OFFICE IN HOME Everyone is asking about this since they’re required to work from home due to the Covid pandemic. For federal tax purposes you can only deduct office in home if you are a business. In Pennsylvania you can deduct Home Office expense if your employer requires you to work from home. If… Read More
2021 Newsletter… Read More
Giving Tuesday December 1, 2020 We’ve all heard of Black Friday and Cyber Monday, but did you know the day after Cyber Monday is called Giving Tuesday? It’s the day people are encouraged to make donations to the charitable organizations they want to support. This year Giving Tuesday (Dec. 1, 2020) is more important… Read More
Hire your child (under 18 years old) to work in your business. You can pay them up to $12,000. This is a good video to watch. If interested set up an appointment for us to discuss this in more detail and make sure it’ll work for you. Schedule your appointment: https://calendly.com/thebottomline How to… Read More
Home Schooling, Household Employees, Nannies and childcare at home. Do you have children at home during this time of Covid? Childcare and schooling are a major issue for many right now. There are several options (including quitting your job), but it may be less expensive for you to hire someone to come to your home… Read More
In most cases, taxpayers who turned 70½ during 2019 must start receiving required minimum distributions (RMD) from individual retirement accounts (IRAs) and workplace retirement plans by April 1. The April 1 deadline applies to owners of traditional IRAs, but not Roth IRAs. Normally, it also applies to retired participants in various workplace retirement plans including… Read More
No there is no pet tax but here is a fun form to figure the amount of your pet tax. … Read More
Are you disabled and work? A family member who is disabled? Find out more about the tax savings with Able Accounts. … Read More
Did you receive the premium tax credit in 2019? If you did you will need to file Form 8962 with your 1040 to reconcile the 2019 Advance payments. Failure to file Form 8962 to reconcile your 2019 Advance Credit payments may make you ineligible for Advance payments of the premium tax credit in the future.… Read More
Offering tax advice to avoid “cat”astrophic errors. The history of the Tax Cat Flyer (given to her because of her colors and being from Philadelphia, Philadelphia Flyers) was found in 2015 as a feral cat in Germantown. It took Wally over 2 weeks to be able to feed her and catch her. She… Read More