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Adam’s Tax Accounting Service Blog

Note: Tax advice, articles, and content contained on this site are intended for informational and educational purposes only. They are not a substitute for professional advice. Tax matters are can be extremely complex and vary greatly for each individual or company. Please click here to read our complete disclosure and disclaimer for the information presented on this site.

The “Kiddie Tax”: A Trap for the Unwary

Posted by on Jul 25, 2016 in Blog, General, Management, Tax Tips | Comments Off on The “Kiddie Tax”: A Trap for the Unwary

The “Kiddie Tax”: A Trap for the Unwary

It’s common for parents, grandparents and others to make gifts to minors and college students. Maybe you want to do this to help fund education expenses or simply to remove assets from your taxable estate. Or maybe you’re hoping you can shift income into a lower tax bracket. Whatever the reason, beware of the “kiddie tax.” What is the kiddie tax? For children subject to the kiddie tax, any unearned income beyond $2,100 (for 2016) is taxed at their parents’ marginal rate (assuming it’s higher), rather than their own likely low rate. Let’s say...

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2016 Tax Calendar

Posted by on Jan 29, 2016 in Blog, General, Management, Tax Tips | Comments Off on 2016 Tax Calendar

2016 Tax Calendar

2016 Tax Deadlines for Texas Small Businesses The New Year means it’s time to update your calendar with this year’s tax filing deadlines. I realize it’s not as much fun as updating your calendar with the dates for this year’s vacation or family celebrations, but if you don’t want to spend your vacation money on penalties for filing late – you should probably take a minute to make a note of them. Note: This calendar covers the deadlines that most businesses must meet. It does not cover every deadline or every situation. Please contact the...

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IRS Tax Payment Plans Make It Easier to Face Your Tax Bill

Posted by on Sep 2, 2014 in Accounting, Blog, General, Tax Tips | Comments Off on IRS Tax Payment Plans Make It Easier to Face Your Tax Bill

IRS Tax Payment Plans Make It Easier to Face Your Tax Bill

If you should find yourself in a position where you owe the IRS a good deal of money – don’t panic. You’re not alone. There are a lot of people who face the same situation. It could be because they didn’t have the cash available to pay the bill at the time, forgot to file tax returns in past years, or simply filed incorrectly. Luckily, the IRS has a simple way for you to pay your tax debt through their installment agreement plans. These IRS tax payment plans can help you avoid any unnecessary penalties and interest. The first step before...

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Tax Refund Scams Are More Common Than You Think

Posted by on Jul 7, 2014 in Blog, General, Tax Tips | Comments Off on Tax Refund Scams Are More Common Than You Think

Tax Refund Scams Are More Common Than You Think

Imagine being excited about your tax return (it’s a stretch I know!) because this year you finally get a refund instead of having to pay the IRS. Then when you go to file your return you find out someone else already did it and used your name to claim your hard-earned refund. You’ve become part of the growing number of Americans being victimized by identity thieves filing fraudulent tax returns using tax refund scams. Just like all forms of identity theft, this problem has become more common in the recent years. A US Treasury Inspector...

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What You Need to Know About Changes to Depreciation Before Buying New Equipment

Posted by on Jun 18, 2014 in Blog, General, Tax Tips | Comments Off on What You Need to Know About Changes to Depreciation Before Buying New Equipment

What You Need to Know About Changes to Depreciation Before Buying New Equipment

Think you can write off that shiny new equipment like last year? Think again. The depreciation rules are different now. If you’re a business owner you’ve probably always have one piece of equipment in mind – the one that needs to be replaced or purchased to make your business more profitable or your workflow easier. It could be new computers, manufacturing equipment, or anything that make your business run easier and smoother. Normally, when a business purchases equipment, the expense must be capitalized and deducted over several years....

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How The Affordable Care Act (Obamacare) Could Impact Your 2014 Taxes

Posted by on May 30, 2014 in Blog, General, Tax Tips | Comments Off on How The Affordable Care Act (Obamacare) Could Impact Your 2014 Taxes

How The Affordable Care Act (Obamacare) Could Impact Your 2014 Taxes

The Affordable Care Act (commonly referred to as Obamacare or ACA) has probably had the most widespread impact of any law passed in the last decade. Regardless of your personal beliefs about the law, it’s not going to go away. So you need to understand what it means for your 2014 tax returns. Understanding the Penalties For Not Having Health Coverage The part you probably know is that under Obamacare the majority of Americans are legally required to have health insurance that meets the law’s minimum coverage standards – sort of like the...

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Tax Rates and Their Impact On IRS Tax Brackets For 2014

Posted by on May 22, 2014 in Blog, Tax Tips | Comments Off on Tax Rates and Their Impact On IRS Tax Brackets For 2014

Tax Rates and Their Impact On IRS Tax Brackets For 2014

Now that April 15th is behind us I’m sure you’re kicking back and breathing a sigh of relief that another tax season has ended. While it’s great to put the 2013 tax season behind you, a lot of you have made the wise choice to start planning for your 2014 taxes so you don’t get caught off guard next year. I’ve already received several requests asking about the 2014 tax rates and how they impact each of the IRS tax brackets this year. This will most likely change (as it often does) between now and December 31st, but the following tables will...

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Spring Means Tax Time

Posted by on Mar 7, 2014 in Blog, Tax Tips | Comments Off on Spring Means Tax Time

Spring Means Tax Time

All this up and down weather probably has you itching for spring to be sprung and dreaming about the not-so-distant future when you can put away the sweaters and coats for another year. While you can probably all but smell the grill heating up as you visualize your first spring cookout, it would also be a good idea to get ready for some other spring events on the horizon. Of course, I’m talking about all the filing and tax deadlines that start happening this month. Here’s a list of the most common deadlines business owners will face over the...

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It’s Not Too Early to Start Thinking About April

Posted by on Feb 3, 2014 in Blog, Tax Tips | Comments Off on It’s Not Too Early to Start Thinking About April

It’s Not Too Early to Start Thinking About April

It’s hard to believe that it’s already February and 2014 is in full swing. Hopefully 2013 was a happy and prosperous year for you and 2014 will be even better. While it’s tempting to file away last year completely and start fresh, there are still a few things left to do before you can completely put a pin in 2013. I’m talking, of course, about taking care of your 2013 taxes. By now you should have started getting your W-2s, 1099s, and all the other documents needed for your CPA to work on your taxes. Just like January has quickly come...

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Last Minute Tax Saving Tips

Posted by on Dec 24, 2013 in Blog, Tax Tips | Comments Off on Last Minute Tax Saving Tips

Last Minute Tax Saving Tips

Every year around this time, I always have people frantically ask “What can I do to save on my taxes? Do you have any tax saving tips for the end of the year?” Probably the most common answer is “It depends.” There isn’t a strategy or method that works for every taxpayer in every situation. However, there are a few principles to follow and then some specific ideas each year that you might be able to use to your advantage. The Principles: Pay the least amount of tax possible. This seems obvious, but it isn’t...

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