Weekly Tax Brief

Claiming a federal tax deduction for moving costs

Details: Published: 28 June 2017 28 June 2017

Summer is a popular time to move, whether it’s so the kids don’t have to change schools mid-school-year, to avoid having to move in bad weather or simply because it can be an easier time to sell a home. Unfortunately, moving can be expensive. The good news is that you might be eligible for a federal tax deduction for your moving costs.

2017 Q3 tax calendar: Key deadlines for businesses and other employers

Details: Published: 20 June 2017 20 June 2017

Here are some of the key tax-related deadlines affecting businesses and other employers during the third quarter of 2017. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you.

Coverdell ESAs: The tax-advantaged way to fund elementary and secondary school costs

Details: Published: 08 June 2017 08 June 2017

With school letting out you might be focused on summer plans for your children (or grandchildren). But the end of the school year is also a good time to think about Coverdell Education Savings Accounts (ESAs) — especially if the children are in grade school or younger.

Donating a vehicle might not provide the tax deduction you expect

Details: Published: 05 June 2017 05 June 2017

All charitable donations aren’t created equal — some provide larger deductions than others. And it isn’t necessarily just how much or even what you donate that matters. How the charity uses your donation might also affect your deduction.

Business owners: When it comes to IRS audits, be prepared

Details: Published: 31 May 2017 31 May 2017

If you recently filed your 2016 income tax return (rather than filing for an extension) you may now be wondering whether it’s likely that your business could be audited by the IRS based on your filing. Here’s what every business owner should know about the process.

Real estate investor vs. professional: Why it matters

Details: Published: 16 May 2017 16 May 2017

Income and losses from investment real estate or rental property are passive by definition — unless you’re a real estate professional. Why does this matter? Passive income may be subject to the 3.8% net investment income tax (NIIT), and passive losses generally are deductible only against passive income, with the excess being carried forward.

Operating across state lines presents tax risks — or possibly rewards

Details: Published: 10 May 2017 10 May 2017

It’s a smaller business world after all. With the ease and popularity of e-commerce, as well as the incredible efficiency of many supply chains, companies of all sorts are finding it easier than ever to widen their markets. Doing so has become so much more feasible that many businesses quickly find themselves crossing state lines.

Turning next year’s tax refund into cash in your pocket now

Details: Published: 03 May 2017 03 May 2017

Each year, millions of taxpayers claim an income tax refund. To be sure, receiving a payment from the IRS for a few thousand dollars can be a pleasant influx of cash. But it means you were essentially giving the government an interest-free loan for close to a year, which isn’t the best use of your money.

Pennsylvania 2017 Tax Amnesty Program

Details: Published: 26 April 2017 26 April 2017

Pennsylvania Tax Amnesty Program Offers Individuals & Businesses an Opportunity for a Limited Amount of Time

Individual tax calendar: Key deadlines for the remainder of 2017

Details: Published: 18 April 2017 18 April 2017

While April 15 (April 18 this year) is the main tax deadline on most individual taxpayers’ minds, there are others through the rest of the year that are important to be aware of. To help you make sure you don’t miss any important 2017 deadlines, here’s a look at when some key tax-related forms, payments and other actions are due. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you.

More Articles ...