Blog - Philadelphia CPA
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The health savings account (HSA) is just one of many possible health plans that you could use. I’m writing about the HSA here to alert you to some of its benefits for you personally—or for you and your employees, if you implement an HSA plan...

Many clients ask me " do I have to keep a mileage log or some form of documentation to claim my auto or truck expenses"--My response and the tax courts response is always a resounding YES!!The Tax Court has this to say about the auto...

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...