Casual gamblers may lose big under new tax code
The new tax law will cause many casual gamblers to incur bigger losses than before! Prior to 2018 you could deduct your losses up to the amount of your winnings. You did this by claiming your losses as itemized deductions. The new tax law for 2018 doubles the standard...
Potomac Edison customers get increased recycling incentive thru July
Do you read the “junk mail” inserts included with your electric bill? If not, you may have missed an opportunity to be paid for recycling your old refrigerator or freezer. From now until July 31, 2018 Potomac Edison is offering a $75 credit for any working...
New Tax Laws and your Home Equity Loan or Credit Line
The 2018 Tax Cuts and Jobs Act limits the deduction for home equity loans and home equity credit lines. The media has done a poor job of informing the public about this issue. Many of the newspaper and radio accounts have indicated there is no provision for deducting...
New Tax Warning to Employees
Employees beware! The new withholding tax tables that have been published may cause your employers to under withhold the federal tax from your paychecks. If your employer utilizes these new tables, they are doing nothing wrong. However, the tables incorporate the tax...
Alimony Payments Under the New Tax Law
For any divorce decree that becomes final after 12/31/18, the alimony payments will no longer be deductible by the payor or taxed as income to the recipient. This only applies to new divorce decrees. Any alimony arrangement that exists prior to 2019 will be...
Health Insurance is Still Required!
Many clients I have spoken with since tax season have incorrectly assumed the requirement to have health insurance coverage has been repealed. This is only partially correct. The requirement to carry health insurance on one’s self and every dependent in their...
Sometimes you can’t do it all by yourself!
Sometimes small business owners try to accomplish tasks without assistance from anyone. Many years of successful practice can lead us into a mindset that we can tackle almost any job without assistance. Sometimes we get deep into the project and find we are...
Can you afford to retire?
Since the end of tax season, I have met with two new clients who are considering starting their own businesses. We discussed the benefits and disadvantages of many aspects of self-employment. I found it interesting that neither considered having a pension to be of...
Hired Guns
When you operate a seasonal business, your workload is concentrated into a few months out of the year. The very nature of this beast makes it difficult to assemble a talented workforce. Most experienced employees desire year-round income. This limits the business to...
Increase in Security Attacks this Tax Season
This tax season we experienced a significant increase in phishing e-mails and fraudulent phone calls regarding taxes. I have spoken with a number of my peers who also experienced an increased level of security attacks. I personally received a phishing e-mail or...