Adam’s Tax Blog

Here are some of the key tax-related deadlines affecting businesses and other employers during the third quarter of 2021. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all...

If you’re getting close to retirement, you’ll soon experience changes in your lifestyle and income sources that may have numerous tax implications. Here’s a brief rundown of four tax and financial issues you may deal with when you retire: Taking required minimum...

Expect the IRS to closely review deductions for business meals or auto expenses. In some cases, taxpayers have incomplete documentation or try to create records months (or years) later. When they do this they fail to meet the strict substantiation requirements set...

High-income taxpayers face a 3.8% net investment income tax (NIIT) in addition to regular income tax. Fortunately, there are some steps you may be able to take to reduce its impact. The NIIT applies to you only if modified adjusted gross income (MAGI) exceeds:...

If you’re a business owner and you want to hire your children this summer, you can obtain tax breaks and other nontax benefits. Your kids can gain on-the-job experience, spend time with you, save for college, and learn how to manage money. And you may be able to:...

The IRS recently released guidance providing the 2022 inflation-adjusted amounts for Health Savings Accounts (HSAs). Fundamentals of HSAs An HSA is a trust created or organized exclusively for the purpose of paying “qualified medical expenses” of an “account...

Even after you have successfully filed your 2020 tax return with the IRS, you may still have some questions about the return. Here are brief answers to three questions that we’re frequently asked at this time of year. Are you wondering when you will receive your...

You’re subject to both income tax and self-employment tax if your business is organized as a sole proprietorship or as a wholly owned limited liability company (LLC). However, there may be a way to cut your tax bill by conducting business as an S corporation....

Before the COVID-19 pandemic hit, the number of people engaged in the “gig” or sharing economy was already on the rise. Reductions in working hours during the pandemic have caused even more people to turn to gig work in order to make up for lost income. There are tax...

Many businesses use independent contractors to help keep employment costs down. If you’re among them, make sure that these workers are properly classified for federal tax purposes. If the IRS reclassifies them as employees, it can be a costly error. It can be complex...

“Tax day” is just around the corner. This year, the deadline for filing your 2020 individual tax returns is Monday, May 17, 2021. The IRS postponed the usual April 15 due date due to the COVID-19 pandemic. If you still aren’t ready to file your return, you should...

Education is a fringe benefit many businesses provide so their employees can improve their skills and gain additional knowledge. An employee can receive, on a tax-free basis, up to $5,250 each year from his or her employer for educational assistance under a “qualified...