Individual Tax Archives - Philadelphia CPA
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Individual Tax

Thanks to the Tax Cuts and Jobs Act (TCJA) tax reform, you have thousands of pages of new tax rules and not a lot of guidance on many of them. Let’s say you want to take a certain tax-deduction position on your tax return, but you...

When you get busy with your business, it’s easy to forget about your retirement accounts and medical coverages and plans. But year-end is approaching, and now’s the time to take action. I’ve included below six action steps for 2018 that can help you reduce your taxes...

 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,...