Adam’s Tax 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.

Year-End Giving to Charity or Loved Ones

Year-End Giving to Charity or Loved Ones

The holiday season is here and many people plan to donate to their favorite charities or give money or assets to their loved ones before the end of the year. Here are the basic tax rules involved in these transactions. Donating to charity In 2022, in order to receive...

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How Savings Bonds Are Taxed

How Savings Bonds Are Taxed

Many people have savings bonds that were purchased many years ago. Perhaps they were given to your children as gifts or maybe you bought them yourself. You may be wondering how the interest you earn is taxed. And what action do you need to take to ensure there’s no...

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Adopting a Child? Bring Home a Tax Break Too

Adopting a Child? Bring Home a Tax Break Too

Two tax benefits are available to offset the expenses of adopting a child. In 2022, adoptive parents may be able to claim a credit against their federal tax for up to $14,890 of “qualified adoption expenses” for each child. This will increase to $15,950 in 2023....

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How Inflation Will Affect Your 2022 and 2023 Tax Bills

How Inflation Will Affect Your 2022 and 2023 Tax Bills

The effects of inflation are all around us. You’re probably paying more for gas, food, health care and other expenses than you were last year. Are you wondering how high inflation will affect your federal income tax bill for 2023? The IRS recently announced next...

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Plan Now to Make Tax-Smart Year-End Gifts to Loved Ones

Plan Now to Make Tax-Smart Year-End Gifts to Loved Ones

Do you typically feel generous at year end? Taxpayers can transfer substantial amounts free of gift taxes to their children or other recipients each year through the proper use of the annual exclusion. The exclusion amount is adjusted for inflation annually, and for...

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