Wouldn’t it be great to be able to take a tax deduction for your vacation? Combine vacation with a business trip and maybe you can. But, for expenses to be tax deductible, they must meet certain requirements. It’s a good idea to know what those requirements are before you plan your travel. Add It on If the …
If you run a small business, you already have a full plate. The last thing you need is for the IRS to question any of your business expense deductions. But it could happen. And that’s why having records that prove your expenses is so important. Even deductions for routine business expenses could be disallowed if you don’t …
House Bill 1950 After years of debate, the Pennsylvania House passed a Marcellus Shale impact fee by a 101-90 vote on Wednesday, February 8. The Pennsylvania Senate approved the measure a day earlier by a margin of 31-19. Governor Corbett signed the 174-page bill into law on February 13 making shale gas wells in Pennsylvania subject to …
House Bill 1950 | Marcellus Shale Impact Fee Timeline | PA House Marcellus Shale | PA Marcellus Shale Timeline | Pittsburgh PA | Reading PA
On February 22, 2012 President Barack Obama signed off on the extension of the reduced 4.2% Social Security tax rate through the end of the year (The Middle Class Tax Relief and Job Creation Act of 2012, H.R. 3630). This was passed by Congress last week. The employee portion of the Social Security tax was originally reduced …
PA | Payroll | Payroll Tax Cut Extended | Pennsylvania | Social Security Tax | Unemployment
Barry D. Groebel, CPA of Herbein + Company, Inc. was featured in the February 21, 2012, Reading Eagle Business Weekly article on “The tax that will not die“, by Ford Turner. This article discusses the Capital Stock and Foreign Franchise Tax and Gov. Corbett’s next step. Please click the link to view the article: “The tax that …
Barry D. Groebel | Business Weekly | Capital Stock Tax | Foreign Franchise Tax | Governor Corbett Budget | Reading Eagle | The Tax that will never die
As of February 16, 2012 a tentative agreement has been reached by lawmakers negotiating over the payroll tax cut extension. It will reach President Obama by next week. The following is outlined according to the tentative agreement: Extend the 2 percentage cut in Social Security and Medicare until year–end. Extend the expiring jobless benefits for the long-term unemployed Adjust …
2011 Payroll Tax Cut Extended | PA | Payroll Tax Cut | Reading
With the uncertainty of where estate and gift tax exemptions and rates will be after January 1, 2013, it is important to consider planning with the current $5 million exemption available today. While there are many estate planning strategies, this blog post will discuss living trusts. The purpose of estate planning is to be sure that after …
Asset Preservation | Charitable trusts | Estate Exemption | Estate Planning | Estate Strategies | Federal Estate Tax | GRATs | Jayne R. Schaeffer | Living Trusts | Planning
Tax deferral is a key benefit of investing in a traditional individual retirement account (IRA). But the tax law doesn’t allow indefinite tax deferral. Starting at age 70½, IRA owners must withdraw a minimum amount — called a required minimum distribution, or RMD — every year. All funds withdrawn from a traditional IRA are taxed as ordinary …
Designated beneficiary | IRA Beneficiaries | Nonspouse | Surviving Spouse | Tax Deferral | What IRA Beneficiaries Need to Know About Taxes