St. Clair CPA Solutions Blog
09/26/2017
Have you ever thought about becoming a landlord? This option may be tempting if your local real estate market is surging and rental rates are strong, especially if you're already planning to relocate or downsize to a smaller home.Ideally, you'll be able to shelter most or all of the rental income with tax deductions and eventually sell the property for a higher price than you...
09/26/2017
If you or a loved one plan to get married, there are some important financial issues the happy couple should consider. Should you file jointly or separately in 2017? Will you be hit with the marriage penalty — or be lucky enough to qualify for the marriage bonus? Here's guidance to help answer these questions, along with a tax tip for newlywed property owners who need to...
09/26/2017
St. Clair CPA Solutions proudly supports nonprofit organizations in the communities we serve through our monthly “Dress Down for Charity” program. Each month, employees may choose to “dress down” on designated days when they make a $5.00 contribution to a selected nonprofit. Monthly nonprofit beneficiaries are nominated by our employees and clients, and represent...
08/31/2017
From the baseball field to the boardroom, statistical analysis has changed various industries nationwide. With proper preparation and guidance, business owners can have at their fingertips a wealth of stats-based insight into how their companies are performing - far beyond the bottom line on an income statement.The metrics in question are commonly referred to as key...
08/31/2017
It's a safe bet that state tax authorities will let you know if you haven't paid enough sales and use taxes, but what are the odds that you'll be notified if you've paid too much? The chances are slim - so slim that many businesses use reverse audits to find over-payments so they can seek refunds.Take all of your exemptionsIn most states, businesses are exempt from sales tax...
08/31/2017
St. Clair CPA Solutions continues to earn recognition as an outstanding workplace, once again sweeping 2017 Philadelphia media awards for creating a positive work environment. Following the firm’s philly.com (including The Philadelphia Inquirer and Daily News) win as a Top Workplace earlier this year, on August 10, 2017 St. Clair CPA Solutions received a 2017 Best Places to...
07/06/2017
You may be tempted to forget all about taxes during summertime, when “the livin’ is easy,” as the Gershwin song goes. But if you start your tax planning now, you may avoid an unpleasant tax surprise when you file next year. Summer is also a good time to set up a storage system for your tax records. Here are some tips:Take action when life changes occur. Some life events...
06/29/2017
If you own a profitable, unincorporated business with your spouse, you're probably fed up with high self-employment (SE) tax bills. An unincorporated business in which both spouses are active is typically treated as a partnership that's owned 50/50 by the spouses — or a limited liability company (LLC) that's treated as a partnership for tax purposes and owned 50/50 ...
06/28/2017
Legal expenses incurred by individuals are typically not currently deductible under the federal income tax rules. Instead, they're most often treated as either personal outlays (which are nondeductible) or as part of the cost of acquiring an asset, such as real estate. In the latter situation, legal costs usually aren't deductible right away; instead, they may be...
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