COVID-19: Tax Implications For Philadelphia Residents and Workers
Dale S. Goldberg & Associates, CPA - Philadelphia Accounting Blog
by Dale S. Goldberg
3y ago
2020 is going to go down in history as the year of COVID-19. The World Health Organization officially declared COVID-19 a pandemic on March 11, 2020. Since then, tales of closed businesses, lost jobs, and family struggle have dominated news and conversations alike. We all can’t wait for the year to be over and are ... The post COVID-19: Tax Implications For Philadelphia Residents and Workers appeared first on Dale S. Goldberg, CPA ..read more
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Best Tax Breaks Available to Philadelphia Small Business Owners in 2020
Dale S. Goldberg & Associates, CPA - Philadelphia Accounting Blog
by Dale S. Goldberg
3y ago
This post briefly outlines the best tax breaks available to small business owners who are filing taxes for the 2020 tax year. This year, because of the COVID-19 pandemic, there may be a few additional opportunities for those of you who have been asked to work from home, requested a Payroll Protection Program loan, or ... The post Best Tax Breaks Available to Philadelphia Small Business Owners in 2020 appeared first on Dale S. Goldberg, CPA ..read more
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List of 2020 Philadelphia Tax Credits
Dale S. Goldberg & Associates, CPA - Philadelphia Accounting Blog
by Dale S. Goldberg
3y ago
Philadelphia tax credits are like a get out of jail free card. They equate to getting a pass on some of the tax you owe. Unlike tax deductions which are subtracted from taxable income, tax credits are subtracted from tax owed making them much more valuable. A tax credit reduces your tax liability, dollar for dollar, ... The post List of 2020 Philadelphia Tax Credits appeared first on Dale S. Goldberg, CPA ..read more
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2020 Philadelphia Tax Rates, Due Dates, and Filing Tips
Dale S. Goldberg & Associates, CPA - Philadelphia Accounting Blog
by Dale S. Goldberg
3y ago
Residents of the city of “Brotherly Love” are used to paying a lot of taxes. This year is no exception. As the 2020 tax year rolls to an end, this is what you need to know about Philadelphia tax rates, due dates, and a few tips to help you fill out your return and minimize the ... The post 2020 Philadelphia Tax Rates, Due Dates, and Filing Tips appeared first on Dale S. Goldberg, CPA ..read more
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A Summary of IRS Delinquent Collection Activities, Fiscal Years 2013 – 2018
Dale S. Goldberg & Associates, CPA - Philadelphia Accounting Blog
by Dale S. Goldberg
4y ago
Currently, there are about 15 million individuals and businesses in collection with the Internal Revenue Service (IRS). The IRS initiates a collection action when a business or individual fails to make an attempt to pay or resolve his or her tax debt. Every year the IRS releases new data on delinquent collection activities.  It shows returns filed with additional tax due, returns not filed in a timely way, offers in compromise, and enforcement activity. You can download this data via a series of Excel spreadsheets on the IRS website. The data includes multi-year comparisons for the time spa ..read more
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How to Fight a Bad IRS Tax Assessment
Dale S. Goldberg & Associates, CPA - Philadelphia Accounting Blog
by Dale S. Goldberg
4y ago
Susan was part of a multi-member limited liability company (LLC) that had purchased a building in an underprivileged area. They were renovating it and hoping to turn a profit in the future. In their founding year, the company made no money. Susan filed their tax return late and filled it with zeros, which accurately reflected the situation. Because she was late, the Internal Revenue Service (IRS) assessed her for a penalty $10,000. Like many who receive adverse assessments, she was shocked and scared. It turned out, however, that she owed nothing. Since the project had not yet had any transa ..read more
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Best Tax Breaks Available to Philadelphia Small Business Owners in 2019
Dale S. Goldberg & Associates, CPA - Philadelphia Accounting Blog
by Dale S. Goldberg
4y ago
This post briefly outlines the best tax breaks available to small business owners who are filing taxes for the 2018 tax year. Fixed Assets Deduction For 2019, the IRS will allow business owners to deduct up to $1,000,000 on fixed assets known as Section 179. That’s twice as much as last year! Section 179 was designed for businesses so most types of business equipment will qualify including computers, off-the-shelf software, furniture, and business-use vehicles. Even some property types are eligible, provided the property meets a specific set of requirements set by the IRS. The only slight ca ..read more
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List of 2019 Philadelphia Tax Credits
Dale S. Goldberg & Associates, CPA - Philadelphia Accounting Blog
by Dale S. Goldberg
4y ago
Image compliments of Chris Potter at www.ccpix.com.   Philadelphia tax credits are like a get out of jail free card. They equate to getting a pass on the some of the tax you owe. Unlike tax deductions which are subtracted from taxable income, tax credits are subtracted from tax owed making them much more valuable. A tax credit reduces your tax liability, dollar for dollar, by the value of the credit whereas the value of a tax deduction gets watered down (or wiped out completely!) depending on your income, other deductions, and tax rate. Given the high rate of taxation in Philadelphia, it is ..read more
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2019 Philadelphia Tax Rates, Due Dates, and Filing Tips
Dale S. Goldberg & Associates, CPA - Philadelphia Accounting Blog
by Dale S. Goldberg
4y ago
Photo by Ethan Hoover on Unsplash Residents of the city of “Brotherly Love” are used to paying a lot of taxes. This year is no exception. As the 2019 tax year rolls to an end, this is what you need to know about 2018 Philadelphia tax rates, due dates, and a few tips to help you fill out your return and minimize the amount owed. If you’re interested in last year’s Philadelphia tax rates, due dates, and filing tips, go here. City of Philadelphia Wage Tax Photo by Cupcake Media on Unsplash What is it? The Philadelphia City Wage Tax is a tax on salaries, wages, commissions, and other compensa ..read more
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