Mar 25, 2025 | Tax Talk Tuesdays
Navigating the complexities of tax regulations can be overwhelming, especially when it comes to distinguishing between different types of income and losses. The IRS has specific rules that determine how taxpayers can deduct losses from certain business and rental...
Mar 18, 2025 | Tax Talk Tuesdays
Section 174 of the Internal Revenue Code governs the treatment of Specified Research or Experimental (SRE) expenditures. The Tax Cuts and Jobs Act (TCJA) of 2017 amended Section 174, requiring businesses to amortize SRE expenditures over time rather than deducting...
Mar 10, 2025 | Tax Talk Tuesdays
Depreciation allows businesses to spread the cost of expensive assets over their useful life, accounting for wear and tear while reducing taxable income through annual deductions. This approach helps manage cash flow, ensures tax compliance, and prevents financial...
Mar 3, 2025 | Tax Talk Tuesdays
Pennsylvania, New Jersey, and New York introduced significant tax changes in 2025, impacting businesses and individuals. These updates include corporate tax reductions, new tax credits, and adjustments to transportation-related taxes. Pennsylvania’s Tax Adjustments...
Feb 25, 2025 | Tax Talk Tuesdays
The Qualified Business Income (QBI) deduction—the Section 199A deduction—offers a powerful way to reduce taxable income for many business owners. Designed for sole proprietors, partners in partnerships, shareholders in S corporations, and certain trusts and estates,...
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...
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