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Attorney At Law
Certified Public Accountant
Licensed Real Estate Broker / Appraiser

Phone: 610-459-8074
Fax: 610-459-8653

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Monday May 4th, 2015

Attorney at Law | Certified Public Accountant | Licensed Real Estate Appraiser | Licensed Real Estate Broker

Since 1973

Tax News

Monday May 4th, 2015

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U.S. Investors May Owe China

As access to mainland-listed ‘A shares’ expands, there are questions about tax on gains from 2009 through last year.

Taxes: How to Reverse a Mistake

To fix an error on your tax return, file an amended return on Form 1040X.

Last-Minute Moves Before Tax Man Calls

As April 15 nears, taxpayers face new provisions and a harder time getting help from the IRS. Here’s how to avoid pitfalls.

How Cheating on Taxes Led to Prison

The cautionary tale of an Atlanta-area entrepreneur with a secret Swiss bank account who didn’t report all his income.

Protect Yourself From Tax Identity Theft

Hackers are using stolen identities to commit tax refund fraud. Here are moves to limit the risk—and steps to take if you’re a victim.

Taxes: Make the Most of Your Charitable Giving

Not every donor or every contribution qualifies for a tax deduction.

Fraud Alert: What TurboTax Users Need to Know Now

Answers to questions people are asking after a spate of bogus tax filings.

Don't Fall Into a Tax Trap

With the April 15 deadline looming, here are the hidden hazards that can cost taxpayers money—or get them in trouble with the IRS.

Some Closing Thoughts on Taxes

Tom Herman’s last Sunday WSJ ‘Tax Tip’ column on selling your home, audits and the alternative minimum tax.

Why 'Free File' for Taxes Isn't So Popular

Here is how taxpayers can navigate the maze of offerings and avoid unnecessary charges.

For Most Taxpayers, No More Income Averaging

Lawmakers repealed income averaging many years ago for most taxpayers. But they made some exceptions: People in farming or fishing may still qualify for a form of income averaging.

States That Tax Social Security Benefits

Minnesota is among 13 states that slap some kind of tax on Social Security income. Some of those states, among them Connecticut and Montana, have separate calculations and/or income limits to determine taxable benefits.

IRS Giveaway: Tax-Filing Software

About 70% of all taxpayers are eligible for free federal income-tax-preparation and electronic-filing software through a program known as ‘Free File.’

A Big No-No If You're Giving to a Charity From Your IRA

Not all charities are created equal when it comes to giving directly from your retirement account, warns Tom Herman.

Social Security's New Income Rules

The cap on taxable income is rising this year.

Clements: Misguided Money Ideas I Keep Hearing

Jonathan Clements responds to readers on when to claim Social Security, buying individual bonds or bond funds, and whether to pay off a mortgage early.

U.S. Investors May Owe China

As access to mainland-listed ‘A shares’ expands, there are questions about tax on gains from 2009 through last year.

Owing Less Tax on Investments

The key is to think long term. And be savvy about investments held in taxable accounts, says Jonathan Clements.

How to Deduct Property and Theft Losses

The rules can be surprisingly tricky and hurdles are high.

Top 20% of Earners Pay 84% of Income Tax

And the bottom 20%? They get paid by Uncle Sam. We compare tax burdens as Tax Day approaches.

Airbnb Income May Be Tax-Free, but There’s a Catch

You can rent out your home for up to 14 days a year without owing tax. But things get complicated when some services report the income to the IRS.

EU Approves Biomet-Zimmer Merger

Zimmer Holdings secured approval in the EU for its $13 billion acquisition of fellow orthopedic-device maker Biomet after agreeing to sell three businesses in Europe to assuage antitrust concerns.

U.K. Banks Undergo Stress Test

The U.K.’s biggest banks will be subjected to a severe global economic slowdown and face major difficulty trading assets under the latest Bank of England stress test.

Investors Rethink Stocks Given to Family Trusts

With grantor retained annuity trusts, or GRATs, it can make sense to swap out investments that have risen sharply.

Three Ways You Can Still Trim 2014 Tax Bills

Most tax-cutting moves for 2014 had to be made by Dec. 31. But there are options even now for some taxpayers.

Last-Minute Moves Before Tax Man Calls

As April 15 nears, taxpayers face new provisions and a harder time getting help from the IRS. Here’s how to avoid pitfalls.

Don’t Let Obama Proposals Sidetrack Your Financial Planning

Rules on investment taxes and Social Security are unlikely to change soon—and many strategies would still make sense even if they did, says columnist Jonathan Clements.

Robert Durst Arrested on Murder Charge

Robert A. Durst—the subject of an HBO documentary detailing his suspected involvement in the deaths of his first wife and a friend—was ordered held without bond Sunday in connection with the latter case.

Social Security Explained, in Plain English

Guides help make sense of the program—and can put more money in your wallet.

The Virtues of Tax-Loss Harvesting

Winning by losing: Selling securities that have dropped below their purchase price can cut investors’ taxes—if it’s done right. But it might not be for everyone.

Individual Stocks vs. Index Funds: The Next Frontier

Some firms, including Wealthfront, say big investors do better buying the individual stocks in an index to take advantage of tax-loss selling.

How Should Capital Gains Be Taxed?

Are capital gains so different from earned income that they should be taxed at a different rate?

Protect Yourself From Tax Identity Theft

Hackers are using stolen identities to commit tax refund fraud. Here are moves to limit the risk—and steps to take if you’re a victim.

Taxes: Make the Most of Your Charitable Giving

Not every donor or every contribution qualifies for a tax deduction.

The Best Ways to Save for College

Families can use 529 plans, Coverdell accounts, Roth IRAs and other options—and some find it best to combine them.

Fraud Alert: What TurboTax Users Need to Know Now

Answers to questions people are asking after a spate of bogus tax filings.

Tax Tips for 529s

Paying for all your college expenses with money from a 529 savings account might shut you out of other tax breaks. With a little planning, you can maximize benefits.

For Tanaka, Elbow Remains a Sore Subject

Masahiro Tanaka, the Yankees’ star pitcher, spent his off-season barnstorming across television studios and concert stages in Japan. Amid all the openness, however, there has been little talk of the question that is truly on the minds of Yankees fans: How is his right elbow?

Golden Rules for Your Golden Years

Seven guidelines to help meet your retirement goals. While there are no guarantees, these will help you avoid some of the biggest mistakes people make with their investments and minimize the risk that your nest egg will expire before you do.

Some Closing Thoughts on Taxes

Tom Herman’s last Sunday WSJ ‘Tax Tip’ column on selling your home, audits and the alternative minimum tax.

Don’t Fall Into a Tax Trap

With the April 15 deadline looming, here are the hidden hazards that can cost taxpayers money—or get them in trouble with the IRS.