Payroll Experts in Chambersburg, PA, and Shippensburg, PA
Our Payroll Experts Offer Helps with Personal and Business Taxes, and More
Contact K&A Tax & Accounting when you need a highly qualified CPA in Chambersburg, PA, and Shippensburg, PA. Our payroll experts and other staff assist with services like business tax planning and various business concerns. Call us at (240) 591-8968 or contact us online. We gladly offer residents and businesses throughout the region our services, including:
What Pennsylvania Residents Should Know About Filing Income Taxes in PA
When filing personal income taxes in Pennsylvania, there are a few things you should note. First, your tax is levied at 3.07 percent against several factors. Those factors include:
- Taxable income of resident and nonresident individuals
- Estates
- Trusts
- Partnerships
- S corporations
- Business trusts
- Limited liability companies not federally taxed as corporations
Pennsylvania Taxes Eight Classes of Income, Including:
- Compensation
- Interest
- Dividends
- Net profits from business, profession, or farm operations
- Net gains or income from property dispositions;
- Net gains or income from rents, royalties, patents and copyrights
- Income from estates or trusts
- Gambling and lottery winnings, including cash prizes from the Pennsylvania Lottery
You Can Not Carry Gains or Losses Over to a New Year
If you claim a loss in one class, it may not equalize against other classes. Also, you cannot carry gains or losses backward or forward from year to year. Finally, there is no standard deduction or personal exemption for PA personal income taxes. However, you can reduce taxes due through deductions, credits and exclusions. Want to know more? Contact K&A Tax & Accounting by phone or the web.
