Blog - Philadelphia CPA
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I know that you are thinking of buying a new or replacement vehicle. This brings up some tax issues to consider. First, should you own the vehicle in your personal name, or should you have your corporation own the vehicle? Let’s say that it makes financial sense...

 You probably think you can’t take money out of your IRAs before age 59 1/2 unless you meet a narrow exception to the unpleasant 10 percent penalty on early distributions. But that’s not true. We have a variety of planning opportunities here. For example, you don’t pay taxes...

Here’s the updated strategy: deduct your client and business meals as if tax reform never took place. Wow. Is this aggressive? Not if the IRS comes out with regulations that follow a model set by the American Institute of CPAs, or the Joint Committee on Taxation...

As you likely know, tax reform killed the ability for you to deduct business expenses for your hobby activity.But buried in IRS Regulation 1.183-1(e) is this sentence: “The taxpayer may determine gross income from any activity by subtracting the cost of goods sold from the...

Tax reform wiped out 50% business-entertainment deductions--this means you can no longer write-off "directly related or associated" business-entertainment expenses. Therefore, wave good-bye to deductible concerts, ballgames, and such with clients and prospects.Now for the good news! Here's 6 strategies that work after tax reform.Rent...

Congress created the qualified improvement property category in the Tax Cuts and Jobs Act with the idea that you could fully expense such qualified property with bonus depreciation. But Congress made an error in the law, and now you can’t use bonus depreciation for qualified improvement...