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Make sure you max out your 401(k). Fund your Roth IRA before the April 15th deadline. Remember that contributions to Health Savings Accounts (HSAs) are deductible. Withdrawals from 529 plans are tax-free when used for qualified expenses. With all the emphasis on tax advantaged accounts, you may have overlooked the importance of Leg Two of […]

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A lot of people get confused when it comes time to taking minimum distributions from an IRA or other qualified account. The rule states required minimum distributions (RMDs) must begin by April 1st of the year following the year in which the IRA owner reaches age 70 ½. This applies to traditional IRAs, SEPs, and […]

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Pennsylvania has an inheritance tax which is an excise tax on the receipt of inherited property by a beneficiary.


Rates depend on relationship

For property passing to spouses, zero percent. Prior to 1995, transfers passing to spouses were taxable at the six percent rate. This was a very controversial tax and was finally repealed […]

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Retiring in Pennsylvania

On April 10, 2013 By

It’s a great place to retire, but can be an expensive place to have an estate.

Pennsylvania didn’t stand out in the Tax Foundation’s annual ranking of state & local tax burden based on the 2010 fiscal year. With an average tax burden of 10.2%, Pennsylvania was […]

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Tax season is about to begin and your mailbox will soon be filled with reporting documents.

You need to report all your income, but the goal is to end up paying the smallest amount of tax. The best way to reach this goal is to take all the deductions allowed. Here are a few of […]

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Congress came through in time to avoid the largest tax increase in history when they passed the American Taxpayer Relief Act of 2012 (ATRA12) on the first of January.

The new law doesn’t eliminate all of the tax increases that were scheduled to take effect.

See Table 1 below for tax changes taking effect January 1, […]

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