Innovation Tax Service

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08/24/2026

For many years, the American dream has been defined by believing that hard work, smart choices, and perseverance can make things happen.

Major Higher Education Tax Credits Now Require Valid SSN – Did You Know?The American Opportunity Tax Credit (AOTC) and L...
08/24/2026

Major Higher Education Tax Credits Now Require Valid SSN – Did You Know?

The American Opportunity Tax Credit (AOTC) and Lifetime Learning Credit (LLC) help many Americans pay for higher education. For eligible students pursuing a degree or other recognized credential, the AOTC can cover up to $2,500 in tuition, required school fees and certain course materials per year. Meanwhile, the LLC can offset up to $2,000 per tax return for qualified education expenses for eligible students taking higher education courses for a variety of reasons.

Beginning with tax year 2026, the taxpayer claiming either the AOTC or LLC (and spouse, if filing jointly) must have a Social Security number (SSN) valid for work in the United States that was issued before the due date of the tax return, including extensions. If the eligible student is not the person claiming the credit (for example, if the student is that person's dependent or spouse), then the student must also have a valid SSN issued by that deadline. Other qualification requirements, such as income limits, remain in effect. A tax professional can help you determine whether the higher education expenses you pay for yourself, your spouse or a dependent qualify for a tax benefit.

08/23/2026

The IRS has announced increased standard mileage rates for the second half of 2026.

08/22/2026

In an unusual move, Congress worsened terms for some existing borrowers. Now they’ll have to pay more, and for a longer term.

08/21/2026

The CEO of Diamond Baseball Holdings oversees more professional sports teams than anyone in the world. Here's why his winning strategy has nothing to do with the final score.

08/20/2026

If you're looking at the stock market's rally to record highs in August, you might be wondering whether it's time to pile in or pull back.

08/19/2026

The real estate industry has spent years arguing about whether technology will replace agents. Consumer behavior suggests a different future.

08/18/2026

The US government sold 30-year bonds at the highest interest rate in a quarter century, a testament to investors’ demand for greater compensation to finance the nation’s growing deficit.

Seasonal Employers - Did You Know?Summer is a peak time for many businesses to hire seasonal employees. In general, the ...
08/18/2026

Seasonal Employers - Did You Know?

Summer is a peak time for many businesses to hire seasonal employees. In general, the same federal tax rules apply to these workers as to permanent staff. Employers typically must withhold federal income tax and F**A (Social Security and Medicare) taxes and pay the employer share of F**A. Employers subject to FUTA must also pay federal unemployment tax on taxable wages.

Seasonal employers often must file Form 941 (Employer's Quarterly Federal Tax Return) for quarters in which they pay wages. However, they generally do not need to file for quarters in which they paid no wages and have no employment tax liability. If this applies, check the "Seasonal Employer" box on every Form 941 you file.

Employment taxes generally must be deposited monthly or semiweekly, based on the applicable lookback period. FUTA follows separate deposit rules and generally must be deposited when accumulated FUTA tax exceeds $500 for a quarter. Federal tax deposits must be made electronically, including through EFTPS.

08/17/2026

Asset protection is the final line of defense, behind risk management, insurance, and litigation settlement. Focus first on risk and insurance.

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Hermitage, PA
16148

Opening Hours

Monday 9:30am - 5:30pm
Tuesday 9:30am - 5:30pm
Wednesday 9:30am - 5:30pm
Thursday 9:30am - 5:30pm
Friday 9:30am - 5:30pm

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