St. Clair CPA Solutions Blog
11/19/2017
The new 2018 car and truck models are already in the showrooms.If you're in the market for one or more vehicles for your construction business, look past the sticker prices when you weigh your decision. Don't forget to factor in all the tax aspects into the equation.Generally, your firm can claim tax deductions for business vehicle expenses, but there are numerous twists and...
11/19/2017
In a recent blog, National Taxpayer Advocate Nina Olson explained why taxpayers can't rely on answers to Frequently Asked Questions (FAQs) and Answers and other forms of "unofficial" guidance that are posted on the IRS website. While tax professionals already knew this, many taxpayers may find it to be a disturbing revelation.Olson's blog notes that there are three types of...
11/19/2017
People buy life insurance for different reasons, so it’s no wonder that there are a variety of options from which to choose. But the differences among policies are not always clear. How do you decide between permanent and term life insurance? Which policies carry risk and which are guaranteed? And, when it’s all said and done, which policy will cost most?Fortunately, most...
11/19/2017
Social Security "wage base" and benefits increase for 2018. The Social Security Administration (SSA) has announced that the wage base for computing the Social Security tax in 2018 will increase to $128,700. This is up from $127,200 for 2017. For 2018, an employee will pay 6.2% Social Security tax on the first $128,700 of wages. In addition, an employee will pay 1.45% Medicare...
11/19/2017
If you’re eligible for a defined benefit pension, you may have several payment options to choose from. Your pension plan will calculate a basic single life annuity automatically, and, if you choose a different payment option, it will recalculate the amount of your benefit based on mortality and interest rates. That means no one option is inherently better or worse than...
11/19/2017
Collecting food for community food drives has become an annual holiday tradition for our firm in both our New Jersey and Pennsylvania offices. By participating in regional food drives, we proudly support vulnerable families and individuals who are experiencing food insecurity, and work to make their holidays happier by donating food and assisting nonprofit organizations that...
11/19/2017
Our team is growing with new employees. Please join us in welcoming the newest members of our team to both offices!In Merchantville, NJ:• Jake Faford, Accounting Associate• Shruthi Somashekar, Senior Associate In Conshohocken, PA: • Todd Moses, CPA, Manager, Accounting & Auditing• Devin Uqdah, Senior Tax Associate• James F. Knight, Jr., Senior Accountant• Bonnie...
11/19/2017
From hurricanes and floods to ice storms and wildfires, 2017 is shaping up to be one of the worst years on record for natural disasters in the United States.Even before hurricane season started, the National Oceanic and Atmospheric Administration (NOAA) reported nine major U.S. climate and weather-related events that caused more than $1 billion of damage through July. And we...
11/19/2017
The Work Opportunity tax credit (WOTC) is a federal income tax credit that's available to businesses that hire members of certain "targeted" groups. Here's how your business may be able to benefit from this potentially lucrative tax break.WOTC at WorkCalculating the Work Opportunity tax credit (WOTC) can be confusing. This example illustrates how it works.Suppose that on...
11/09/2017
The proposed "Tax Cuts and Jobs Act" is a major overhaul of the Internal Revenue Code unveiled by House Republicans on November 2, 2017. Despite speculation that tax cuts proposed by the bill would extend retroactively to January 1, 2017, it appears that the house GOP bill is focused largely on 2018 and beyond--with the exception of a few changes such as business expensing,...
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