Teens in Pennsylvania might need to file tax returns. They must file if they have made over $1,250 in unearned income or over $13,850 in earned income. The thresholds may change based on the tax year, so always check the current limits. Tax refund Some teens may be...
Tax Issues
Why dividends are subject to double taxation
Companies in Pennsylvania and throughout the United States have the option of paying dividends to their shareholders. A dividend is a portion of a corporation's after-tax income that is distributed externally as opposed to being reinvested in the firm itself. While...
Don’t leave it up to chance with an IRS audit
If you have received an audit notice from the IRS in Pennsylvania, you may be wondering how to prepare for the process. Dealing with the IRS can be a stressful experience, but with the right approach, you can navigate the process effectively and minimize your chances...
Factors that trigger IRS audits
The IRS has automated computer systems that detect errors and unusual information on tax forms. There are certain circumstances that cause IRS agents to pay more attention to one taxpayer's account than to another. For payers in Pennsylvania, there are certain factors...
Here’s why many people fall behind on their taxes in Pennsylvania
Although taxes are a huge pain for most people, they are necessary in order to keep the government running. Unfortunately, many people fall behind on their taxes, and there are certain factors that can contribute to this. Under-withholding Usually, when people have...
Four ways to get help with your taxes from the IRS
Each year, most Pennsylvania taxpayers must fill out and file their returns with the IRS. Unless you work with taxes for a living, it's understandable to feel frustrated during tax time. Here are a few helpful ways to get the help you need from the IRS. Call the IRS...
The elements of tax evasion
Each year, millions of tax returns are filed by people living in Pennsylvania and other states throughout the country. In most cases, a return represents an accurate accounting of an individual's tax situation for the given year. However, there are some who choose not...
What are unrealized capital gains?
Capital gains reflect profits an investor receives after selling an asset. Someone who buys a home in Pennsylvania for $150,000 and sells it for $175,000 may have a capital gains tax due. The same could be true when buying and selling stocks. For tax purposes, those...
Legal options for tax avoidance
Few people want to pay high tax bills as they likely have other debts and expenses to cover. Evading taxes would be a terrible idea since the action could result in criminal and civil penalties. Pennsylvania may find there are more acceptable options found under legal...
3 tips to help you understand the tax code
Whether you love it or hate it, January through April is that unavoidable period when many adults in Pennsylvania are thinking about their taxes. Before you can successfully file your taxes, it's a good idea to have a clear understanding of the Internal Revenue Code....