Tax Warrior Chronicles

Philadelphia Wage Tax Refunds – Reboot for 2021

Posted on Fri, Mar 04, 2022

By: Ashley Menders


So much has changed since the pandemic, including many tax laws, but one thing that hasn’t changed is the Philadelphia City Wage Tax withholding requirements for non-residents. City Wage Tax is imposed on all the wages for Philadelphia residents (whether they work inside or outside of the city) and on non-residents when they work in Philadelphia. Since July 1, 2021, the Philadelphia resident rate is 3.8398% and the non-resident rate is 3.4481%.

Read More

Gen Z Series: Prenuptial Agreements: Are They Necessary?

Posted on Tue, Mar 01, 2022

By: Olivia Seneca, MBA, CPA


The question has been popped; and the answer is “yes.”  Now, you have a wedding to plan.  Both of you immediately think of things like a dress, a reception hall, guest lists, honeymoon locations, etc. Rarely are pre-marital asset protection measures part of the equation while planning a wedding. However, they may be an important part of your new life together. In today’s blog, part of our Gen Z Series, we will touch on some important considerations regarding the various considerations of Prenuptial Agreements, in making the transition from being single to married as smooth as possible. Before getting to the details, it is highly advised to obtain legal counsel

Read More

Can’t Deduct Investment Fees?  Consider *THIS* Annuity

Posted on Tue, Feb 22, 2022

By: Michael W. Donahue, CPA, MT, CFP


A typical investment allocation for investors is to bonds and, more increasingly, alternative investments such as private equity and hedge fund investments. As effective as these allocations may be to your investment strategy, they have painful tax implications due to high-income tax rates on interest income and non-deductibility of investment fees. In a case such as this, a Private Placement Variable Annuity (PPVA) should be considered for these investors. Here’s how it works…

Read More

Gifting to Help Adult Children with Retirement Planning

Posted on Thu, Feb 17, 2022

By: Eve Zurakowski


It’s the start of a new year, and the perfect time to plan ahead for this year’s gifts. Annual gifts are not only a great way to benefit your children or grandchildren, but also an opportunity to teach them smart financial management. When we last wrote about this topic five years ago, we discussed teaching this to teenagers. Many of those teenagers are now young adults just starting their careers and may have access to retirement plans provided by their employers. This opens additional ways that annual gifts or cash gifts can be used to help them to maximize their retirement plan benefits early in their careers.

Read More

What Complexities Drive the Need for a Sophisticated Tax Advisor?

Posted on Tue, Feb 08, 2022

By: Ana Giombetti, CPA, JD


Filing taxes can be complicated and burdensome. There may come a time when what was once a plain vanilla tax return becomes too complex to file on your own or even for your current tax preparer. Sophisticated tax advisors can be crucial in assisting with complicated tax planning and compliance issues. Engaging a sophisticated tax advisor can save time, reduce stress, avoid errors, and uncover potential tax savings. Many situations can trigger a need to seek help, but today we will look at five (5) of the more common signs you may need to engage a more sophisticated tax advisor.

Read More

Separate Business and Personal Bank Accounts – Better Now Than Later!

Posted on Thu, Feb 03, 2022

When entrepreneurs start new ventures, they have many things to consider. Funding, growing customers, hiring qualified staff, and bringing quality products or services to market are but a few. Opening a new and separate bank account, apart from a personal account, is sometimes delayed until later in the process, if it’s done at all. But keeping personal and business bank accounts separate is exactly what entrepreneurs should do early in the process, and it will pay off greatly! In today’s short blog post, we’ll run down some obvious (and not-so-obvious) reasons why.

Read More

3 (+2) Things to Know When Filing Your 2021 Tax Returns

Posted on Mon, Jan 31, 2022

By: Eric R. Elmore


We’re off to the races as the 2022 tax season is officially underway. You may have received (or will soon receive) your 2021 tax documents, including W-2s and 1099s, and we tax advisors are gearing up to help you maximize your tax savings. Today, we list and discuss three (3) of the IRS’s top things to remember when filing your 2021 tax returns (plus two bonus tips). Let’s get at it!

Read More

A Primer on Carried Interest

Posted on Wed, Jan 26, 2022

By: Heta Parikh


We, in the tax profession, tend to use acronyms and terms that aren’t always well-known by the masses, and “Carried Interest” is one of those terms. The concept is simple enough; however, its application and incorporation into a strategic tax plan can be quite complex, especially with recent changes in the law. Today, we’ll provide an overview of Carried Interests to help you determine if and how to use it in your financial planning.

Read More

Does Your Company Qualify for the Federal R&D Credit?

Posted on Fri, Jan 21, 2022

By: Michael Donahue, CPA, MT, CFP


As we close the books for the 2021 year, there is no need to close the door on tax planning strategies for that year. The Federal Research and Development (R&D) Credit is available to reduce your tax liability for the years 2018 to 2021. New IRS guidance, and a few more requirements in some cases, may provide tax credit for your enterprise’s research and development activities.

Read More

Should You Be Making Estimated Tax Payments?

Posted on Mon, Jan 17, 2022

Why are estimated tax payments required and who must pay them? When are they due? What are the penalties for late payments or if you underpay? What options do you have to pay to avoid penalties? These are the questions we are going to answer in today’s blog, as the fourth quarter estimated tax payment deadline is quickly approaching. If you have significant and/or complex non-W-2 income, you need to read this blog post.

Read More