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 [...]
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 [...]
Retirees may have distributions from several kinds of retirement accounts, but these distributions are not all taxed the same at the federal level. The federal tax treatment of retirement distributions depends on the type of retirement account. Today, we'll compare several types of retirement accounts and the federal tax effect of each. Employer Sponsored Accounts [...]
Even though tax preparation season doesn't start until January or February, tax planning season is well under way. If you are a business owner, there are a couple items that need to be completed before December 31. Health Insurance W-2 Reporting If you are an S Corporation owner, and if your S Corporation provides and pays for your [...]
The Free Application for Federal Student Aid (FAFSA) process can be confusing and overwhelming. Our resident FAFSA expert, Chris Bradford put together some helpful hints about the application, tax implications and the process to provide FAFSA information for you. There is no income cut-off to qualify for student aid and many factors are taken into account, including [...]
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