Blog - Philadelphia CPA
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 Two questions: Do you need a replacement business car, SUV, van, or pickup truck? Do you need tax deductions this year? Here are some ideas for you to consider: Buy a New or Used SUV, Crossover Vehicle, or Van with a GVWR Greater than 6,000...

 Tax reform has had a significant impact on the tax deductions you can now claim for business entertainment and meals. The chart below shows you how the Tax Cuts and Jobs Act treats 12 meal and/or entertainment events.    Amount Deductible for Tax Year 2018Description 100% 50% ZeroMeals with clients and...

You compete for employee talent in many ways--perhaps your company may be eligible for the medical and family leave policy. The good news on this front is that your federal government may have given you a tax credit (yes, that lovely dollar-for-dollar offset to your taxes)...

 Hip, hip, hooray for the IRS! In Notice 2018-76, the IRS states that client and prospect business meals continue as tax deductions under the Tax Cuts and Jobs Act. This is very good news indeed. Under this new IRS guidance, you may deduct 50 percent of your client...

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...