Thoughts & Insights

Legalized Marijuana and Federal Law

Nearly half of the states (including Pennsylvania) and the District of Columbia have legalized the sale of marijuana.  Mostly for medicinal purposes, but a few states have permitted it for recreational use. Unfortunately, these states have caused business owners some trouble and confusion at the federal level.  Under federal law, marijuana is still considered an [...]

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 [...]

Trump’s Proposed Tax Plan

A few weeks ago, the Trump administration released its tax reform plan. The one page document left lawmakers and taxpayers with more questions than answers. Here's what we know so far: Individual Tax Brackets President Trump proposes cutting the current 7 bracket system down to 3 tax brackets for individuals: 10%, 25%, and 30%. The [...]