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Stambaugh Law Offices

Lancaster, PA 717-390-0390

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Category: Tax Planning

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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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Home Equity Loans Are Deductible, Sometimes

Contrary to rumors, the Tax Cuts and Jobs Act of 2017 allows taxpayers who buy, build or substantially improve their homes using either a home equity loan, home equity lines […]

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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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