markadmin, Author at Philadelphia CPA
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Author: markadmin

Most people gamble periodically.Rule 1- Your Winnings are taxable. Your income from gambling is taxable, and is reported to the IRS on Form W-2G.Rule 2- Keep records of your losses. You are allowed to offset your gambling winnings with your gambling losses-however, the IRS and...

You can be rewarded with huge tax savings with heavy vehicle and home-office deduction combo.The heave vehicle produces quick deductions. A home office that qualifies as a principal office eliminates commuting miles, thus enhancing the business-use percentage of the vehicle(s).Here's a potential scenario. You purchase...

The IRS is using 4 private collection agencies to collect inactive tax receivables.If you nor the IRS has taken any recent actions to resolve your tax debts, the IRS may assign your case to one of these agencies.Once your case is assigned, you MUST work...

Limited liability companies (LLCs) provide liability protection for all owners (members), regardless of their managerial functions; and multi-member LLCs qualify for favorable partnership-tax rules.This benefit can be lost or curtailed if you do not have an operating agreement document in your company records.LLCs are created...

I can assist your small business in a number of significant ways, including:educate you to employ every legal tax deduction be in 100% compliance with the tax code avoid potential events that might trigger a tax audit reduce you taxes legally, morally, and ethicallyMy name is Mark Fineberg,...

There are generally tax strategies that can work for you and your business, if you understand the tax code.The Health Savings Account is a powerful part of a health care strategy because:saves you $$$ through lower taxes grows tax-free gives you a chance to take control of...

If you operate your business as an S Corporation, you will need to follow the accountable plan rules to lock in your home office deductions.The accountable plan  or reimbursement method is essentially an expense report that must be submitted to your corporation. Other ways to...

Let me introduce you to the Section 105-HRA--created from the IRS Section 105 medical reimbursement plan and the health reimbursement arrangement (HRA).This plan provides the best possible medical reimbursement plan. To qualify you must have only 1 employee and operate your business as:Proprietorship reporting on...