While you might think managing your taxes is just another part of your financial responsibilities, such as paying bills and monitoring your bank accounts, think again. Accounting, tracking and filing taxes swallow up a lot of your valuable time that could better be spent enhancing your business. Small business owners, who use a certified public[…]
If you employ household workers such as nannies, caretakers, chefs, maids, private nurses and others, you may need to withhold payroll taxes. As an employer, you are not required to withhold federal income tax from your employees’ pay. The IRS does require that you withhold a percentage of wages for Social Security and Medicare taxes[…]
For years, taxpayers, and in particular, wealthy taxpayers, have sought to reduce their tax burden by establishing residency in states with lower tax rates. Florida is a favorite destination because it has no state income tax. Financial experts warn that the process is more challenging than it appears, however. While you can have more than[…]
For small business owners, planning for succession of the business is often overlooked. Whether it’s simply an oversight or being too busy to seriously consider how the business will continue upon your retirement or a more unexpected life experience, planning for who will take over will help ensure that people you choose will assume ownership[…]
If you’ve reached age 70 ½ and you’re looking for ways to save money on your tax return, making charitable donations from your IRA may be a good tax strategy for you. There are a wide range of IRS-approved charities that can accept cash donations and these qualified charitable donations (QCD) can satisfy all or[…]
It’s no surprise that most people don’t enjoy filing their tax returns, yet, it’s a fact of life. As the saying goes, “two things are certain – death and taxes.” For entrepreneurs, taxes can seem even more imposing, but that doesn’t have to be the case, say financial experts. In fact, the sooner you accept[…]
Although the cost of higher education continues to mount, the tuition and fees deduction for college students and their parents has been eliminated, beginning this year. However, there are other avenues taxpayers can explore to look for deductions and savings. While the tuition deductions are no longer available on your 2019 return (filing for 2018[…]
The Tax Cuts and Jobs Act of 2018 has a number of important implications for those who are newly divorced, separated or in the process of divorcing. Perhaps the most critical change for those in that situation is that alimony payments are no longer deductible and those receiving alimony no longer have to declare that[…]
No business owner wants to hear that the Pennsylvania Department of Revenue believes you owe it taxes, interest and/or penalties. And while a tax assessment notice is certainly unpleasant, it may help ease your concern to learn about some of the issues around such assessments. One such area is industry standards, which is when the[…]
We would like to take this opportunity to congratulate our dedicated team member Ann Mariano for being nominated as one of 3 finalists in the 2019 Best of Bucks Readers Contest in the Accountant/CPA category. Ann has been with Diamond & Associates, PC since 2006. Our clients and staff are drawn to her caring manner[…]