Blog - Philadelphia CPA
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The tax law contains no reasonableness test for mileage. In fact, tax code Section 274 specifically discards the reasonableness standard and puts in its place strict substantiation rules. We recommend that you keep a mileage log for at least three consecutive months to prove your business-miles percentage....

Before the Tax Cuts and Jobs Act (TCJA), your purchase of the vehicle you were leasing did not qualify for either Section 179 expensing or bonus depreciation. But times have changed. The TCJA made two changes that mean 100 percent bonus depreciation is available on the vehicle...

Here’s a heads-up. The 30 percent residential solar credit drops to 26 percent for tax year 2020, drops to 22 percent for tax year 2021, and terminates in 2022. Also, unlike the 30 percent commercial solar credit, where you can qualify for the 30 percent tax credit...

Tax reform changed the rules of the game when choosing your best tax structure. In looking over the possibilities, we note that a properly structured spousal partnership could be your best choice. Here are the tax benefits to you: Your spouse’s income is free from self-employment tax. ...

Roth IRA versus traditional IRA: which is better for you? Roth IRAs tend to get a lot of hype, and for good reason: Because you pay the taxes upfront, your eventual withdrawals (assuming you meet the age and holding-period requirements—more on these below) are completely tax-free. While...

 Check your beneficiary designations now, before disaster strikes. With the current super-generous federal estate tax exemption of $11.4 million, estate planning may be completely off your radar. After all, with that huge exemption, you may think there’s no way your estate would owe any federal estate tax...

Section 1202 allows you to sell a qualified small business corporation (QSBC) on a tax-free basis. Now, add to this no-tax-on-sale benefit to the 21 percent corporate tax rate from the Tax Cuts and Jobs Act, and you have a significant tax planning opportunity. Imagine this: You...