April 2014 - Philadelphia CPA

27 Apr Tax Deductions for Personal Car Used for S Corporation Business

Posted at 17:04h in Business Deductions

Is the vehicle you use for your S corporation business titled in your name? Does your S corporation pay some or all all the vehicle expenses? If this is true, then you are in murky and mucky waters of a tax law swamp. Start With This You want your...

24 Apr Asset Protection for Your Residence

Posted at 14:06h in Uncategorized

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...

17 Apr 10 Crucial Steps to Avoid An IRS Audit

Posted at 00:11h in Business Deductions

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...

16 Apr How Long Do You Have To Keep Your Tax Records

Posted at 00:00h in Accounting Blog

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...

09 Apr American Opportunity Tax Credit

Posted at 13:49h in Accounting Blog

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,...

08 Apr Lifetime Learning Credit in 2014

Posted at 23:58h in Tax Changes

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...