Individual Tax Archives - Philadelphia CPA
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Individual Tax

 You probably think you can’t take money out of your IRAs before age 59 1/2 unless you meet a narrow exception to the unpleasant 10 percent penalty on early distributions. But that’s not true. We have a variety of planning opportunities here. For example, you don’t pay taxes...

 Tax reform made changes to the tax law that significantly impact the alternative minimum tax AMT. The changes could mean more money in your pocket and less going to the government. If you own a C corporation, then you are the big AMT winner: Tax reform...

Many of my clients have asked about the new tax brackets-here they are!!For Single FilersNew Rate.    New Income Tax Bracket.    Old Rate.    Old Bracket 10%.                up to $9,525.                              10%.       up to $9,525 12%.                9,525-38,700                              15%        9,525-38,700 22%                38,700-82,500                           25%.       38,700-93,700 24%                82,500-157,500.                         28%.      93,700-195,450 32%                157,500-200,000                       33%       195,450-424,950 35%                200,000-500,000                    ...

The end of the year is approaching, so now is the time to utilize last-minute strategies to lower your tax bill. Here are four tax-deduction strategies that apply if you are getting married or divorced, have children who did or could work in your business,...

The end of the year is approaching, so now is the time to utilize last-minute strategies to lower your tax bill. Here are four tax-deduction strategies that apply if you are getting married or divorced, have children who did or could work in your business,...

Most people gamble periodically.Rule 1- Your Winnings are taxable. Your income from gambling is taxable, and is reported to the IRS on Form W-2G.Rule 2- Keep records of your losses. You are allowed to offset your gambling winnings with your gambling losses-however, the IRS and...

The IRS is using 4 private collection agencies to collect inactive tax receivables.If you nor the IRS has taken any recent actions to resolve your tax debts, the IRS may assign your case to one of these agencies.Once your case is assigned, you MUST work...

There are generally tax strategies that can work for you and your business, if you understand the tax code.The Health Savings Account is a powerful part of a health care strategy because:saves you $$$ through lower taxes grows tax-free gives you a chance to take control of...