When the Tax Cuts and Job Act (TCJA) became law in 2017, the United States tax code significantly changed. Those changes, from deductions and accounting methods, to succession planning opportunities, have important implications for many taxpayers. Additionally, TCJA expanded many states’ tax bases and initiated discussions on tax conformity. At the end of 2018, only[…]
Whether you’re considering a startup business or have already begun one, be sure you don’t overlook the important matter of taxes. Experts strongly advise business owners to take time to look at businesses similar to theirs and research how they are handling taxes, including what structure they are using to establish their startup. While many[…]
All too frequently, people have their identity stolen. Despite our best efforts, there are computer hackers, lost Social Security cards and sketchy websites that allow criminals to disrupt our lives, often causing serious damage to our finances. There are a number of warning signs that could mean you’ve been a victim of identity theft. If[…]
What you need to know about estate planning
By diamondcpas Estate Planning, Personal Taxes Apr 18, 2019
Estate planning is a valuable tool that offers people of all ages and incomes an effective means to determine who will receive their assets and who will make critical decisions in the event of death or incapacitating illness. While often thought of as a concern for the wealthy and, typically, older adults, financial planning experts[…]
Thinking of booking a room or an entire home for a vacation or business travel in Pennsylvania this year? Be prepared for a bump in the cost. As of January 22, 2019, the state has closed a tax loophole that previously allowed online home-sharing sites such as HomeAway, VRBO (Vacation Rental By Owner) and Expedia[…]
Owing taxes to the IRS is no laughing matter. Failure to pay, or making arrangements to pay, can lead to severe consequences, including liens or seizure of property, wage attachments and other actions that can impact one’s employment, credit score and ability to secure a mortgage, for many years. However, being aware of how the[…]
Using life insurance and 529 plans to save for college
By diamondcpas Saving for College Mar 06, 2019
It’s no secret that college is expensive and growing more so every year. Whether a private or public institution, the costs are significant. According to the College Board, in 2017-2018, the average annual tuition and fees for a private institution was $34,740. A public school is somewhat less, where the yearly cost is $9,970, for[…]
Donor-advised funds are among the fastest growing tools in the philanthropic arena. While they make up a relatively small part of philanthropic giving, they hold billions of dollars. These accounts allow the donor to make charitable contributions of cash, stock or other assets, such as property and artwork, and receive an immediate tax deduction for[…]
How small business owners should prepare for a meeting with their tax professional
By diamondcpas Business Taxes Feb 08, 2019
As any small business owner will tell you, being prepared for tax season is critical. Here we offer some key advice to help you get ready for a meeting with your tax professional. If you follow the steps and keep important filing dates in mind, you’ll be fully confident and there’ll be no need for[…]
It’s a question that’s on the minds of many of our clients. When is the best time to begin collecting Social Security benefits? While the question may be common, the answer is a highly individualized one that depends on each person’s circumstances. In this blog post, we’ll take a look at several key factors involved with[…]