2017 Income Tax Filing Season
Barry Weller
Income tax filing begins January 23, 2017. Millions of taxpayers will have their refunds delayed this year in an effort to save billions in fraudulent tax refunds.
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2017 Social Security and Medicare Increases
Barry Weller
Beginning in January 2017, monthly Social Security Income Benefits will increase by only 0.3%. This means the retired worker who ...
Read More2017 Standard Mileage Rates
Barry Weller
Beginning on January 1, 2017, the standard mileage rates for the use of a car, van, pickup or panel truck have decreased ...
Read MoreTemporary Halt for the New DOL Overtime Rule
Barry Weller
On 11/22/16, a US District Court Judge issued a nationwide temporary injunction that halted the Department of Labor’s (DOL’s) new rule on overtime that was to begin on 12/1/2016 ...
Read MorePennsylvania Increases Sales and Use Taxes Effective 8/1/2016
Barry Weller
If you use services like iTunes downloads, eBooks, and Netflix, your purchases are now subject to a 6 percent sales tax. ...
Read More2016 Standard Mileage Rates
Barry Weller
Beginning on January 1, 2016, the standard mileage rates for the use of a car, van, pickup or panel truck have decreased ...
Read MoreOpen Enrollment for 2016 Health Insurance begins on 11/1/2015
Barry Weller
In 2016, if you go without health insurance the penalty will be the larger of $695 per adult person plus $347.50 per child or 2.5% of household income ...
Read MoreMonthly Social Security Benefits Will Not Increase in 2016
Barry Weller
The Social Security Administration announced there will be no cost of living adjustment in benefit checks for 2016 ...
Read More2015 Pennsylvania and Federal Minimum Wage Rates
Roy Clark
Minimum wage is the lowest hourly wage an employer is required to pay an employee. The federal Fair Labor Standards Act (FLSA) is the statute which applies to most employers and establishes the minimum wage and overtime requirements for most employers.
Read MoreRepayment of First-Time Home Buyer Credit
Roy Clark
The 2008 version of the homebuyer credit needs to be repaid in equal installments over 15 years. This pay-back feature applies only to ...
Read More2015 Standard Mileage Rates
Barry Weller
Beginning on January 1, 2015, the standard mileage rates for the use of a car, van, pickup or panel truck have increased by one and a half cents for business miles. Medical and moving purpose miles have decreased by a half cent while the rate for miles driven in the service of charitable organizations remains unchanged. The standard mileage rates set by the IRS for 2015 are
Read More2015 Retirement Plan Contributions Limits
Roy Clark
On October 23, 2014, the IRS released the 2015 tax year cost of living adjustments which include higher contribution levels for most of the company sponsored qualified tax-deferred savings plans. The contribution limits for IRA’s remain unchanged from the 2014 limits. The maximum contribution levels for 2015 include
Read More2014 Credit for Qualified Retirement Savings Contributions
Roy Clark
This tax credit helps low and moderate-income workers save for retirement by giving a federal tax credit to qualifying individuals when they contribute to a Traditional or Roth IRA or a workplace retirement program including 401(k), 403(b), governmental 457, SEP and SIMPLE
Read MoreNew Net Investment Income Tax Begins on 1/1/2013
Roy Clark
A new tax is now in effect from the Affordable Care Act (Obama Care). The Net Investment Income Tax is imposed by section 1411 of the Internal Revenue Code applies at a rate of 3.8 percent to certain net investment income of individuals, estates and trusts that have income above the statutory threshold amounts.
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