Tax Breaks for Teachers and Educators

While many schools are switching to hybrid or remote learning models, teachers and other educators should remember that they can still deduct certain unreimbursed expenses such as classroom supplies, training, and travel. Deducting these expenses helps reduce the amount of tax owed when filing a tax return. To qualify for the deduction, the taxpayer must…

Filing an Amended Tax Return

If you discover a mistake on your tax return after you’ve already filed, don’t panic. In most cases, all you have to do is file an amended tax return. Here’s what you need to know: Taxpayers should use Form 1040X, Amended U.S. Individual Income Tax Return, to file an amended (corrected) tax return. An amended tax…

Tax Scams: 2020 Edition

Compiled and issued annually every year by the IRS, this year it includes many aggressive and evolving schemes related to coronavirus tax relief, including Economic Impact Payments. The criminals behind these bogus schemes view everyone as potentially easy prey and everyone should be on guard, especially vulnerable populations such as the elderly. While tax-related scams…

Small Business Financing: Securing a Loan

Small Business Financing: Securing a Loan At some point, most small business owners will visit a bank or other lending institution to borrow money. Understanding what your bank wants, and how to properly approach them, can mean the difference between getting a loan for expansion or scrambling to find cash from other sources. Unfortunately, many…

Paying off Debt the Smart Way

Paying off Debt the Smart Way With a potential economic downturn in the wings due to COVID-19, being debt-free is a worthwhile goal. Unfortunately, between mortgages, car loans, credit cards, and student loans, this is unrealistic for most people – especially those of pre-retirement age. Instead, it’s better to start by focusing on managing debt.…

Exciting News!

Perry & Company PC has merged into Wessel & Company. The Cranberry Township-based CPA Firm, Perry & Company PC has joined the well-established, Johnstown-based Wessel & Company effective July 1, 2020. The combined firm will operate as Wessel & Company. Dominic Perry, the Managing Partner of Perry & Company, founded the firm well over a decade ago after…

PPP Flexibility Act of 2020

PPP Flexibility Act of 2020 On June 3, 2020, Congress passed the PPP Flexibility Act of 2020 (“PPP Flexibility Act”) after receiving bipartisan support in both the House and Senate. The intent of the PPP Flexibility Act is to provide small businesses with more time to spend down PPP funds and make it easier for…