Strategic Tax Articles
Welcome to the Philadelphia CPA insights blog, brought to you by Mark S. Fineberg CPA. Every time a new tax ruling, pronouncement, or tax change occurs, stop by this blog to learn more. Here you can find and explore the most advanced legal, ethical, and moral tax saving strategies allowed by the U.S. Tax Code. Enjoy.
Recent Insights
Rental Income Subject to SE Tax???
Do you owe self-employment tax on Airbnb rental income? That’s a good question. In Chief Counsel Advice (CCA) 202151005, the IRS opined on this issue. But before we get to what the IRS said, understand that the CCA’s conclusions cannot be cited as precedent or authority ... (continued)
Update on Cancellation Of Debt
Sometimes debts can pile up beyond a borrower’s ability to repay, especially if we are heading into a recession. But lenders are sometimes willing to cancel (forgive) debts that are owed by financially challenged borrowers. While a debt cancellation can help a beleaguered borrower ... (continued)
More Tax News on Cryto's
Here’s something to know about cryptocurrencies. Because cryptocurrencies are classified as “property” rather than as securities, the wash-sale rule does not apply if you sell a cryptocurrency holding for a loss and acquire the same cryptocurrency before or after the loss sale. You just have ... (continued)
1031 Exchanges Update
Have you sold, or are you planning to sell commercial or rental property? To avoid immediately paying capital gains tax on your profit, you have options: Deferring the capital gains tax using a Section 1031 exchangeDeferring the capital gains tax using a qualified opportunity zone ... (continued)
$80 Billion To The IRS-What Does it Mean to You
You may have noticed that the IRS is in a bad way. It has a backlog of millions of unprocessed paper tax returns, and taxpayers can’t get through to the agency on the phone. Congress noticed and took action by passing a massive funding ... (continued)
More Year End Tax Reduction Strategies!
The purpose of this article is become aware of legal tax savings strategies to reduce year-end tax liabilities. Of course, the IRS will not likely cut you a check for this money (although, in the right circumstances, that will happen), but you’ll realize the cash ... (continued)
Year-End Retirement Considerations
The clock continues to tick. Your retirement is one year closer. You have time before December 31 to take steps that will help you fund the retirement you desire. Here are four things to consider. 1. Establish Your 2022 Retirement Plan First, a question: Do you have ... (continued)
Year-End Tax Planning for Existing Vehicles
Wow, how time flies! Yes, December 31 is just around the corner. That’s your last day to find tax deductions available from your existing business and personal (yes, personal) vehicles that you can use to cut your 2022 taxes. But don’t wait. Get on ... (continued)
2022 Last Minute Tax Planning IDEAS
Here’s an easy question: Do you need more 2022 tax deductions? If yes, continue reading. Next easy question: Do you need a replacement business vehicle? If yes, you can simultaneously solve or mitigate the first problem (needing more deductions) and the second problem (needing ... (continued)
Bonus Depreciation Coming to an End!
All good things must come to an end. On December 31, 2022, one of the best tax deductions ever for businesses will end: 100 percent bonus depreciation. Since late 2017, businesses have used bonus depreciation to deduct 100 percent of the cost of most ... (continued)
New Energy Tax Law--Better for Businesses & Individuals!
The federal government wants you to go green if you own a commercial or residential rental building. The newly enacted Inflation Reduction Act extends and expands valuable tax credits for solar panels or other renewable energy installations and electric vehicle charger units. Also, the ... (continued)
Electric Vehicle New Tax Laws-Maybe Be Best To Buy Before 12/31/22?
There’s good and bad news if you’re in the market for an electric or plug-in hybrid electric vehicle. The good news is that the newly enacted Inflation Reduction Act includes a wholly revamped tax credit for electric vehicles that starts in 2023 and continues ... (continued)
Employee Retention -It's NOT Too Late!
If you had W-2 employees in 2020 and/or 2021, you need to look at the Employee Retention Credit (ERC). As you likely know, it’s not too late to file for the ERC. And now is a good time to get this done. You can qualify for ... (continued)
10 Tax Strategies for S Corporations
Here\'s 10 strategies to reduce your S Corporations Taxes:1. Reduce the S Corporation owner\'s wages2. Deduct the S Corporation owner\'s health insurance premiums3. Employ your child to lower your taxable income4. Sell your home to the Corporation before converting it to a rental property5. ... (continued)
Convert Your Partnership Into an S Corporation To Reduce Taxes!
Let’s say you’re considering converting your partnership into an S corporation. The reason might be to reduce exposure for you and the other owners to Social Security and Medicare taxes, which come in the form of the self-employment tax for partners. Specifically, each partner’s ... (continued)
Energy Saving Tax Credits Under New Tax Law!!
The President signed the Inflation Reduction Act into law on August 16, 2022. It contains some valuable tax credits for homeowners. When it comes to taxes, nothing is better than a tax credit since it is a dollar-for-dollar reduction in the taxes you must ... (continued)
Beat the TAXMAN with These 11 Tax-Free Income Sources!
I was perusing the Internal Revenue Code (it’s one of the things I do) and started to think about the various sources of tax-free income. Here are the 11 that jumped out at me: Roth IRAs Social Security benefits ... (continued)
Expanded Tax Credits for Your BUSINESS Electric Vehicle
You may have heard that the newly enacted Inflation Reduction Act includes an expanded tax credit for electric vehicles. Although this personal credit has gotten most of the publicity, the new law launched a new commercial clean vehicle credit—specifically for business-use electric vehicles. And ... (continued)
Defer Taxes With This Tax Strategy-Installment Sale
Do you own investment property? What about a small business? Sooner or later, you will probably want to sell. One of the downsides of selling a business or investment property is the huge tax bill at the end. Profits are likely subject to the ... (continued)
Here's How to defeat $10,000 SALT Cap
Maybe the least popular change brought about by the Tax Cuts and Jobs Act (TCJA) was a first-ever cap on the federal personal income tax deduction for state and local taxes. From 2018 through 2025, the TCJA caps itemized deductions for state income taxes ... (continued)