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

Mega Backdoor ROTH for Business Owners-Must Read!!

If you are a business owner with no employees and prefer Roth-style retirement savings, you may want to consider the mega backdoor Roth strategy. This powerful tool allows you to contribute significantly more to a Roth account than the standard Roth IRA or even ... (continued)

BOI & FinCEN NO longer in Effect!!!

We have important news regarding the Corporate Transparency Act (CTA) and the requirement to report beneficial ownership information (BOI) to the Financial Crimes Enforcement Network (FinCEN). On March 21, 2025, FinCEN issued an interim final rule that formally removes all BOI reporting requirements for U.S. ... (continued)

Here is a Strategy for Avoiding Paying Taxes on Your RMD

If you have one or more traditional IRAs and are age 73 or older, you’re probably familiar with three of the most dreaded letters in the tax world: RMD, short for required minimum distribution. Starting the year, you turn 73, the IRS requires you ... (continued)

Back-Door Roth Conversion-Consider This!

Have you ever wondered how to get more money into a Roth IRA despite income limits, the backdoor Roth IRA conversion strategy may have caught your attention. It’s a smart planning tool for high-income earners—but only when used with care. First, a quick refresher: Roth ... (continued)

Reimbursed Expensed from your Business--the Right Way!

If you are a member of a multi-member LLC taxed as a partnership (as most are) or a traditional partnership, you may sometimes pay for business expenses out of your pocket. These expenses can include travel and meals, car expenses, continuing education, professional dues, ... (continued)

Correct Way to Pay Yourself

A common question among business owners is how to pay themselves from their businesses properly. The correct method depends on your business structure, so I wanted to give you this quick guide to help you navigate this issue. Sole Proprietors and Single-Member LLCs You ... (continued)

Qualifying Home Office Deduction + Vehicle Deductions

If you are considering purchasing a business vehicle, you may be eligible for significant tax deductions, especially when combined with a qualifying home office. Here’s how: Heavy Vehicle Deductions In 2025, businesses can take advantage of: Section 179 expensing – Deduct ... (continued)

Can RE Professional Deduct Prior Passive Losses?

When deducting your rental property tax losses against your other income is tricky, as you likely know. You have to get the tax law to treat you—say, a computer engineer—as a tax-code–defined real estate professional. Let’s say you get there. Does that status allow immediate ... (continued)

Estimated Tax Payments-A few Key Points

Missing an estimated tax payment can result in non-deductible penalties. Make timely payments via IRS Direct Pay or EFTPS—secure and convenient methods to help you avoid the penalties. Key Points Due dates. For tax year 2024, payment deadlines are April ... (continued)

Real Estate Dealer or Investor?

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Federal Electric Vehicle --EV Tax Credits

If you’re in the market for a new car, the federal government would like you to purchase an electric vehicle (EV) or plug-in hybrid EV (PHEV). In 2022, Congress enacted the Inflation Reduction Act, which revamped and expanded tax credits for EVs purchased during ... (continued)

Year End Medical Plan Strategies

All small-business owners with one to 49 employees should have a medical plan for their business. Sure, it’s true that with 49 or fewer employees, the tax law does not require you to have a plan, but you should. When you have 49 or fewer employees, ... (continued)

Year-End Retirement Considerations

You have time before December 31 to take steps that will help you fund the retirement you desire. Here are five things to consider. 1. Establish Your 2024 Retirement Plan First, a question: Do you have your (or your corporation’s) retirement plan in place? If ... (continued)

Best Tax Savings Considerations for Your Vehicle

Here’s an easy question: Do you need more 2024 tax deductions? If the answer is yes, continue reading. Next easy question: Do you need a replacement business vehicle? If so, you can simultaneously solve or mitigate the first problem (needing more deductions) and the ... (continued)

Year End Tax Reduction Strategies

The purpose of this letter is to reveal how you can get the IRS to owe you money. 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)

IRS Penalty? Please Read This

Have you recently received correspondence from the IRS with the claim that you owe a penalty for late filing, late payment, or missed employment tax deposits, I urge you to pause before making any payment. You may not have to pay that penalty ... (continued)

Long-Term Care Revisited

Long-term care costs can be substantial, and neither Medicare nor Medicaid provide comprehensive coverage for most people. Long-term care insurance can help protect your finances, and there may be ways to deduct the premiums, depending on your business structure. Here are four key points to ... (continued)

How To Reduce Social Security Tax for You & Your Business!

Here are some important updates and strategies regarding Social Security and Medicare taxes that may significantly impact your business. For 2024, the Social Security tax ceiling increased to $168,600, resulting in a maximum Social Security tax of $20,906 for high-earners. The Social Security Administration projects ... (continued)

Employee Retention Update

Here’s a recent update on the Employee Retention Credit (ERC) and the new IRS payback scheme. New IRS ERC Payback Program The IRS introduced a second ERC Voluntary Disclosure Program for 2021 claims. Under this program, you can say, “I didn’t deserve the ERC, so I’ll ... (continued)