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Stambaugh Law Offices

Lancaster, PA 717-390-0390

Toll Free 877-562-5912

Category: Tax Planning

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Employee Retention Tax Credit Gets a Boost

The second relief bill, passed at the end of 2020, contains updates to the employee retention credit, a refundable payroll tax credit. Each option has its own rules and regulations […]

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General Overview of Business Deductions

Are there business deductions you can take advantage of? Yes, but first you have to make sure your expenses are truly business-related. The lines can blur, especially with a small […]

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What To Know About the Alternative Minimum Tax

The Alternative Minimum Tax is a mandatory alternative to the standard income tax. It’s triggered when taxpayers make more than the exemption and use many common itemized deductions. According to […]

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Head of Household Filing: Who is Eligible

The Head of Household filing status allowed by the IRS is the most advantageous filing status for a single taxpayer. Numerous rules apply to qualify, but if you do, it […]

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How Are Trusts Taxed?

A trust can be a powerful estate-planning tool, but contrary to popular belief, trusts do not make all taxes disappear. The families who set them up still need to consider […]

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Business Interest Expense: The New Rules

The IRS released the final regulations and other guidance on the limitation on the deduction for business interest expenses under the Tax Cuts and Jobs Act of 2017 that was […]

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By the Numbers: The Key Tax Adjustments for 2021

What will 2021 bring us? After a year of turmoil and surprises, no one has a clear idea. But there are some certainties, and one is that the IRS is […]

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How the Secure Act Changes Kiddie Tax Rules

The Secure Act is known for changing rules for tax advantaged retirement accounts.  One less well known provision of the act undid the Tax Cuts and Jobs Act’s Kiddie Tax […]

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Capital Gains and Schedule D

When you sell a capital asset — property owned and used for personal or investment purposes — the sale will result in either a capital gain or a capital loss. […]

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Tax Credits on Their Way Out

Legislation in 2019 — the Taxpayer Certainty and Disaster Tax Relief Act — resurrected or extended several income tax breaks. But Congress giveth and taketh away, and several of them […]

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The Basics of Education Tax Credits

There are tax credits to help parents and/or students pay for higher education.  The credits were designed to incentivize Americans to further their education.  There are two higher education credits: […]

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Meal Expenses: When Are they Deductible?

The Tax Cuts and Jobs Act made changes to deductions for meals. In fact, it eliminated the deduction for any expenses related to activities that used to be considered entertainment, […]

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