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24
May
Immediate Tax Benefits for Business Property
There is a unique tax break for business entities of all shapes and sizes contained in Section 179 of the Internal Revenue Code. Under this section, a business can elect to “expense,...
 
17
May
How to Bridge a Retirement Shortfall
People are living longer these days than they did five, 10 or 20 years ago. Of course, that is good news, but it also means that you may have to provide a bigger cushion in retirement than you ha...
 
10
May
Reach into this Grab Bag of Deductions
As we near the end of tax filing season, you might be looking to increase the number of itemized deductions you can use to offset highly taxed ordinary income. What about the grab bag of e...
 
6
Apr
Short-Term PA Tax Amnesty Program Runs 4/21-6/19/17
Any PA taxpayers that have tax delinquencies as of 12/31/15 are being offered a brief window to come forward and settle their tax debt.  Under a short-ter...
 
24
Mar
IRS Maps Out New Per Diem Rates
The IRS pays close attention to deductions claimed for business travel expenses. Both employers and employees must meet strict recordkeeping requirements or fa...
 
14
Mar
There's Still Time For 2016 IRA Contributions
Yes, there’s still time to make 2016 contributions to your IRA. The deadline for such contributions is April 18, 2017. If the contribution is deductible, it wil...
 
7
Mar
Do You Have to Pay the NII Tax?
As the deadline for filing 2016 tax returns approaches, some taxpayers are still struggling with the rules for the 3.8% tax on “Net Investment Income&rdq...
 
21
Feb
Tax Twists on Social Security Benefits
Of course, taxes are a major concern when you work full time for a living. Unfortunately, you may also have to pay federal income tax on a portion of the Socia...
 
14
Feb
IRS Selects Private Collectors
The IRS, the nation’s tax collection agency, has identified a select group of four private contractors that will begin collecting federal tax debts durin...
 
7
Feb
2017 Standard Mileage Rates
For travel beginning dated from January 1, 2017, the standard mileage rates for the use of a vehicle will be:
  • 53.5 cents per mile for busines...
 
3
Jan
Key Points About Key Person Insurance
Virtually every business owner will tell you it takes more than one person to build up and maintain a profitable business. In fact, it is likely that several “key employees” ha...
 
24
May
Overtime Final Rule: What you need to know
The Fair Labor Standards Act (FLSA) received a major revamp from the Department of Labor May 18, 2016.  As a result of the Final Rule o...
 
19
May
Can you deduct losses after a fire, theft, or other loss?

If you ever suffer damage to your hom...

 
20
Apr
Why it’s time to start tax planning for 2016
Now that the April 18 income tax filing deadline has passed, it may be tempting to set aside...
 
4
Apr
The Research Credit is Back for Good
Like Arnold Schwarzenegger’s character in The Terminator, the research credit is back. This valuable tax break, which had officially expired and been res...
 
29
Mar
Entrepreneurs: What can you deduct and when?
Starting a new business is an exciting time. But before you even open the doors, you generally have to spend a lot of money. You may have to train workers and ...
 
24
Mar
2 benefits-related tax credits just for small businesses

Tax credits reduce tax liability doll...

 
21
Mar
IRS Reporting New Phone Scam
The IRS is reporting a new wave of phone calls where the caller is misrepresenting themselves as IRS agents attempting to collect personal information from taxpayers....
 
16
Mar
3 income-tax-smart gifting strategies

If your 2015 tax liability is higher ...

 
8
Mar
Make a 2015 contribution to an IRA before time runs out

Tax-advantaged retirement plans allow...

 
25
Feb
What’s your charitable donation deduction?
When it comes to deducting charitable gifts, all donations are not created equal. As you file your 2015 return and plan your charitable giving for 201...
 
6
Jan
2 extended credits can save businesses taxes on their 2015 returns

The Protecting Americans from Tax Hik...

 
3
Jan
No changes to retirement plan contributions for 2016
Retirement plan contribution limits are indexed for inflation, but with inflation remaining low, the limits remain unchanged for 2016:
 
22
May
Maryland “Double-Tax Law” Struck Down by Supreme Court
In a win for Maryland residents that are working in other states, the Supreme Court struck down a Maryland tax law that, in essence, has been double-taxing those residents that are employe...
 
4
May
Got ISOs? You need to understand their tax treatment.
Incentive stock options allow you to buy company stock in the future at a fixed price equal to or greater than the stock’s fair market value on the grant date. If the stock appreciat...
 
31
Mar
Still filing a paper return? Be sure you understand the “timely mailed = timely filed” rule
The IRS considers a paper return that's due April 15 to be timely filed if it's postmarked by midnight on April 15. But dropping your return in a mailbox on the 15th may not be sufficient. ...
 
30
Mar
Vote for your favorite local business
We love local businesses here at Faw Casson. Do you have a favorite? Visit http://www.wdov.com/contests/faw-casson-local-business-of-the-week/364395 now and vote for your favorite local business. One...
 
26
Mar
You might benefit from deducting investment interest expense on your 2014 tax return
Investment interest - interest on debt used to buy assets held for investment, such as margin debt used to buy securities - generally is deductible for both regular tax and alternative minimum tax pur...
 
25
Mar
Yes, there’s still time to make a 2014 IRA contribution!
The deadline for 2014 IRA contributions is April 15, 2015. The limit for total contributions to all IRAs generally is $5,500 ($6,500 if you were age 50 or older on Dec. 31, 2014). If you haven't alre...
 
18
Mar
Do you need to file a 2014 gift tax return by April 15?
Generally, you'll need to file a gift tax return for 2014 if, during the tax year, you made gifts: • That exceeded the $14,000-per-recipient gift tax annual exclusion (other than to your U.S...
 
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