Let’s talk taxes for a few minutes.
And, since we are still in July, let’s start with fireworks.
Explosive fireworks tax issues in Pennsylvania
In an effort to raise more tax revenues legislators in Pennsylvania have signed a new law that hope to raise an additional 12 percent sales tax.
The law applies to “amusement products.” They are referring to fireworks. More specifically, the type of fireworks that was previously allowed for sale only to trained professionals
Bottle rockets. Reload-able aerial launchers. These and other “amusement products” — as Pennsylvania’s legislators call them — are now available for sale to the general public.
This new law has ignited some “explosive” discussions. With some businesses suing the state on basis of safety regulations.
(Safety regulations largely ignored by fly-by-night fireworks vendors.)
The Tax Cuts and Job Act
As you know the TCJA has significantly changed the tax law.
These changes will affect taxpayers across the board: from businesses to individual households.
This tax year you may want to make an earlier appointment with your tax professional.
There are many opportunities under the new tax law. Take advantage and do some early planning.
(Sorry. I don’t take new tax clients.)
Many mistakes can be made even by well-meaning IRS employees: with such significant changes in the tax code you may get incorrect answers when you call to ask for advice.
You need to exercise due diligence to prevent misinformation.
Good news for veterans
Finally, I’ll leave you with some good news.
Good news for over 130,000 veterans.
Congress has discovered that the Secretary of Defense has withheld taxes on disability payments.
And that shouldn’t have happened.
Veterans, if you’ve received this type of payments, IRS owes you money.
Visit the IRS site for more information on how to claim your refund.
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