Accounting, Tax & Bookkeeping Services - Philadelphia CPA Mark S. Fineberg

You Still Can Claim ERC-Here's How!

During much of 2020 and 2021, you may have qualified for the Employee Retention Credit (ERC). With the ERC, you found (or could find) tax credits of up to $26,000 per employee. That’s a lot. With 10 employees, that’s $260,000. Key point. If you have not ... (continued)

How to Switch From Mileage to Actual Costs for your Vehicle

Is the mileage rate sticking it to you? Could you increase your tax deductions by switching from the IRS mileage rate to the actual-expense method? If so, you will be happy to learn you can make that switch. When you choose the mileage rate, you elect ... (continued)

Deducting Mortgage Interest When Your Name is NOT on Deed

Tax law has an amazing break for unconventional homeowners. You can deduct your mortgage interest payments even when the deed to the house and the mortgage are in someone else’s name. Here’s what happened to Sue Davis. Sue could not personally qualify for a home loan. Her ... (continued)

ALERT-New FinCEN Regulations Coming Soon!

Do you own or advise a corporation, limited liability company (LLC), limited partnership, limited liability partnership, limited liability limited partnership, or business trust? Or are you planning to form one of these entities? If so, be alert. There’s a new federal filing requirement coming. Back ... (continued)

Pros & Cons of LLC's-Maybe Just Form a Corporation?

Limited liability companies (LLCs) are a popular choice of entity for small businesses and investment activities. LLC owners are called members. Single-member LLCs have one owner, although spouses who jointly own an LLC in a community property state can elect treatment as a single member ... (continued)

Legal Way to Deduct Home Office for Your S Corporation

You likely know that the home-office tax deduction provides tax savings to business owners. It turns otherwise nondeductible personal expenses into valuable business deductions. When you operate your business as a proprietorship, you simply deduct home-office expenses on Schedule C. But when you operate ... (continued)

Here's How to Maximize Your Business Mileage Deductions!

I absolutely, positively don’t like commuting mileage. You should dislike it, too. It’s personal. It’s not deductible. But with knowledge, it’s avoidable. Let’s eliminate commuting and make those trips from your home to your office deductible. The law gives you two ways to eliminate commuting from your ... (continued)

Why S Corporation to Reduce Self Employment Tax-Legally!!

I know you report your business on Schedule C of your Form 1040. Have you noticed that the self-employment tax significantly drains your cash? The S corporation may plug a good chunk of that leak because only the W-2 wages that the S corporation ... (continued)

When Your Income Subject to Self Employment Tax

If you own an unincorporated business, you likely pay at least three different federal taxes. In addition to federal income taxes, you must pay Social Security and Medicare taxes, also called the self-employment tax. Self-employment taxes are not insubstantial. Indeed, many business owners pay ... (continued)

You Are Still Able to Claim the Emplyee Retention Credit (ERC)-Please Read ON!

With the Consolidated Appropriations Act, 2021, millions of small-business owners like you still qualify for the employee retention credit (ERC), thanks to three big changes: You can now obtain the ERC and the Paycheck Protection Program loan, but not ... (continued)

90 Day Mileage Log Rule-Important!

Often in an IRS audit, the examiner will ask for your mileage log at the beginning of the audit. If you do not have a mileage log, you are in what former presidential candidate Ross Perot called deep doo-doo. Think about it. If you don’t ... (continued)

The Unpardonable Sin in an IRS Audit

What is the unpardonable sin in an IRS audit? Suppose you just received that lovely letter from the IRS telling you that you are the subject of an IRS audit. What one record receives special attention? What one record can create a nightmare for you? What ... (continued)

How to Nail Down Your Travel Deductions

As you likely know by now, your travel meals continue under tax reform as tax-deductible meals subject to the 50 percent cut. And tax reform did not change the rules that apply to your other travel expense deductions. One beauty of being in business for yourself ... (continued)

Read This BEFORE You Answer The Cryto Question on Your Tax Return

Cryptocurrency such as bitcoin is all the rage these days. Crypto is not legal money. It is property, similar to gold. Like gold, its use can result in taxable income. The IRS is concerned that you and millions of Americans are using crypto without paying ... (continued)

Watch Out For This Coming to Your Business-Financial Crimes Enforcement Network

Do you own or advise a corporation, limited liability company (LLC), limited partnership, limited liability partnership, limited liability limited partnership, or business trust? Or are you planning to form one of these entities? If so, be alert. There’s a new federal filing requirement coming. Back ... (continued)

Alternatives to Selling Your Appreciated Residence to Your Adult Child

With today’s home prices and the crazy real estate market, it’s likely difficult for your children to buy a home. And it’s conceivable that you are ready to move on from your existing home. If this is true, consider the three options below. Option 1: ... (continued)

There's Relief from Improperly Classifying Workers as Independent Contractors

The IRS Classification Settlement Program (CSP) offers a chance to settle your employment tax debt due to worker misclassification, if you do not qualify for Section 530 relief. CSP agreements typically result in a substantial reduction of assessed employment taxes, especially if you misclassified ... (continued)

Legal Way to Deduct Home Office for Your Corporation

Here\'s the 2 boilerplate explanations IRS agents use to deny home office deductions:1. IRS has disallowed your deductions for office-in-the-home expense because you have not established that is was for the convenience of your employer. Voluntary, vocational, or incidental use of part of your ... (continued)

$75 Receipt Rule for Business Vehicles

The $75 rule is contained in IRS Regulaton 1.274-5(c)(2)(iii), and the best explanation of what this rule says is found in IRS Notice 95-50, which states that the $75 rule applies to travel, entertainment, gifts, and listed property. IRC Section 280(f)(d)(4) states that listed ... (continued)

Selling Your Vacation Home? Here's the Tax Consequences

The tax-code-defined vacation home rules come into play when you have both rental and personal use of a home. Thus, you can have tax-code-defined vacation homes in the city, in the suburbs, and in recreation areas. If you have no combined rental and personal use ... (continued)

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