Republished with permission. If the pandemic completely changed what a day at work looks like for you, you’re not alone. 20 percent of working adults have transitioned to remote work due to COVID-19.1 Adapting to this new workspace isn’t easy, particularly with many companies forced to cut pay in order to preserve non-essential employees. And this[…]
[Guest Post] Working From Home: Understanding Home Office Deductions
By Kevin Means of Sapient Investments Personal Taxes Jul 17, 2020
While tax planning may not be many people’s idea of fun, the benefits of smart financial planning for small business owners is critical, tax experts agree. Many small business owners tend to neglect this important aspect of their business, not thinking much about taxes until it’s time to dig through their paperwork and file their[…]
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[…]
If you are considering divorce, the timing, from a tax perspective, can be crucial. Many new tax laws that have been enacted have a tremendous impact on divorcing couples, especially couples with a high net worth. And though taxes may be the last thing on your mind during this difficult and tumultuous time in your[…]
A new provision of the Tax Cuts and Jobs Act of December 2017, titled Section 199A, stipulates that owners of sole proprietorships, S corps. or partnerships can deduct up to 20% of the income earned by the business. The idea behind Section 199A is to afford the owners of these types of businesses their own[…]
As we have shared before, the IRS changed the withholding tables earlier this year after the passage of the Tax Cuts and Jobs Act of 2017. As a result, a recent poll of members of the Pennsylvania Institute of Certified Public Accountants (PICPA) revealed that a large majority of their clients needed to adjust their[…]
If you were unable to make your tax payment by April 17th, you may be nervous about what to do. We recommend that you work with our office and stay in contact with the IRS about your options and payment plans. It is critical that you do not ignore the situation and go into delinquency.[…]
Making improvements and renovations to your home is an expensive proposition. Whether the improvement is a necessity such as replacing a leaky roof or a luxury such as adding a theater room to your basement, you want to maximize your investment. One frequently asked question is whether money spent on home improvements can be deducted[…]
Whether you are handling your personal finances or doing small business accounting, it is important to understand capital gains taxes. Put simply, you must pay capital gains taxes anytime you sell an asset for profit. However, there are many factors that can influence how much you owe the IRS. Below are a few important terms[…]
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