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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.

Consider installment sales for real estate:
With an installment sale, you may be able to lower your total tax on the sale of the property by spreading the income over several years. In addition, the buyer will typically pay a rate of interest to you on the remainder of the amount due that is higher than a typical bank loan.

There are a few tax hiccups that could affect your sale, however. If you sell property to a related party and the property is then disposed of within two years, in most cases all the remaining tax comes due immediately. Give us a call for help avoiding tax traps during your real estate sale.
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Using retirement funds to build a home?
If you're considering using funds from your retirement plan to build a home, understand the tax rules. You may use up to $10,000 of your IRA per person to purchase a first home and avoid paying the 10 percent early withdrawal penalty. If these same funds are pulled out of a 401(k) plan you could be subject to an additional federal tax of up to $1,000. Roll the funds to a traditional IRA first and save the tax. Contact our office if you have questions about tax penalties and your retirement plan.
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Using retirement funds to build a home?
If you're considering using funds from your retirement plan to build a home, understand the tax rules. You may use up to $10,000 of your IRA per person to purchase a first home and avoid paying the 10 percent early withdrawal penalty. If these same funds are pulled out of a 401(k) plan you could be subject to an additional federal tax of up to $1,000. Roll the funds to a traditional IRA first and save the tax. Contact our office if you have questions about tax penalties and your retirement plan.
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