Use the form on the right to contact us.
Barry Weller & Associates
Tax, Accounting & Financial Services
216 E. Philadelphia Avenue
Boyertown, PA 19512
phone: (610) 367-8280
fax: (610) 367-8106
19 North Reading Avenue
Boyertown, PA, 19512
United States
(610) 367-8280
Barry Weller & Associates, tax, accounting, and financial services in Boyertown, PA
Articles
The IRS and most states started accepting 2023 income tax returns on Monday, January 29, 2024, kicking off the 2024 tax season with a pledge to provide better service for taxpayers.
Read MoreStarting January 1, 2024 the standard mileage rates have increased 1.5 cents per mile for business travel.
Read MoreOn December 29, 2022, “The SECURE 2.0 Act” was signed into law.
Read MoreThe IRS and most states will open tax filing for your 2022 income tax returns on Monday, January 23, 2023.
Read MoreThe cost-of-living adjustment (COLA) for Social Security benefits will increase 8.7% in 2023.
Read MoreStarting January 1, 2023 the standard mileage rates are increasing 3 cents per mile for business travel.
Read MoreFor the first time in since 2011 the IRS has made a midyear increase to the optional standard mileage rates due to the rising cost of gasoline and its financial burden
Read MoreOn 10/13/21, the Social Security Administration announced the cost-of-living adjustment for 2022 will be an increase of 5.9%. While this is the largest increase since the 1980’s, most Social Security recipients will see little if any of this in their monthly benefits.
Read MoreOn October 3, 2021, you can expect the cost of some services provided by the United States Postal Service (USPS) to go up. ... These increases will occur from October 3 until December 25, 2021 ... (for the full article, click here)
Read MoreThe American Rescue Plan increased the Child Tax Credit from $2,000 per child to $3,000 per child for children from age 6 through age 17 and from $2,000 per child to $3,600 for children under age 6. This credit will affect nearly 30 million households. Parents with qualifying children are being issued advance child credit payments …
Read Moreby Barry L Weller, EA
The Premium Tax Credit (PTC) is a refundable credit claimed on your federal income tax return. This credit is for individuals and families who purchase a qualified health plan through the Marketplace and have household income of at least 100% but no more than 400% of the federal poverty line. These “premium tax credits” are available immediately upon enrollment in an insurance plan so that families can receive help when they need it rather than having to wait until they file taxes. This is known as an Advance Premium Tax Credit and is paid in directly to a healthcare insurance company to offset the cost of the monthly health insurance premium. Each year, individuals use form 8962 to figure their Premium Tax Credit. This form is also used to reconcile any advance payments to determine if additional credits are available or if any of the advance payments must be repaid. Additional credits may be available when the actual income for the tax year is less than what was estimated at the time of purchasing the health insurance policy. Repayment of excess advance premium tax credits can occur when actual income for the tax year is more than what was estimated when the health insurance policy was purchased.
On April 9, 2021, The American Rescue Plan Act of 2021 suspended the requirement that taxpayers increase their tax liability for excess advance premium tax credits (APTC’s) for tax year 2020. Taxpayers who have already filed their 2020 tax return and who have excess APTC for 2020 do not need to file an amended tax return or contact the IRS. The IRS will reduce the excess APTC repayment amount to zero and will reimburse people who have already repaid any excess advance Premium Tax Credit on their 2020 tax return. If you are due a refund, the IRS will increase the refund for the excess APTC calculated on form 8962.
This suspension of repayment change applies only to reconciling tax year 2020 Advance Premium Tax Credits. Taxpayers who received the benefit of APTC’s for tax years 2019 and earlier still had to reconcile the advance payments on form 8962. The IRS is sending letters to taxpayers who failed to reconcile these tax payments for tax years prior to 2020.
----------------------------------------------------------------------------------------
Barry L Weller, EA is the president of Barry Weller & Associates, Inc. with offices at 19 N Reading Ave, Boyertown, PA 19512 Phone (610) 367-8280 He is an enrolled agent, licensed to represent taxpayers before the IRS. (updated 5/24/2021)
School may look a little different this year, but eligible teachers and other educators can still deduct certain un-reimbursed expenses on their 2020 federal income tax return. (click the title for more information)
Read MoreOn March 27, 2020, President Trump signed the “Coronavirus Aid, Relief, Economic Security (CARES) Act. One provision of this act is to provide lump-sum checks to many Americans. These lump-sum stimulus payments are “fully refundable tax credits” for tax year 2020. They are nontaxable and will not affect your refund when you file your 2020 income tax return in 2021. (click the title for more information)
Read MoreCongress again waited until almost the last minute to pass legislation to avert a partial government shutdown. The Further Consolidated Appropriations Act 2020 was primarily designed as a government funding bill, but like most bills, it contained various provisions not associated with its main purpose. Included in this law are TAX EXTENDERS, REPEAL OF AFFORDABLE CARE ACT PROVISIONS AND THE SECURE ACT WHICH CHANGED RETIREMENT PLAN RULES (click the title for more information)
Read MoreIn January 2020, nearly 69 million American’s Social Security benefits will include the COLA increase of 1.6%. Some of the increase will not be realized in monthly benefits received as the Medicare Part B standard monthly premium will increase by $9.10. … click the title to read more.
Read MoreAnnually, the IRS issues new income tax withholding tables. For 2018, they became available on January 11, 2018. These new tables reflect new tax rates and other changes for individuals implemented by the Tax Cuts and Jobs Act ... click the title to read more
Read MoreThe IRS and most states will open tax filing for your 2017 income tax returns on January 29, 2018.
Read MoreBarry Weller and Associates open new location.
Read MoreThe Social Security cost-of-living adjustment for 2018 is the largest since 2012. More than 61 million Americans will receive a 2% COLA in their Social Security benefits. This increase will begin in January 2018. However ...
Read MoreThe 2017 Pennsylvania Tax Amnesty Program is available for 60 days beginning on 4/21/17. This program will waive all penalties, collection and lien fees as well as half of the interest for delinquent taxes. Eligible participants who choose not to participate will be subject to an additional 5% penalty and additional enforcement actions.
Read More