Social Security Wage Base Increases for 2019

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The Social Security Administration (SSA) issued a Release that the maximum earnings subject to the Social Security component of the FICA tax will increase from $128,400 to $132,900 for 2019. This change means that for tax year 2019, the maximum Social Security tax that employers and employees will each pay is $8,239.80 ($132,900 x 6.2%). […]

IRS Postpones Changes to Form W-4

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The Tax Cuts and Jobs Act (TCJA) made significant changes to the manner in which individual income taxes are calculated. To accommodate and plan for the many changes included in the TCJA, taxpayers would be wise to consider their income tax withholdings on their salaries and wages to ensure that the amounts being withheld in […]

Pennsylvania Restores Bonus Depreciation Deduction

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One of the more complex matters facing state budgets is how best to deal with the largess of the federal government’s business incentives included in federal tax legislation. There is probably no area of the federal tax law where this issue is more costly for states than the capital expenditure initiatives included in several recent […]

Here We Go! 2018 Tax Filing Season to Begin January 29

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In a recent News Release, the Internal Revenue Service announced that the 2018 tax filing season will begin on Monday, January 29, 2018, which means that electronic and paper returns will be accepted beginning on that day. The IRS further notes that it will not begin processing paper returns until mid-February as its systems continue […]

Income Tax and Social Security Benefits

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One of the more surprising and frustrating elements of federal income taxation is the need for seniors, who have worked their entire lives paying into the Social Security system, to include the payments they receive from the government, once retired, in their taxable incomes. As a result of this requirement, many seniors find themselves with […]