IRS

Roth IRA Conversions

We speak with a lot of folks saving for their retirement and they often ask us if we think they’re saving enough.  "How much is enough" is a question for another day, but we do want to talk about an interesting retirement savings strategy that many folks are utilizing - Roth IRA Contributions. We all [...]

Profit Motive

When taxpayers have high W-2 earnings (in excess of $150,000 for example) coupled with large losses from self-employment activities, it's like waving a big "Audit Me" sign! The IRS' rationale for scrutinizing a tax return with these conditions is that if the taxpayer has substantial income unrelated to the self-employment activity, the taxpayer is more [...]

Business Trips with Customers

Questions: Do you take Customers and prospective Customers on weekend trips to help build your business?  Can you deduct the expense related to these trips from your taxable income? Short Answer: Yes - the expenses related to these trips are a valid tax deduction.  If you keep good records that prove the trips are related [...]

January 25, 2016|Businesses, Tax Advice|

Pennsylvania Taxpayer Identity Theft Issues

Remember our last post on identity theft? Here’s a brief summary: Tax refund fraud is up to $21 BILLION! Increased online services from the IRS allow hackers more opportunities to steal taxpayer identities and file for fraudulent refunds. More than 330,000 taxpayers were affected by a security breach in May 2015. Why are we talking about [...]

December 17, 2015|Individuals, Tax Advice|
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