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...
Dec 3, 2024 | Tax Talk Tuesdays
Flexible spending accounts (FSAs), also known as Section 125 plans, offer employers and employees a valuable way to save on taxes. The most commonly used FSAs are the medical expense FSA and the dependent care FSA. These plans allow employees to set aside a portion of...
Nov 26, 2024 | Tax Talk Tuesdays
As the end of the year approaches, it’s time to focus on one of the most critical financial tasks: year-end tax planning. For both individuals and business owners, taking proactive steps before December 31 can lead to significant tax savings and a smoother filing...
Nov 26, 2024 | Tax Talk Tuesdays
As we wrap up 2024, it’s important to take a closer look at your tax and financial plans and discuss steps to reduce taxes and help you save for your future. With a new administration on the horizon and many provisions of the Tax Cuts and Jobs Act (TCJA) set to expire...
Nov 26, 2024 | Tax Talk Tuesdays
As we wrap up 2024, it’s important to take a closer look at your tax and financial plans and discuss steps to reduce taxes and help you save for your future. With a new administration on the horizon and many provisions of the Tax Cuts and Jobs Act (TCJA) set to expire...
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