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Lancaster, PA 717-390-0390
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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 […]
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 […]
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 […]
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 […]
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 […]
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. […]
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 […]
Are Meals Still Deductible Expenses?
In short, the answer is yes. The Tax Cuts and Jobs Act made changes to meals and entertainment deduction, however business meals are still deductible. Entertainment expenses, other than meals, are […]
New IRS Guidance on State and Local Taxes
The IRS will be addressing the deductibility of state and local tax payments for federal income tax purposes. It’s a reminder that federal law controls payments for federal income tax […]
It’s Time to Check Your Withholding
The IRS is urging two-income families and folks who work multiple jobs to complete a paycheck checkup to verify that they’re withholding the right amount of tax from their paychecks. […]
Charitable Giving Under the New Tax Law
The new tax law nearly doubles the standard deduction for individuals and families, simplifying the filing process for millions of Americans, but complicating giving strategies for many who have made […]
There are two types of tax advantaged individual retirement accounts (IRAs): the Roth IRA and Traditional IRA. Taxed advantaged IRAs allow you to put a certain amount of money away […]