News & Insights

The City of Philadelphia has announced reduced tax rates for its: Changes to the Wage and Earnings tax rates become effective July 1, 2022.  The new NPT and SIT rates are applicable to income earned in…

The National Taxpayer Advocate (NTA), Erin M. Collins, has released her mid-year report to Congress. The report expressed concern about continuing delays in the processing of paper-filed tax returns and…

Beginning in 2022, the New Jersey College Affordability Act allows New Jersey taxpayers tax deductions for certain educational expenses. The deductions are targeted for taxpayers with gross income of $200…

The IRS announced that for the final 6 months of 2022, the standard mileage rate for business travel will be 62.5 cents per mile, up 4 cents from the rate effective at the start of the year.  While fuel…

By Hal Levenson, Partner & Chief Visionary Officer There’s a startling statistic out there for us baby boomers. According to the U.S. Census Bureau’s 2017 National Population Projections, all baby…

Founders First CDC is awarding a total of $100,000 in FREE grants for 30 diverse-led businesses in the Pennsylvania and New Jersey area to help them grow and scale. Apply now before the deadline: June…

Teachers and other educators planning ahead for 2022 will be able to deduct up to $300 of out-of-pocket classroom expenses when they file their federal income tax return next year. This is the first time…

Did you know that 99% of all businesses in the United States are small businesses? Most of our clients are small businesses and many of those are multi-generation family owned. According to a report issued…

Starting in 2022, you must file quarterly returns and must do so online on the Philadelphia Tax Center. They will no longer accept paper returns. Your first filing due date in the new schedule is May 2…

By Ken May, Partner Working with my transportation clients at Haefele Flanagan, I’m often asked, “Should I lease, or should I buy?” As with many business decisions, this is not a one-size-fits-all…