tax

The Expanded Child Tax Credit

The federal government has upgraded its Child Tax Credit. Thanks to the American Rescue Plan Act, there are four notable differences in effect for the 2021 tax year only.1   First, the Internal Revenue Service is paying many families who qualify for the CTC 50% of their credit before 2021 ends. Second, the credit has grown [...]

Watch Out for “Tax Processing Unit” Scam

Article written by: Revenue Communications Department   ​The Department of Revenue recently received information that scam artists continue to target Pennsylvania taxpayers with a scam involving letters from the "Tax Processing Unit." The letters make threats, including the seizure of taxpayers' property unless they immediately pay back taxes. This recurring scam has been reported to the [...]

2021-06-14T13:38:57+00:00Categories: Uncategorized|Tags: , , , |

The IRS is Experiencing Delays. Here’s How to Track Your Refund.

The IRS is experiencing massive delays in processing the 2020 tax returns for a variety of reasons. Please note that once we transmit AND receive the acknowledgement on a tax return, our office no longer has any control over how long the processing will take or when a refund will be issued.   There are [...]

2021-06-07T16:08:03+00:00Categories: IRS|Tags: , , , , , |

Qualified Charitable Distributions

A choice for I.R.A. owners who want to reduce taxes linked to I.R.A. distributions.   Do you have an I.R.A.? As you enter your 70s, you may start to look at that I.R.A. not only as an asset, but also as a problem. By law, you must take required minimum distributions (R.M.D.s) from a Traditional [...]

Tax Efficiency in Retirement

What role should taxes play in your investment decisions?   Will you pay higher taxes in retirement? Do you have a 401(k) or a traditional IRA? If so, you will receive income from both after age 72. However, if you have saved and invested much of your life, you may also end up retiring at a [...]