If you are a Philadelphia resident or work for a business based in Philadelphia, you may be eligible for several tax credits.
Learn more about these tax credits and how to apply.
Questions? Call us at 215-723-4881 or contact us online.
To assist our Clients in achieving their goals and in obtaining satisfaction by providing innovative, high-quality, personalized service; to provide an environment that will allow the members of our firm to grow individually recognizing the importance of family to each member; to be giving members in our profession and community; to maintain the highest level of professional ethics and independence; and to recognize that success is not necessarily defined by money or status, but by happiness in our daily lives.
To ensure that the client ultimately obtains the greatest benefit, we look at all aspects of our clients’ financial position. Our firm is strictly fee-only which means we do not have the potential bias of having to make commission sales, therefore we can always be objective and keep the clients’ best interests first and foremost. We are our clients’ greatest advocate and realize that our growth and well-being is dependent upon how well we assist our clients’ growth and well-being.
We stress the right of privacy and confidentiality regarding our clients’ personal and business information. Our relationships are built on trust and we will do everything in our power to earn and ensure that trust.
By giving our clients the ability to access information concerning their accounts. We use the internet to gather investment information which we pass along to our clients. We also use the internet to individually communicate with our clients.
These tools help in our search for sound investment opportunities, as well as in our effort to track them. Not only is the Net a useful tool when we are initially looking for a new company to invest in, but it is also useful for tracking news and earnings changes for the companies we have already bought, or identified as a potential buy.
This tracking is done automatically and electronically so that we do not have to rely on memory, or manual systems to do it. Each day our electronic mail-boxes are filled with press releases, earnings changes, and key stories effecting the stocks and industries that we own or are considering the purchase of.
Valued customers like you are the foundation of our success.
Refer a business associate to Canon Capital Payroll Services and receive $25.00 off your next payroll invoice. When they become a Payroll Services client, your next payroll is free!
For more details, please call and ask for Vicki Barnes at extension 150.
Canon Capital Management Group, LLC
484 Harleysville Pike
PO Box 228
Harleysville, PA 19438
Phone: 215-723-4881
As 2023 unfolds, we are already seeing a slight uptick in federal corporate and small business tax return audits. Audits, or exams as they’re known within the accounting world, can come from the federal, state, local, or municipal level. In all instances, the burden of proof lies on the taxpayer.
We recently presented a webinar on the topic, which you can view here:
Highlights of the webinar include:
How Federal Tax Returns Are Selected for An Audit
The IRS uses several elements to determine whether to audit a tax return, including:
Types of Audits
If your return is selected, it will undergo one of these types of exams:
What to Expect in a Field Audit
This is the process followed by the IRS for a Field Audit. We recommend involving your tax preparer in this process as their expertise will be key in making sure this process goes smoothly and that you are protected.
It is important to know that the IRS will correspond with you by US mail. They will never contact you by phone (not initially; phone calls may happen once an exam process has begun), email, or text message.
We recommend viewing this webinar in its entirety to learn more about ways you can prepare should you ever be selected for a tax audit.
One source, many services, the right decision.
If you have more questions about what to expect in an audit or if we can be of service, please contact us online or call 215-723-4881.
Canon Capital Payroll Services will process your company’s payroll for you quickly and easily, giving you more time to run your business.
We have recently welcomed these professionals to our team. Some of these faces may be familiar to our clients who are already working with them, but we wanted to make sure we gave Lori, John, Laura, and Daniel a warm welcome.
Lori E. Benner, Senior Accountant
Lori E. Benner is a Senior Accountant with over 30 years of experience in corporate and partnership tax preparation and financial statement review.
John Castro, Technologies Tech Support
John Castro is a graduate of Chestnut Hill College. When he’s not getting our clients’ tech up and running, you can find him surfing and snowboarding.
Laura Eisenschmied, Bookkeeper/Administrative Support
Laura Eisenschmied is a bookkeeper and certified QBO Pro Advisor. In addition to providing bookkeeping services to clients, she is an integral asset to our tax season process.
Daniel Hagen, Staff Accountant
Daniel Hagen is a Staff Accountant who began his accounting career in tax preparation. Currently pursuing his CPA, he is a graduate of Temple University.
Learn more about our Canon Capital Management Group team and how they might be of service to you.
Please join us in congratulating Andrew Shapowal, CPA/PFS, AIF® on earning the Personal Financial Specialist (PFS) credential. The PFS credential distinguishes CPAs and enhances their credibility by showcasing their proficiency in personal financial planning. Andrew, who also holds a Certificate in Blockchain and Digital Assets, is an Investment Advisor & Digital Asset Specialist in our Wealth Management business unit.
If you have any current needs regarding digital assets, your investments, or retirement plans, please feel free to contact our Wealth Management department via phone at 215-723-4881 or online.
Minimum Wage:
Federal: $7.25
PA: $7.25
NJ: $15.49
Minimum Wage with Tips:
Federal: $2.13
PA: $2.83
NJ: $5.62
FICA:
Maximum earnings: $176,100
Employer percentage: 6.2%
Maximum Deduction: $10,918.20
Self-Employment Tax: 12.4%
Employee percentage: 6.2%
Maximum Deduction: $10,918.20
Medicare:
Employee/Employer percentage: 1.45%
Wages Paid in excess of $200,000: additional employee tax of 0.9%
Self-Employment Tax: 2.90%
FUTA:
Rate: 6.0%
Maximum credit: 5.4%
Normal net tax: 0.6%
Maximum Earnings: $7,000.00
PA State Tax:
State percentage: 3.07%
Philadelphia Resident: 3.75%
Philadelphia Non-resident: 3.44%
Local jurisdictions: as applicable
PA SUI:
Employee percentage: .07%
Employer percentage: contribution rates vary by employer
Maximum Earnings: $10,000.00
401(k) Limits:
Annual elective deferral limit: $23,500
“Catch-up” contribution limit: $7,500 (must be 50 years old by the end of the plan year)
Increased “catch-up” (ages 60-63): $11,250
Simple IRA Limits:
Annual elective deferral limit: $16,500
“Catch-up” contribution limit (must be 50 years old by the end of the plan year): $3,500
Increased “catch-up” (ages 60-63): $5,250
Mileage allowance:
Business purposes: 70 cents/mile
Charitable purposes: 14 cents/mile
Medical purposes: 21 cents/mile
Moving purposes: 21 cents/mile
If you were unable to attend our recent webinar, here is a recording you can watch at your convenience.
During this session, Steven Moyer, CPA/PFS, CGMA, CSEP and Brent Thompson, CMA, CGMA, CPA presented the latest information on how to prepare for a tax audit, including:
As always, if you have any questions we are happy to be of service. Please call us at 215-723-4881.
