If you haven’t already, it’s time to file your 2018 income tax return, but be prepared, there are lots of changes this tax season. The Tax Cuts and Jobs Act became law on December 22, 2018. Listed below are the major changes that will affect your individual tax return. New Forms IRS Forms 1040, 1040A… Read More
The Alliance Defending Freedom is pushing a project it calls “Pulpit Freedom Sunday.” The event has taken place every year since 2008. On October 7, which is designated “Pulpit Freedom Sunday”, pastors across the country are encouraged to “preach sermons that will talk about the candidates running for office” and then “make a specific recommendation.”… Read More
Property tax exemption for charities has become a hot topic. In Lancaster City more than 25% of the total value of the assessed property is exempt. Across the country, political subdivisions are being squeezed by the economic meltdown. Tax revenues are shrinking, and the demand and cost for services from the municipalities are ever increasing.… Read More
Can’t pay your income tax? Didn’t pay enough in estimates or had too little withholding? Can’t pay at all? Do you feel like you have to choose between the frying pan and the fire? You’re not alone, and there are ways to settle up with the IRS. First, if you are considering not filing your… Read More
There are a few accounting guidelines to remember when you conduct barter transactions. First, all barter income is dealt with on a cash basis. The IRS treats barter as income received whether you use accrual-basis or cash-basis accounting. You must report and pay taxes on barter income for the year in which it accrues. If… Read More
Since it is difficult to get an exact match where two businesses need equal amounts of each other’s products or services, the opportunities for direct barter transactions are limited. That’s where a barter exchange network comes in. The network deals in units of currency called trade dollars. The goods and services of one company in… Read More
If a business makes payments of bartered services to another business (except a corporation) of $600 or more in the course of the year, these payments are reported on Form 1099-MISC. For example, an attorney represents a painter for nonpayment of business debts in exchange for painting the attorney’s law offices. The amount reportable by… Read More
“The propensity to truck, barter and exchange one thing for another is common to all men, and to be found in no other race of animals.” Adam Smith Bartering is the trading of one product or service for another. Usually there is no exchange of cash. Barter may take place on an informal one-on-one basis… Read More
How many times have you heard someone say “Oh no, that will put me in a higher tax bracket?” Most of the time these folks do not understand how tax brackets work. A lot of folks, including some very intelligent and/or successful professional types, erroneously believe that if their income nudges them over into the… Read More
Did you know that in President Obama’s budget proposal for fiscal 2014 released in April includes a tax increase for formerly tax-free municipal bond interest? First, some background: Municipal bonds (munis) are debt obligations issued by government entities. When you buy a municipal bond, you are loaning money to the issuer in exchange for a… Read More