Pennsylvania recently made considerable changes to its Net Operating Loss (NOL) deduction rules. These updates aim to give companies more tools to handle tough economic times and grow for the future. What is Pennsylvania’s net operating loss deduction? A net...
Tax season can be a stressful time for many, but the anxiety does not always end when you file your return. The looming possibility of an IRS audit can keep taxpayers on edge long after April 15th. Understanding what triggers an IRS audit is crucial for peace of mind...
The rise of the gig economy has changed how individuals manage their taxes. Gig workers and freelancers must be aware of how tax laws apply to them, as they differ from traditional employment. Self-employment taxes Gig workers and freelancers are considered...
Filing taxes can be a complex and stressful process. If done incorrectly, a tax mistake can result in costly errors. These common mistakes can lead to penalties or missed opportunities for savings. It is helpful to understand some of the most significant tax mistakes...
The Internal Revenue Service may contact you for several reasons. They do not always involve an audit. Understanding these reasons can help you avoid unnecessary stress. Errors on your tax return One common reason for IRS contact is errors on a tax return. These can...
Paying taxes in the state of Pennsylvania can sometimes be quite complicated. Adding to the complexity this year for many Pennsylvanians is the fact that the tax law is changing. This is especially the case for businesses. Not being aware of these changes could hurt...
Facing an IRS audit can be daunting. However, understanding the common triggers can help you avoid unnecessary scrutiny. There are several reasons why the IRS might choose to audit your tax return, ranging from simple mistakes to suspicious activity. By being aware of...
Navigating the complexities of tax filings can be daunting. With careful planning and organization, however, you can make the process more manageable. Whether you are an employee, self-employed individual or business owner, taking proactive steps before the year-end...
When the IRS notifies Pennsylvania residents that their taxes will get audited, it can cause a nerve-racking feeling. However, understanding the tax audit process can make it seem less scary for many people. There are some things that people could benefit from knowing...
The 1031 exchange could offer qualifying Pennsylvania residents a significant tax break. The tax break could go to those who sell investment properties or businesses, but the taxpayer must meet the requirements necessary to receive the tax benefit. Elements of the...
