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Stambaugh Law Offices

Lancaster, PA 717-390-0390

Toll Free 877-562-5912

Category: Tax Planning

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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 […]

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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. […]

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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 […]

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Roth vs. Traditional IRA

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 […]

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An Overview of the Earned Income Tax Credit

The EITC is a subsidy the federal government provides to those who work but earn very little. For 2018, the IRS has provided a table for income limits—numbers are up […]

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Tax Planning

How to Hold Real Estate in Your IRA

Real estate can be a great investment, and many people don’t know they can also put property into their IRAs. However, they have to be careful: one small mistake and […]

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Tax Planning

What is the Kiddie Tax and How Should You Address It?

The kiddie tax is a set of laws designed to stop parents from moving assets to their children to avoid paying taxes. It applies to unearned income — that is, […]

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What Does the IRS Require to Substantiate Charitable Contributions?

If you offer gifts or money to qualified organizations eligible to receive tax-deductible charitable contributions, you must do two things: Have a bank record or written communication from the charity […]

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Standard Mileage Rates for 2018 Are Up

The IRS has issued the 2018 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on Jan. […]

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Tax Law Changes: A Brief Overview

The new tax law has dominated political discussion for months and will likely continue to do so well into 2018. Consequences, both intended and otherwise, are still unclear. But for […]

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Get a Tax Break From Past-Year Losses

A net operating loss (NOL) refers to a tax year in which a business’s allowable tax deductions exceed its taxable income. In simpler terms, you had more expenses than you […]

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How to Take Advantage of ‘Miscellaneous Deductions’

Looking for ways to lower your tax liability? Miscellanous deductions, reported on the Schedule A, provide an opportunity to do so. Miscellaneous deductions are especially helpful for W2 employees.  Business […]

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