Blog - Philadelphia CPA
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Blog

 As a self-employed individual, you can feel overwhelmed when you search for strategies to reduce your taxes. I searched one of our tax services and found more than 263 articles with the words “self-employed” or “self-employment.” That’s a lot. Where do we start? Let’s start with the following...

You’ll find much beauty and little beast in using a single-member LLC for your real estate ownership. Should you use a single-member LLC as a real estate ownership vehicle? That might be a very good idea. Under the so-called check-the-box regulations put out years ago by the IRS,...

June 2019 Combine Home Sale with the 1031 ExchangeYou don’t often get the opportunity to even consider making a tax-saving double play. But your personal residence combined with a desire for a rental property can provide just such an opportunity. The tax-saving strategy is to combine the...

 Do you claim your business miles at the IRS optional rate? If so, imagine you are now being audited by the IRS for your business mileage. The IRS has requested odometer readings for your vehicle. You might wonder if the IRS can do this. The answer is...

On April 11, likely after you filed your tax return, the IRS updated its Section 199A frequently asked questions (FAQs) by increasing the number of questions and answers from 12 to 33. The IRS often publishes FAQs on its website to help educate you on various...

There’s a lot of confusion out there around your rental activity and Section 199A. Your Section 199A considerations multiply when you have multiple rental activities. Here’s what you need to consider: Are your rental activities multiple trades or businesses, or one trade or business? Can you...

Thanks to the Tax Cuts and Jobs Act (TCJA) tax reform, you have thousands of pages of new tax rules and not a lot of guidance on many of them. Let’s say you want to take a certain tax-deduction position on your tax return, but you...