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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.

I Don’t Blame Romney

Posted by on Oct 22, 2012 in Blog, General, Tax Tips | Comments Off on I Don’t Blame Romney

I Don’t Blame Romney

A great debate drages during this election cycle about income taxes. Tax laws are scheduled to change at the end of the year. As a country we’re in debt up to our nose. Our economy isn’t running like the juggernaut it used to be. And Mitt Romney is running for President. As many of you know, Mitt is a millionaire many times over and a big deal has been made about his tax returns. He recently released his tax return for 2011, where he paid 14.1% in income taxes. While I will not get into a debate about his politics, many people...

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Your Taxes are Changing

Posted by on Sep 22, 2012 in Blog, Tax Tips | Comments Off on Your Taxes are Changing

Your Taxes are Changing

With the Bush tax cuts set to expire again at the end of 2012 and the US mired in political gridlock, I wanted to take a high level look at what to expect with taxes. Obviously, we don’t know what will happen in Washington. A lot will be decided by the results of the coming election and the subsequent lame-duck session of Congress, however a lot of things are scheduled to happen if Congress doesn’t intervene. If the Bush tax cuts are allowed to expire: Our tax brackets are changing for 2013. The lowest bracket moves up from 10% to...

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Best of the Web – Summer Edition

Posted by on Sep 4, 2012 in Blog, Management, Marketing, Tax Tips | Comments Off on Best of the Web – Summer Edition

Best of the Web – Summer Edition

Every now and then, I’m planning to run a feature with the best business articles and ideas that I’ve seen on the net. This first one is going to be big since I’ve been saving articles for a while now. These are all articles that either helped me with my business or provided some interesting ideas. I hope some of them will help your business as well.     Pricing Experiments You Might Not Know but Can Learn From from conversionxl.com. Interesting study about the psychology of pricing and how different numbers appeal...

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Texas Sales Tax Holiday

Posted by on Aug 18, 2012 in Blog, Tax Tips | Comments Off on Texas Sales Tax Holiday

Texas is hosting its annual sales tax holiday this weekend – August 17th, 18th, and 19th. On approved items, such as clothing, shoes, and school supplies, you will not be charged sales tax which will save you about an extra 8%. It’s a great opportunity to save money on back-to-school shopping!

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New IRS Audit Report for S-Corps

Posted by on Aug 16, 2012 in Blog, Tax Tips | Comments Off on New IRS Audit Report for S-Corps

The IRS recently issued a report about its audits of S-corporations. The report found that 62% of the time, the audit resulted in no changes for the taxpayer. However, when audit adjustments were made, the service recommended changes amounting to an additional $5.7 billion in taxes from 2007 to 2011 or approximately $105,534 per audit. The report goes on to say that the large dollar amount of audit changes, coupled with the overall increase in the popularity of S-corps, will lead to more S-corp audits in the future. What does this mean for...

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April 17th approaches, is your tax return ready?

Posted by on Apr 4, 2012 in Blog, Tax Tips | Comments Off on April 17th approaches, is your tax return ready?

The individual filing deadline is about 2 weeks away. If you haven’t already filed your tax return, welcome to crunch time. While USPS will be open late to handle those last second filers, you don’t have to be one of those people. If you know you will need a little extra time to get your return together this year, you can file form 4868 – Application for Automatic Extension of Time to File… It’s got a really long name, but the important part is you won’t have to file your return until October 15th. The...

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Congratulations on your Screaming Bundle of Tax Savings!

Posted by on Feb 21, 2012 in Blog, Tax Tips | Comments Off on Congratulations on your Screaming Bundle of Tax Savings!

I have had many friends become parents in the past year. I guess it’s that phase of life for my generation. While we don’t have any children yet, I would think that parenting would be one of the most challenging and rewarding things in life. I know that children certainly present their share of financial challenges as well. The US Department of Agriculture recently estimated that it costs $226,920 to raise a child to age 18, and that doesn’t even consider if the kid wants to go to college. Fortunately, Uncle Sam has decided...

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How to Pay Your CPA Less

Posted by on Jan 16, 2012 in Accounting, Blog, Tax Tips | Comments Off on How to Pay Your CPA Less

Every year, from now until April 15th, there will be endless articles about how to get ready to visit your CPA. I even considered writing one, but after seeing how many were out there, I decided that something else would be more valuable to my readers, an article telling them how to pay their CPA less this year. I come from the school of thought that I want to pay and treat service providers well. From the waitress at my favorite lunch place to the guy that fixed my chimney, I believe that if I treat them well and I am willing to pay a fair...

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Merry Christmas

Posted by on Dec 20, 2011 in Blog, General | Comments Off on Merry Christmas

In those days a decree went out from Caesar Augustus that all the world should be registered. This was the first registration when Quirinius was governor of Syria. And all went to be registered, each to his own town. And Joseph also went up from Galilee, from the town of Nazareth, to Judea, to the city of David, which is called Bethlehem, because he was of the house and lineage of David, to be registered with Mary, his betrothed, who was with child. And while they were there, the time came for her to give birth. And she gave birth to her...

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Last Minute Tax Saving Tips

Posted by on Dec 17, 2011 in Blog, Tax Tips | Comments Off on 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?” 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: 1. Pay the least amount of tax possible. This seems obvious, but it isn’t always as straightforward as it sounds. For example,...

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