• There’s still time for homeowners to save with green tax credits

    The income tax credit for certain energy-efficient home improvements and equipment purchases was extended through 2016 by the Protecting Americans from Tax Hikes Act of 2015 (the PATH Act). So, you still have time to save both energy and taxes by making these eco-friendly investments. What qualifies The credit is for expenses related to your principal residence. It equals 10% of certain qualified improvement expenses [...]

    Published On: July 13, 2016Categories: Featured
  • 3 mutual fund tax hazards to watch out for

    Investing in mutual funds is an easy way to diversify a portfolio, which is one reason why they’re commonly found in retirement plans such as IRAs and 401(k)s. But if you hold such funds in taxable accounts, or are considering such investments, beware of these three tax hazards: High turnover rates. Mutual funds with high turnover rates can create income that’s taxed at ordinary-income rates. [...]

    Published On: July 11, 2016Categories: Featured
  • Awards of Restricted Stock Units (RSUs) can provide tax deferral opportunity

    Executives and other key employees are often compensated with more than just salary, fringe benefits and bonuses: They may also be awarded stock-based compensation, such as restricted stock or stock options. Another form that’s becoming more common is restricted stock units (RSUs). If RSUs are part of your compensation package, be sure you understand the tax consequences — and a valuable tax deferral opportunity. RSUs [...]

    Published On: June 29, 2016Categories: Featured
  • Throw a company picnic for employees this summer and enjoy larger deductions

    Many businesses host a picnic for employees in the summer. It’s a fun activity for your staff and you may be able to take a larger deduction for the cost than you would on other meal and entertainment expenses. Deduction limits Generally, businesses are limited to deducting 50% of allowable meal and entertainment expenses. But certain expenses are 100% deductible, including expenses: For recreational or [...]

    Published On: June 22, 2016Categories: Featured
  • Finding the right tax-advantaged account to fund your health care expenses

    With health care costs continuing to climb, tax-friendly ways to pay for these expenses are more attractive than ever. Health Savings Accounts (HSAs), Flexible Spending Accounts (FSAs) and Health Reimbursement Accounts (HRAs) all provide opportunities for tax-advantaged funding of health care expenses. But what’s the difference between these three accounts? Here’s an overview: HSA. If you’re covered by a qualified high-deductible health plan (HDHP), you [...]

    Published On: June 20, 2016Categories: Featured
  • Combine business travel and a family vacation without losing tax benefits

    Are you thinking about turning a business trip into a family vacation this summer? This can be a great way to fund a portion of your vacation costs. But if you’re not careful, you could lose the tax benefits of business travel. Reasonable and necessary - Generally, if the primary purpose of your trip is business, expenses directly attributable to business will be deductible (or [...]

    Published On: June 9, 2016Categories: Featured
  • Department of Revenue Announces New Unit to Help Identity Theft

    Harrisburg, PA - The Pennsylvania Department of Revenue today announced the launch of a new Personal Income Tax Fraud Investigation Unit dedicated to assisting victims of identity theft and combating tax refund fraud, two crimes on the rise. “The department understands that identity theft is frustrating for victims, which is made worse when a fraudulent tax return is filed in their name,” said Revenue Secretary Eileen [...]

    Published On: June 2, 2016Categories: Featured
  • Why it’s time to start tax planning for 2016

    Now that the April 18 income tax filing deadline has passed, it may be tempting to set aside any thought of taxes until year end is approaching. But don’t succumb. For maximum tax savings, now is the time to start tax planning for 2016.   More opportunities A tremendous number of variables affect your overall tax liability for the year. Starting to look at these [...]

    Published On: April 20, 2016Categories: Featured
  • Tips for deducting losses from a disaster, fire or theft

    If you suffer damage to your home or personal property, you may be able to deduct these “casualty” losses on your federal income tax return. A casualty is a sudden, unexpected or unusual event, such as a natural disaster (hurricane, tornado, flood, earthquake, etc.), fire, accident, theft or vandalism. A casualty loss doesn’t include losses from normal wear and tear or progressive deterioration from age [...]

    Published On: April 14, 2016Categories: Featured
  • What 2015 tax records can you toss once you’ve filed your return?

    The short answer is: none. You need to hold on to all of your 2015 tax records for now. But this is a great time to take a look at your records for previous tax years and determine what you can purge.   The 3-year rule At minimum, keep tax records for as long as the IRS has the ability to audit your return or [...]

    Published On: April 14, 2016Categories: Featured
  • Filing for an extension isn’t without perils

    Yes, the federal income tax filing deadline is slightly later than usual this year — April 18 — but it’s now nearly upon us. So, if you haven’t filed your return yet, you may be thinking about an extension.   Extension deadlines Filing for an extension allows you to delay filing your return until the applicable extension deadline:  Individuals — October 17, 2016 Trusts and [...]

    Published On: April 5, 2016Categories: Featured
  • Entrepreneurs: What can you deduct and when?

    Starting a new business is an exciting time. But before you even open the doors, you generally have to spend a lot of money. You may have to train workers and pay for rent, utilities, marketing and more. Entrepreneurs are often unaware that many expenses incurred by start-ups can’t be deducted right away. How expenses are handled on your tax return When planning a new [...]

    Published On: March 28, 2016Categories: Featured
  • 2 benefits-related tax credits just for small businesses

    Tax credits reduce tax liability dollar-for-dollar, making them particularly valuable. Two valuable credits are especially for small businesses that offer certain employee benefits. Can you claim one — or both — of them on your 2015 return? Retirement plan credit Small employers (generally those with 100 or fewer employees) that create a retirement plan may be eligible for a $500 credit per year for three [...]

    Published On: March 2, 2016Categories: Featured
  • What’s your charitable donation deduction?

    When it comes to deducting charitable gifts, all donations are not created equal. As you file your 2015 return and plan your charitable giving for 2016, it’s important to keep in mind the available deduction: Cash. This includes not just actual cash but gifts made by check, credit card or payroll deduction. You may deduct 100%. Ordinary-income property. Examples include stocks and bonds held one [...]

    Published On: February 23, 2016Categories: Featured