NO OFFSET FOR BUSINESS LOSSES FROM W-2 INCOME
Pennsylvania Act 32 of 2009 changed the calculation method for earned income tax. This Act prohibits offsetting a business loss from W-2 income.
Under the Act, net losses from operation of one business may be used by a taxpayer to offset net profits from another business, but cannot be used to offset earned income. Questions regarding this change can be directed to Kathleen Golembiewski at 412-486-9700, ext 220.
PAYMENTS TO IRA'S MAY NOT BE DEDUCTED FROM TAXABLE INCOME
Payments made to an IRA, Keogh Plan, Deferred Compensation Plan, Tax Sheltered Annuity, Thrift Plan, Savings Plan, etc. whether by payroll deduction or direct payment, may not be deducted from taxable income.
You may not credit money from one taxpayer account to another.
Tax must be reported and paid quarterly. Interest and penalty will be charged on all late payments at the rate of one percent per month from the date the tax was due until the date payment is received.
Any other type of income not enumerated above will require a legal opinion from the Township Solicitor.Please send all remittance to:
Earned Income Tax Collector
When making payments, please include your account number on the check and include the appropriate form or note as to what year and what individual taxpayer account the payment is to be applied. Please direct all questions to the Earned Income Tax Department at 412-486-9700.