Tagged: income tax planning


2016 Standard Mileage Rates for Business, Medical and Moving

Posted: December 18, 2015

The Internal Revenue Service on December 18, 2015 issued the 2016 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on Jan. 1, 2016, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be:… Read more »

Year End Tax Planning Tips: Instantly Discover What You Can Do Now To Start Saving Taxes Before Year End With Proven Tax Attorney Strategies

Posted: November 29, 2014

As the year-end quickly approaches, there is still time to do year-end tax planning to generate significant tax savings. As many of you know, changes to the tax laws in 2013 made many tax rates (subject to cost of living adjustments) and certain tax breaks permanent. But some tax breaks expired in 2013 (discussed in… Read more »

Weddings: Quick and Easy Tax Guide For Those Getting Married and Newlyweds

Posted: July 14, 2014

The excitement, joy and anticipation of getting married can be almost overwhelming. With the planning that goes into the wedding it is easy to overlook the tax implications of marriage. Although taxes are probably not high on your summer wedding plan checklist, it is important to be aware of the tax changes that come along… Read more »

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The Biggest (Tax) Loser: Misguided Gifts of Real Estate By Uninformed Do It Yourselfers, Realtors & Attorneys

Posted: January 10, 2014

With the increase of the federal estate tax exemption to $5,340,000 in 2014, most taxpayers are not subject to federal estate taxes. The focus for many now has shifted to the income tax implications that arise when wealth passes to the next generation. With no regard to the income tax implications, many times elderly people… Read more »

Same-Sex Marriage Tax Guide: 16 Essential Tax Rules and Tips

Posted: October 17, 2013

Federal tax rules for same-sex couples have recently been issued in response to the Supreme Court decision in Windsor, No. 12-307 (U.S. 6/26/13). This landmark case invalidated a key provision of the 1996 Defense of Marriage Act (“DOMA”) and resulted in major changes in the tax landscape for many same-sex partners. These new tax rules… Read more »

2013 Year End Tax Planning Strategies: Learn What Can Be Done Now To Save Taxes and Prevent Costly Mistakes

Posted: October 08, 2013

As the year-end quickly approaches, there is still time to do some year-end tax planning. This 2013 tax year will be tough on many taxpayers due to recent tax law changes and the uncertain future of tax reform. Basically, taxpayers will have to deal with the following recent tax law changes: Higher marginal income tax… Read more »

Estate Planning: Now What? A Must Read For Everyone

Posted: January 13, 2013

We now know what the federal estate tax laws will be this year and in the future.  Our federal government has stated that these estate tax rules are now permanent after a decade of uncertainty.  (A cynic may say that these federal tax laws are permanent until our federal government says they are not!). Anyway, here… Read more »

IRS Slams Taxpayers: Attention to Tax Details Matter

Posted: August 17, 2012

Taxpayers found out the hard way that the documentation rules imposed by the IRS better be followed exactly and to the letter.  In Durden, TC Memo, 2012-140, taxpayers claimed a $22,517 charitable contribution for 2007.  The IRS disallowed this deduction and the United States Tax Court agreed. The taxpayers had canceled checks and a letter… Read more »

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From their offices in Philadelphia, PA, the law firm of Steven J. Fromm & Associates, P.C. provides a full range of estate planning, probate and estate administration, tax, business and corporate legal services to clients throughout eastern Pennsylvania and the Delaware Valley, the Lehigh Valley Area, the Five-County Area, Bucks County, Delaware County, Montgomery County, Chester County, Philadelphia County, Berks County, Lehigh County, Lancaster County, York County, Harrisburg, Norristown, Doylestown, Media, West Chester, Allentown, Lancaster, and Reading.