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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.

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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The Danger of Renting with Owner Finance: Possible Tax Consequences

Posted by on Dec 12, 2011 in Accounting, Blog, Tax Tips | Comments Off on The Danger of Renting with Owner Finance: Possible Tax Consequences

A few years ago, I had a client in my office and we were working on his tax return. Let’s pretend his name is Larry. He had a couple rental properties and as we were discussing one of them, he said something that didn’t sound quite right. So after talking for a few minutes, Larry told me that the property in question was being rented with owner finance. I have spent most of my career working with clients involved in real estate, so I’m sure many of them already see the irony of that statement. You see, renting with owner...

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Blogging 101

Posted by on Dec 3, 2011 in Blog, Marketing | Comments Off on Blogging 101

Since I’ve only been blogging for a couple weeks, I decided to set out on a quest to learn how to blog. Obviously, I couldn’t base much on personal experience, so I turned to a couple stalwarts of the blogging world to see what techniques and strategies they advocate and more importantly what they do on their own blogs. In particular, I looked to Tim Ferriss, Seth Godin, and Ramit Sethi, though probably Tim’s work more than the rest since I’m more familiar with his blog. If you want to see the raw examples, I suggest...

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What I Learned at Chick-fil-a

Posted by on Nov 19, 2011 in Blog, Management, Marketing | Comments Off on What I Learned at Chick-fil-a

We recently had a Chick-fil-a open just a couple minutes away from our house. I’ve been a huge fan of Chick-fil-a for many years, ever since trying it out and reading “Eat Mor Chikin, Insprire More People” by S. Truett Cathy, their founder, so I watched the new store being built with much anticipation. In the three days since they opened, I’ve eaten there twice. I wanted to share a couple lessons learned from watching the process. The brand. You can’t beat the brand name recognition and goodwill that is generated...

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How to get $10,000 tax free

Posted by on Oct 25, 2011 in Blog, Tax Tips | Comments Off on How to get $10,000 tax free

One of the tax saving strategies I’ve been implementing this year involves long term capital gains. Currently, as long as you are in the 15% tax bracket, all long term capital gains are tax free. Since the stock markets have been rather chaotic over the past months, I decided to go ahead and take some of the gains while they would be tax free. While the rates are currently the same for 2012, with an enormous federal deficit looming, budget cuts coming from the congressional subcommittee, and ongoing chatter about raising taxes, I didn’t want...

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