Tax

If you’ve been keeping up with the news, you’re no doubt aware of a recent policy change that will impact the way that research and development (R&D for short) is handled when it comes to income taxes in the United States. Rather than being allowed to deduct those costs immediately, companies are now being told… View Article

Although the credit for purchasing a new electric vehicle can still be as much as $7,500, Congress has added some new stringent qualifications as to which vehicles qualify, and for the first time, Congress has limited who qualifies for the credit by barring the credit to higher income taxpayers. But first a little background. Prior… View Article

Individuals and small businesses should consider various ways of starting off on the right foot for the 2023 tax year. W-4 Updates – If you are employed, then your employer takes the information from your Internal Revenue Service (IRS) Form W-4 and applies it to the IRS’s withholding tables to determine the amount of income… View Article

At the end of 2022, the Pennsylvania Department of Revenue launched a new online system for business taxpayers. myPATH, which has been available to individual taxpayers since June 2022, replaces E-TIDES as a full-service system for business taxpayers to handle their registration, filing and payments. As of February 24, 2023. E-TIDES will no longer be available…. View Article

According to the IRS, not only is your ignorance no excuse but so is that of your tax preparer. In other words, the fact that your tax preparer made a mistake is no excuse and will not absolve you from compliance penalties. Unfortunately, the penalty for making what could be deemed an innocent mistake can… View Article

When it comes to transactions between family members, the tax laws are frequently overlooked, if not outright trampled upon. The following are some commonly encountered situations and the tax ramifications associated with each. Renting to a Relative – When a taxpayer rents a home to a relative for long-term use as a principal residence, the… View Article

For the most part, New Year’s resolutions are hard to keep because many times you either list too many things or ones that aren’t manageable for the long haul – especially those that involve money. Here are a few simple tricks to help you make changes that are bite-sized, easy to implement, and more likely… View Article

Even though the overall IRS audit rate is currently low historically, it’s expected to increase as a result of provisions in the Inflation Reduction Act signed into law in August. So it’s more important than ever for taxpayers to follow the rules to minimize their chances of being subject to an audit. How can you… View Article

The holiday season is customarily a time of giving gifts, whether to your favorite charity, family members or others. Some gifts even provide a variety of tax benefits. But be wary; during the holiday season, you may receive phone calls, texts, emails, snail mail, or appeals on social networking sites for donations for various causes…. View Article

Believe it or not, the year is coming to a close. If you want to finish strong and set attainable goals for 2023, here’s a handy, actionable checklist to help you navigate upcoming expenditures. Review Your Spending and Create a Budget This might seem like Finance 101, but it’s a tried and true method that… View Article