Tax

With any new administration in the White House, we are bound to see changes to our country’s taxes. The Biden Administration has made headlines due to eye-popping tax increase proposals that are working their way through Congress. So, what has been proposed? And how may it affect you? To answer these questions, we must dig […]

As tax season comes to a close, you’re hopefully looking forward to your incoming tax refund. Anyone would be happy to have some extra cash; however, be smart about what you choose to do with it. Here, we share 8 Do’s and Don’ts for getting the most bang out of your tax refund bucks. DO

Since the pandemic, the need for virtual work has grown substantially. Many have been affected and haven’t thought about the tax implication this could cause. If your employer is located in Philadelphia and you live outside of the city and have been working remotely from home since the pandemic, you may be able to reduce

Official Statement “On August 8, 2020, the President of the United States issued a Presidential Memorandum directing the Secretary of the Treasury to use his authority pursuant to section 7508A of the Internal Revenue Code to defer the withholding, deposit, and payment of certain payroll tax obligations. Accordingly, the Secretary has determined that employers that

As part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, the U.S. Treasury and the IRS are starting to send nearly 4 million Economic Impact Payments (EIPs) by prepaid debit card, instead of by paper check. EIP Card recipients can make purchases, get cash from in-network ATMs, and transfer funds to their personal

Who is Eligible? U.S. residents will receive the Economic Impact Payment of $1,200 for individual or head of household filers, and $2,400 for married filing jointly if they are not a dependent of another taxpayer and have a work eligible Social Security number with adjusted gross income up to: $75,000 for individuals $112,500 for head

In normal times, after reaching the magic age, you must start taking annual required minimum distributions (RMDs) from traditional IRAs set up in your name (including SEP-IRA and SIMPLE-IRA accounts) and from tax-favored company retirement plan accounts. The magic age is 70 1/2 if you attained that age before 2020 or 72 if you attain

Good News! COVID-19 IRA Withdrawal up to $100,000 If you are an IRA owner who has been adversely affected by the COVID-19 pandemic, you are probably eligible to take tax-favored distributions from your IRA(s). A COVID-19-related distribution is a distribution of up to $100,000 from an eligible retirement plan, including an IRA, that is made