Blog - Philadelphia CPA
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For most people their home is one of their most valuable assets. It can truly be one's castle, but is also one of the most vulnerable assets to creditors. The goal is to protect this asset at all costs. However, as I will explain, there...

An IRS Audit is expensive, time consuming, and emotionally draining for starters. Its an experience you would like to avoid.Here are the 10 ways to avoid an IRS Audit:Keep Receipts and Invoices--These documents have really nothing to do with avoiding an audit, but they certainly...

The "statue of limitations" refers to the period of time when you and the IRS can make changes to your tax returns.Most taxpayers think of the limitation periods as the time frames during which the IRS can audit their returns. The periods for change by...

The American Opportunity Tax Credit is a refundable tax credit for undergraduate college education expenses. This credit provides up to $2500 in tax credits on the first $4000 of qualifying educational expenses. This Tax Credit is will be available for the years 2009 through 2017,...

Lifetime Learning Credit is a tax credit for any person who takes college classes. It provides a tax credit of 20% of tuition expenses, with a maximum of $2000 in tax credits on the first $10,000 of college tuition expenses. It applies to undergraduate and...

One of the primary advantages of incorporating a business is that the business owners are not held personally liable for the debts or liabilities of the entity (as used herein, entities include corporations, limited liability companies, and limited partnerships.In other words, creditors can only pursue...

No matter how you file your income tax return-by mailing a paper copy or electronically-you can pay your taxes using a major credit card or debit card online. Individuals can make these payments 24 hours a day, seven days a week, using certain cards, as...

If you are a business owner, you need to be familiar with IRC 274. This very important code section is the "substantiation requirement," meaning certain deductions that you claim on your business tax returns MUST be supported with appropriate documentation.For example, if you claimed a...