If you've heard the news about a temporary government funding lapse, you might be wondering how it affects your taxes. The IRS has indeed entered a period of limited operations, but it's crucial to understand one thing above all else: your tax responsibilities have not paused. The underlying tax laws remain fully in effect, and…

While the individual mandate penalty has been eliminated at the federal level, health insurance reporting is still very much in effect. If you receive health coverage through a small employer, a government-sponsored program, or directly from an insurer, you will likely encounter Forms 1094-B and 1095-B. The IRS has released updated draft instructions for these…

Are you proactively saving for retirement? If so, staying ahead of annual IRS changes can significantly impact your long-term financial health. The IRS has just released the draft of Publication 590-A, "Contributions to Individual Retirement Arrangements (IRAs)," outlining the key updates for the 2025 tax year. At Royalty Tax Services, your trusted tax preparer in…

Thinking about selling your ownership stake in a business partnership? It’s a significant financial decision that comes with specific—and often overlooked—tax responsibilities. At the center of it all is IRS Form 8308, "Report of a Sale or Exchange of Certain Partnership Interests." For business owners in Central Pennsylvania, understanding this form is critical to a…

IRS Form 2106, "Employee Business Expenses," is making a cautious comeback for a specific group of taxpayers. If you fall into one of the eligible categories, you could still lower your tax bill by claiming unreimbursed costs. At Royalty Tax Services, your leading tax preparer in Harrisburg, PA, we're here to ensure you don't leave…

Navigating the U.S. tax code is complex enough, but what happens when a gift or inheritance comes from someone living outside the country? If you've received money or property from a person who has given up their U.S. citizenship or long-term residency, you may need to understand IRS Form 708. At Royalty Tax Services, your…

If you’re a proactive taxpayer or a small business owner in Harrisburg, you might have seen new 2025 tax forms popping up online. Your first instinct might be to get a head start, but hold on! These are called early releases or draft versions of IRS tax forms, and filing with them now could cause…

Introduction: Knowledge is the Foundation of True Wealth What does it take to build a truly thriving community? It starts with empowerment. At Royalty Tax Services, we believe that financial stability and independence are not just personal goals—they are the cornerstones of a vibrant, resilient community. True, lasting wealth begins not with a windfall, but…

Staying informed about annual tax changes is crucial for maximizing your refund and staying compliant. For 2025, several important updates at both the federal and state levels could significantly impact your financial situation. The tables below summarize the key federal and Pennsylvania tax changes for 2025. A new federal law, the "One, Big, Beautiful Bill"…

Introduction: Your State Treasury is More Than Just Taxes When you think of the Pennsylvania Treasury, you might picture tax revenue and state budgets. But did you know it’s also a powerhouse of financial resources designed specifically to help you, the resident, build a more secure future? Beyond processing state payments, the Pennsylvania Treasury Department…

Introduction: Your Financial Story Doesn't End on April 15th For many, the relationship with a tax preparer is a once-a-year transaction. You hand over your documents, they file your return, and you don't speak again for another twelve months. At Royalty Tax Services, we believe this model is fundamentally broken—and it fails to serve your…

Introduction: The Allure and Pitfalls of the DIY Tax Return In today's digital age, it's tempting to handle your taxes yourself. A few clicks on a popular software app, and it seems like you're done. It looks simple, fast, and cost-effective on the surface. But what happens when the process isn't so straightforward? What if…