2016 Individual Tax Extensions

What is an extension?

  • April 15, 2017. The extension will extend the deadline by six months. With extension, your deadline is October 15, 2017. [Read more…]

Extension Payment Options

The following options are available if a payment is due with your 2016 Federal Extension. [Read more…]

IRS Scam Warning

**IRS Warning of Scam**

The Internal Revenue Service issued another strong warning for consumers against phone scams targeting taxpayers, including recent immigrants. Reported incidents of this crime continue to rise nationwide. Immigrants are frequently targeted. Potential victims are threatened with deportation, arrest, having their utilities shut off, or having their driver’s license revoked.
Important: The IRS will always send taxpayers a written notification of any tax due via the U.S. mail. The IRS never asks for credit card, debit card or prepaid card information over the phone. [Read more…]

Pennsylvania State Taxes Information

**Pennsylvania State Taxes Information**

Does Pennsylvania tax code coincide with the federal tax return guidelines?
No… Under the Federal tax code all income is taxable unless it is specifically exempt, excluded or deducted. In Pennsylvania, an item is taxable only if it fits into a specific eight income category list. If it classifies, Pennsylvania imposes a flat tax instead of a graduated tax on net income, as Federal does. This Pennsylvania tax rate is 3.07 percent. The loss in one class of income may not offset against income in another class, nor may gains or losses be carried backward or forward from year to year. [Read more…]

The Shoulds & Shouldn’t of Investing in your 401k

**The Shoulds and Shouldn’t of Investing in your 401k**

You should start contributing early and regularly, this will maximize the amount of your tax-deferred savings. Each dollar committed to your 401k is deducted from that year’s taxable income amount, lowering the yearly total you pay income tax on. The money is taxed at time of withdrawal. The benefit being you may be in a lower tax bracket at withdrawal time and therefore pay less tax on the amount. [Read more…]

Tips & Updates for 2015 Taxpayers

**Tips and Updates for 2015 Taxpayers**

Exemptions – The exemption amount for 2015 has increased minimally to $3,950 for yourself, your spouse, and each qualifying dependent. [Read more…]

Legal Same-Sex Marriages Recognized For Federal Tax Purposes

For federal tax purposes, the IRS looks to state or foreign law to determine whether individuals are married. The IRS has a general rule recognizing a marriage of same-sex spouses that was validly entered into in a domestic or foreign jurisdiction whose laws authorize the marriage of two individuals of the same sex even if the married couple resides in a domestic or foreign jurisdiction that does not recognize the validity of same-sex marriages.

For more information, please click on the links provided below.

Article on Same-Sex Marriages Recognized for Federal Tax

Frequently Asked Questions for Individuals of the Same Sex Who Are Married Under State Law

Frequently Asked Questions for Individuals of the Same Sex Who Are in a Registered Domestic Partnership and Civil Union

2015 Homeowner Considerations

**2015 Homeowner Considerations**

The following deductions can be taken:

  • Home mortgage interest up to a $1 million of a home loan secured by a principal residence or second home is fully deductible.
  • The interest on up to a $100,000 home equity loan or line of credit can be deducted.
  • Points to secure a loan for the purchase or improvement of a principal residence can be deducted collectively in the year they were incurred.  However, the points to refinance a mortgage have to be taken over the life of the loan.
  • Real estate taxes, state and local property taxes on property are also deductible.

[Read more…]

Tax Planning for Small Businesses

Download the Tax Planning for Small Business Clients document.

Tax Planning for Individuals

Download the Tax Planning for Individuals.