Section 179 expensing is an important tax consideration for businesses that are planning on acquiring fixed assets. Generally, the cost of property placed in service in a trade or business can't be deducted in the year it's placed in service if … [Read more...]
Home Office Deduction Safe Harbor
The IRS has established a new safe harbor method of calculating the home office deduction. The method is first available for the 2013 tax year. The safe harbor is simpler and requires less record-keeping, but may result in a smaller deduction for … [Read more...]
New Pennsylvania Tax Law – Act 52
On July 9, 2013, Governor Tom Corbett signed House Bill 465 into law as Act 52. The act has tax provisions affecting both businesses and individuals. Capital Stock/Foreign Franchise Tax The Capital Stock/Foreign Franchise tax applies to … [Read more...]