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

More on Estimated Tax Payments

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)

Attention Day Traders

Stock traders who seek to earn profits by frequently buying and selling stocks to capitalize on daily market movements can qualify as day traders for tax purposes. Day traders are in the business of buying and selling securities—in other words, they are businesspeople, not ... (continued)

Business Use of Vehicle -Potential Big Surprise!

If you’ve used your personal vehicle for business—whether you’re a sole proprietor or you received mileage reimbursement from your S or C corporation—there may be a valuable tax deduction waiting for you. When you use the IRS standard mileage rate (or when your corporation uses ... (continued)

Proper Use Of Corporate Vehicle-Must Read!

If your S or C corporation owns a vehicle that you also use personally, there are important tax rules you need to follow—and smart planning can help you save significantly. Let’s say you use a corporate vehicle 80 percent for business and 20 percent for ... (continued)

Potential $150K Penalty for Not Filing form 5500for Your Retirement Plan!

How would you like to owe the IRS a $150,000 penalty because you failed to file a simple two-page form? It can happen all too easily if you have a solo 401(k) or another self-employed retirement plan. If you’re self-employed and you have a qualified ... (continued)

Home Office Reimbursement from Your S Corp-Revisited!

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)

Digitize Receipts-Here's Why!!

When it comes to IRS audits, one of the most common reasons taxpayers lose deductions is the lack of proper documentation. While your credit card or bank statements prove you spent money, they don’t show what you purchased. Without supporting receipts or invoices, these ... (continued)

New Excess Business Loss Rules

For 2025, it’s crucial to understand how recent tax law changes may impact your ability to deduct business losses. One such provision, the excess business loss disallowance rule, could limit how much of your business loss you can deduct each year—and delay the tax ... (continued)

Commercial Property Investors-Must Read!

With bonus depreciation declining to 40 percent this year, Section 179 expensing is a powerful alternative. It allows you to deduct up to the full cost of personal property and eligible improvements in the year you place them in service. For 2025, the maximum ... (continued)

Independent Contractor Status Revisited

It can cost you a bundle if you misclassify a worker as an independent contractor instead of an employee for federal employment tax purposes. The IRS can make you pay back payroll taxes plus penalties—in some cases, these can equal 40 percent of gross ... (continued)

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

Real Estate Dealer or Investor?

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