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Johnstown, PA: 814.288.1544  |  Somerset, PA: 814.445.2030 | barnessaly@barnessaly.com

Barnes Saly – Certified Public Accountants & Business Consultants

At Barnes Saly, it’s our experience and commitment to exceptional customer service that has helped us grow into one of the largest and most respected certified public accounting and business consulting firms in west central Pennsylvania.  We have offices located in Johnstown, Pennsylvania & Somerset, Pennsylvania, but our client base stretches across the United States.  Modern technology now allows us to come to you, now matter where you are.  We help Businesses and individuals, Non Profit organizations, government and municipal authorities, manufacturers, nursing homes and employee benefit plans, to name a few.  Give us a call or email us today, to see how we can help you with all of your accounting, tax, audit, payroll and bookkeeping needs.

The tax legislation that was passed on December 22, 2017 will have a major impact on individuals & businesses.  For a side-by-side look at the more prominent changes from the prior law to the new Tax Cuts and Job Act (H.R. 1), click HERE.

Keep good records for mutual fund:
Brokers are required to report your cost basis to the IRS. Without good recordkeeping, you may not be able to prove you were overtaxed because of incorrect basis reporting by your broker. You can avoid problems caused by errors in reporting by keeping detailed records of every transaction. Work with your broker to ensure your records match with the information he or she is reporting to the IRS.
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Avoid high RMD penalties ~
Required minimum distribution (RMD) rules are pretty strict. If you don't want to face a hefty fine, you must withdraw a certain amount of money every year from tax-deferred retirement plans like 401(k)s and traditional IRAs after you reach age 70½. The withdrawals you make are then taxed as ordinary income. Not following these rules can lead to a penalty equal to 50% of the amount that should have been withdrawn, plus regular tax.
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Update your mileage rate reimbursements ~
If you plan on using your vehicle for business, medical appointments or moving during 2018, make sure you know the standard mileage rates have changed. The standard business mileage rate increased to 54.5 cents per mile (up from 53.5 cents in 2017). The medical and moving rates also increased by 1 cent, to 18 cents per mile. Charitable rates remain at 14 cents per mile.
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