Feb 18, 2025 | Tax Talk Tuesdays
Selling goods or services online has become increasingly common, and with that comes tax reporting responsibilities. If you sold event tickets, personal items, or other goods or services online and received Form 1099-K, you may wonder how to handle it on your tax...
Feb 11, 2025 | Tax Talk Tuesdays
Charitable giving allows individuals and businesses to support their communities while benefiting from valuable tax deductions. However, maximizing these deductions requires understanding eligibility, limitations, and documentation requirements. To qualify, donations...
Feb 3, 2025 | Tax Talk Tuesdays
Building owners and designers seeking ways to enhance energy efficiency while reducing tax liabilities should be aware of the Energy Efficient Commercial Buildings Deduction (179D deduction). This tax incentive allows eligible taxpayers to claim a deduction for...
Jan 27, 2025 | Tax Talk Tuesdays
For manufacturers, innovation is not merely a driver of growth but an essential strategy for survival and success in today’s fiercely competitive landscape. The Research and Development (R&D) Tax Credit provides manufacturers with a valuable opportunity to offset...
Jan 18, 2025 | Tax Talk Tuesdays
Beginning January 6, 2025, most Pennsylvania domestic and foreign filing associations must file an Annual Report (DSCB:15-146) online at file.dos.pa.gov. This new requirement applies to various entities, including domestic business corporations, nonprofits, limited...
Jan 13, 2025 | Tax Talk Tuesdays
Correctly classifying workers as employees or independent contractors is essential for business owners to meet tax obligations and avoid costly penalties. The IRS provides clear guidelines, including a 20-factor test, to help determine the correct classification....
Jan 6, 2025 | Tax Talk Tuesdays
As we enter 2025, significant changes to federal tax brackets and critical updates will impact taxpayers’ financial planning strategies. Here’s a detailed look at what’s new and remains unchanged in the tax landscape for the year ahead. 2025 Tax Brackets...
Dec 31, 2024 | Tax Talk Tuesdays
As 2025 approaches, taxpayers can align their financial strategies with their tax obligations to ensure a more secure financial future. By proactively engaging with an accountant, taxpayers can uncover ways to minimize tax burdens and maximize savings. Here are...
Dec 17, 2024 | Tax Talk Tuesdays
The U.S. Department of Labor’s Employee Benefits Security Administration (EBSA) has initiated efforts to create an online tool, the Retirement Savings Lost and Found database, to help workers locate lost retirement savings. This initiative, directed by the SECURE 2.0...
Dec 9, 2024 | Tax Talk Tuesdays
There’s still time to leverage significant tax breaks for purchasing equipment before December 31. Here’s what you need to know about the Section 179 tax deduction and bonus depreciation for 2024: Section 179: Full Deduction Available 100% Deduction: Section 179...
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