Tax Advice

Benefits of Hiring Your Kids

If your business operates as a sole proprietorship, single-member LLC or husband-and-wife-owned LLC partnership, you can take advantage of some big tax savings by hiring your kids! There are some tax savings available to C and S Corporation owners, but not nearly as much as the other business entities. Normally, when a business sets up [...]

Just Inherited an IRA? Proceed with Caution!

We've posted several articles about IRAs (here, here and here) and have another one for you today! When an IRA account holder dies and the IRA becomes part of an estate, there are several complicated, inflexible rules that determine how and when distributions can be made. Working with a competent advisor can help survivors avoid [...]

PA Tax Amnesty Letters Confuse PA Business Owners

The majority of our Pennsylvania-based business clients have received a letter from the Pennsylvania Department of Revenue discussing outstanding tax liabilities and the new 2017 Pennsylvania Tax Amnesty Program. We sent out a message about the tax amnesty program last week. Here is a sample of the letter: Our understanding is that this letter, or [...]

1099-MISC Income

If you are an independent contractor or self-employed you should receive a 1099-MISC from every client who pays you $600 or more during the year. You'll receive the forms by the end of January. Even if you earned less than $600, you still should report any gross income earned on your income tax return. The income [...]