufficient. You may need to adjust your fourth payment to potentially avoid (or minimize) underpayment penalties.

Also consider tax-reduction strategies, such as timing revenue and expenses, taking advantage of the qualified business income deduction, contributing to a retirement plan and leveraging first-year depreciation write-offs for eligible asset purchases.

These moves require careful coordination, so contact us to explore your options. We can help develop a plan tailored to your situation.

10/08/2026

A donor’s pledge can affect your nonprofit’s records before cash even arrives. Under U.S. GAAP, unconditional pledges generally create contribution revenue and a receivable. Conditional pledges are generally recognized when their conditions are substantially met. Restrictions on how or when funds may be used affect revenue classification, not recognition timing. Support pledges with verifiable documentation, evaluate collectibility and discount longer-term payments to present value. Keep fundraising and accounting staff informed of changes that could affect payment. Contact us for help accounting for pledge agreements and preparing related financial statement disclosures.

Address

307 International Circle, Suite 620
Timonium, MD
21030

Opening Hours

Monday	9am - 5pm
Tuesday	9am - 5pm
Wednesday	9am - 5pm
Thursday	9am - 5pm
Friday	9am - 5pm

Telephone

+14103080300

Website

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