Category: Finance / Taxes

Pennsylvania imposes a “use tax” which, although it applies to everyone, is usually apparent only to businesses.  The use tax is a tax on the use of a tangible item or service bought by a Pennsylvania resident for use in Pennsylvania.  The use tax is… Continue reading →

Many times, upon the death of an account holder, issues arise as to who owns a joint account.  The rules are clearly stated in Pennsylvania’s “Multi-Party Account Act” (the “Act”), but the results surprise some people because they are often different than the results that… Continue reading →

We have previously expressed reservations about the reverse mortgage (“RM”), and  while we still would urge caution, it  may be a good thing for certain retirees. The primary appeal of the RM is that an elderly couple (they must be at least 62 years old)… Continue reading →

    Though they are not receiving a great deal of notice, with all of the other hot topics buzzing about, a number of tax proposals seem to be wending their way through the Congressional process; much of what the Congress seems to be doing… Continue reading →

The Internal Revenue Code requires employers to withhold from wages and pay over to the government employment taxes at specified intervals. Because funds withheld from employee wages are not property of the employer but instead are earmarked for the government, they are commonly known as… Continue reading →

Most people view tax season as “over” on April 15.  However, in reality, a taxpayer’s issues with the taxing authority may only just begin on that date.  No one looks forward to a tax dispute with local taxing authorities, but it is comforting to know… Continue reading →

A landlord or bank seeking payment of obligations owed to it may well want to consider a letter of credit (“LOC”). An LOC is a financing “facility” where a bank is paid a fixed amount of money by the customer or a tenant, in return for… Continue reading →

Most of the victims of the Great Depression of the 1930’s have been many years in retirement.  For the rest of us who are trying to manage our finances to stay afloat, these are times unlike anything we have known.  Out of the economic chaos… Continue reading →

As we goes to press, there have been 21 bank failures recognized by the FDIC in calendar year 2008.   That is hardly a huge number given the number of U.S. banks in operation.  However, it is worth noting that at least one source states that… Continue reading →

  We frequently are approached by clients regarding plans to loan money under very favorable terms.  Sometimes these loans are to family members, other times they are made by charitably minded “lenders” to  a cherished charity or cause, and sometimes these loans are simply made… Continue reading →