Individual Tax Archives - Philadelphia CPA
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Individual Tax

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...

Owning a building has many headaches--such as new roofs, HVAC Units, lighting systems, etc., as they all eventually new replacement.Prior law added to these unwanted events, as you were stuck capitalizing and depreciating the new roof-and continued to to depreciate the old one as well.But...

On February 6th, the IRS released its 2015 "Dirty Dozen" tax scams list, and also posted the 2015 version of "The Truth about Frivolous Tax Arguments."Compiled annually, the dirty dozen lists a variety of common scams that taxpayers may encounter during the busy tax time...

Here are 5 important points that you should know about the new Health Insurance and your taxes:Watch the mail for From 1095-A. If you enrolled in a Marketplace healthcare plan in 2014, you'll get this new form in the mail from the Marketplace by early...

The Alternative Minimum Tax (AMT) is a tax on your deductions. Yes, you read that right.Its an additional tax that is calculated and added to the regular tax computed. The AMT stealth tax works by eliminating or reducing taxpayer's deductions that one gets with the...

The Kiddie Tax was created by lawmakers to prevent taxpayers from shifting income to their children to take advantage of the child's lower tax bracket. This tax can arise also without income shifting as well.Does your child have investment accounts that generate income? If so,...