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Tax

PA Business Taxpayers Must Migrate Accounts as myPATH Replaces E-TIDES

At the end of 2022, the Pennsylvania Department of Revenue launched a new online system for business taxpayers. myPATH, which has been available to individual taxpayers since June 2022, replaces E-TIDES as a full-service system for business taxpayers to handle their registration, filing and payments. As of February 24, 2023. E-TIDES will no longer be available…. View Article

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The IRS Versus the Taxpayer

According to the IRS, not only is your ignorance no excuse but so is that of your tax preparer. In other words, the fact that your tax preparer made a mistake is no excuse and will not absolve you from compliance penalties. Unfortunately, the penalty for making what could be deemed an innocent mistake can… View Article

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Common Family Tax Mistakes

When it comes to transactions between family members, the tax laws are frequently overlooked, if not outright trampled upon. The following are some commonly encountered situations and the tax ramifications associated with each. Renting to a Relative – When a taxpayer rents a home to a relative for long-term use as a principal residence, the… View Article

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5 Financial Resolutions You Can Live With

For the most part, New Year’s resolutions are hard to keep because many times you either list too many things or ones that aren’t manageable for the long haul – especially those that involve money. Here are a few simple tricks to help you make changes that are bite-sized, easy to implement, and more likely… View Article

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10 Red Flags For IRS Audits

Even though the overall IRS audit rate is currently low historically, it’s expected to increase as a result of provisions in the Inflation Reduction Act signed into law in August. So it’s more important than ever for taxpayers to follow the rules to minimize their chances of being subject to an audit. How can you… View Article

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Year-End Gift Giving with Tax Benefits

The holiday season is customarily a time of giving gifts, whether to your favorite charity, family members or others. Some gifts even provide a variety of tax benefits. But be wary; during the holiday season, you may receive phone calls, texts, emails, snail mail, or appeals on social networking sites for donations for various causes…. View Article

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Your Year-End Financial Checklist

Believe it or not, the year is coming to a close. If you want to finish strong and set attainable goals for 2023, here’s a handy, actionable checklist to help you navigate upcoming expenditures. Review Your Spending and Create a Budget This might seem like Finance 101, but it’s a tried and true method that… View Article

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Health Savings Accounts Fill Multiple Tax Needs

The Health Savings Account (HSA) is one of the most misunderstood and underused benefits in the Internal Revenue Code. Congress created HSAs as a way for individuals with high-deductible health plans (HDHPs) to save for medical expenses that are not covered by insurance due to the high-deductible provisions of their insurance coverage. However, an HSA… View Article

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Pump Up Tax Savings With The Fuel Credit

Companies that wish to reduce their tax bills or increase their refunds shouldn’t overlook the fuel tax credit. It’s available for federal tax paid on fuel used for nontaxable purposes. When does the federal fuel tax apply? The federal fuel tax, which is used to fund highway and road maintenance programs, is collected from buyers… View Article

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First-Year Bonus Depreciation and Sec. 179 Expensing: Watch Out For The Pitfalls

Many companies are eligible for tax write-offs for certain equipment purchases and building improvements. These write-offs can do wonders for a business’s cash flow, but whether to claim them isn’t always an easy decision. In some cases, there are advantages to following the regular depreciation rules. So it’s critical to look at the big picture… View Article

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