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Stambaugh Law Offices

Lancaster, PA 717-390-0390

Toll Free 877-562-5912

Category: Tax Planning

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How the Net Investment Tax Works

Net investment tax is a 3.8% surtax on a portion of your modified adjusted gross income (MAGI) over certain thresholds. You might be subject to it even if you manage […]

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IRS Provides a Break on Flexible Spending Plans

The IRS has granted relief for 125 cafeteria plans, health flexible spending arrangements and dependent care assistance programs. In Notice 2020-29, the IRS has: Extended claims periods for taxpayers to apply […]

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The CARES Act: Retirement Provisions

The COVID-19 pandemic is affecting all aspects of finances, including retirement savings. The CARES Act contains provisions affecting these plans that will remain in effect for 2020. They include the […]

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Freelancing: The Tax Implications

A freelancer does work for another individual or business without an employment contract, often on an as needed basis.  Generally the term freelance is used for work that could be […]

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Retirement Account Contribution Limits get a Cost-of-Living Adjustment

Every year, the IRS takes a fresh look at contribution limits and makes changes as necessary. Below are some of the more significant changes for 2020: Contribution limits for employees […]

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The Basics of Sole Proprietorships

Businesses often start out as sole proprietorships simply because it is the simplest entity type with the easiest setup. Unlike other business structures, no formal set up is involved.  An […]

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Tax Deductions: What’s New for 2019?

Itemized Deductions Not much has changed regarding Itemized Deductions since the new tax law passed in 2017.  Here is a refresher on what changed for itemized deductions as a result […]

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Asset Capitalization Safe Harbor Rules

Whenever you spend money on your business, the expense is either deducted on your federal tax return in the year it is incurred or depreciated over time. But much more […]

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Converting a Regular 401(k) to a Roth 401(k)

Most people have heard of Roth IRAs, but many people do not know that a Roth version of the 401(k) plan is available as well. Although this type of account […]

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Know How to Handle Canceled Debt

Borrowing money comes with a legal obligation to repay what is borrowed plus interest.  But what happens when part of the debt is forgiven? After the initial relief of not […]

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Congress Proposes Changing Retirement Law for First Time in a Decade

The Ways and Means Committee of the US House of Representatives has unanimously passed a bill called the SECURE Act.  The act contains some major changes to retirement tax law.  […]

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Capital Gains and Losses: The Tax Basics

A capital gain or loss occurs when an individual or business sell a “capital asset.” A capital gain occurs when the selling price of the asset is higher than the […]

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