No Rendering of Advice
To ensure compliance with IRS requirements, we inform you that any U.S. federal tax advice contained in this website (including any attachments or directed links) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter addressed herein.
Please be assured that this notice does not reflect any decrease in the quality of services or the amount of thought we put into our client interactions.
Any advice in this communication is limited to the conclusions specifically set forth herein and is based on the completeness and accuracy of the stated facts, assumptions and/or representations included. In rendering our advice, we may consider tax authorities that are subject to change, retroactively and/or prospectively, and any such changes could affect the validity of our advice. We will not update our advice for subsequent changes or modifications to the law and regulations, or to the judicial and administrative interpretations thereof.
For more information on Circular 230, please click here.
No Rendering of Advice
The information contained within this website is provided for informational purposes only and is not intended to substitute for obtaining accounting, tax, or financial advice from a professional accountant. Presentation of the information via the Internet is not intended to create, and receipt does not constitute, an accountant-client relationship. Internet subscribers, users and online readers are advised not to act upon this information without seeking the service of a professional accountant. Any U.S. federal tax advice contained in this website is not intended to be used for the purpose of avoiding penalties under U.S. federal tax law.
Accuracy of Information
While we use reasonable efforts to furnish accurate and up-to-date information, we do not warrant that any information contained in or made available through this website is accurate, complete, reliable, current or error-free. We assume no liability or responsibility for any errors or omissions in the content of this website or such other materials or communications. If you wish to contact the webmaster of this website, please call CPA Websites Solutions at 802-655-1519.
Disclaimer of Warranties and Limitations of Liability
This website is provided on an "as is" and "as available" basis. Use of this website is at your own risk. We and our suppliers disclaim all warranties. Neither we nor our suppliers shall be liable for any damages of any kind with the use of this website.
Links to Third Party Websites
For your convenience, this website may contain hyperlinks to websites and servers maintained by third parties. We do not control, evaluate, endorse or guarantee content found in those sites. We do not assume any responsibility or liability for the actions, products, services and content of these sites or the parties that operate them. Your use of such sites is entirely at your own risk.
We have moved! Please visit us at our new location at 134 Sipe Avenue, Hummelstown, PA 17036.
Reminders & Updates
2024 Standard Mileage Rates
| Purpose | Rates per Mile |
| Business | 67 cents |
| Medical/Moving | 21 cents |
| Charitable | 14 cents |
2023 Standard Mileage Rates
| Purpose | Rates per Mile |
| Business | 65.5 cents |
| Medical/Moving | 22 cents |
| Charitable | 14 cents |
Check It Out!
Check out the article in PICPA CPA Now by Greg Kashella, published November 2021, Enhanced Financial Statement Disclosures for Small Businesses.
Check out the article in the Central Penn Business Journal, Women Who Lead, March 2019 article featuring our partner Jori Culp
Tax-Related Identity Theft
The IRS combats tax-related identity theft with aggressive strategies of prevention, detection and victim assistance. To find out more about tax-related identity theft call our office or visit https://www.irs.gov/identity-theft-fraud-scams/identity-protection for information and guidance.
Remember that the IRS will never contact you by electronic means. This includes emails, phone calls, text messages, or social media channels. If you are ever in doubt whether contact by someone claiming to be from the IRS is legitimate, call our office first for verification.
Weekly Tax Brief
Once you reach age 73, tax law requires you to begin taking withdrawals — called Required Minimum Distributions (RMDs) — from your traditional IRA, SIMPLE IRA and SEP IRA. Since funds can’t stay in these accounts indefinitely, it’s important to understand the rules behind RMDs, which can be pretty complex. Below, we address some common questions to help you navigate this process.
What are the tax implications if I want to withdraw money before retirement?
If you need to take money out of a traditional IRA before age 59½, distributions are taxable, and you may be subject to a 10% penalty tax. However, there are several ways that you can avoid the 10% penalty tax (but not the regular income tax). They include using the money to pay:
- Qualified higher education expenses,
- Up to $10,000 of expenses if you’re a first-time homebuyer,
- Expenses after you become totally and permanently disabled,
- Expenses of up to $5,000 per child for qualified birth or adoption expenses, and
- Health insurance premiums while unemployed.
These are only some of the exceptions to the 10% tax allowed before age 59½. The IRS lists them all in this chart.
When am I required to take my first RMD?
For an IRA, you must take your first RMD by April 1 of the year following the year in which you turn 73, regardless of whether you’re still employed. The RMD age used to be 72 but the Secure 2.0 Act raised it to 73 starting in 2023.
How do I calculate my RMD?
The RMD for any year is the account balance as of the end of the immediately preceding calendar year divided by a distribution period from the IRS’s “Uniform Lifetime Table.” A separate table is used if the sole beneficiary is the owner’s spouse who’s 10 or more years younger than the owner.
How should I take my RMDs if I have multiple accounts?
If you have more than one IRA, you must calculate the RMD for each IRA separately each year. However, you may aggregate your RMD amounts for all of your IRAs and withdraw the total from one IRA or a portion from each of your IRAs. You don’t have to take a separate RMD from each IRA.
Can I withdraw more than the RMD?
Yes, you can always withdraw more than the RMD. But you can’t apply excess withdrawals toward future years’ RMDs.
In planning for RMDs, you should weigh your income needs against the ability to keep the tax shelter of the IRA going for as long as possible.
Can I take more than one withdrawal in a year to meet my RMD?
You may withdraw your annual RMD in any number of distributions throughout the year, as long as you withdraw the yearly total minimum amount by December 31 (or April 1 if it is for your first RMD).
What happens if I don’t take an RMD?
If the distributions to you in any year are less than the RMD for that year, you’ll be subject to an additional tax equal to 50% of the amount that should have been paid but wasn’t.
Plan carefully
Contact us to review your traditional IRAs and analyze other retirement planning aspects. We can also discuss who you should name as beneficiaries and whether you could benefit from a Roth IRA. Roth IRAs are retirement savings vehicles that operate under a different set of rules than traditional IRAs. Contributions aren’t deductible, but qualified distributions are generally tax-free.
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