What does Section 199A mean for your business?

What does Section 199A mean for your business?

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...
Am I withholding enough?

Am I withholding enough?

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...

Owe Money in Taxes? Here is How You Can Pay

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...

Are Home Improvements Tax Deductible?

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...

What are Capital Gains Taxes?

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...