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.

Businesses: Prepare for the Lower 1099-K Filing Threshold

Businesses: Prepare for the Lower 1099-K Filing Threshold

If you have a business you should be aware that youmay be responsible for issuing more information reporting forms for 2022 because more workers may fall into the required range of income to be reported. Beginning this year, the threshold has dropped significantly for...

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Valuable Gifts to Charity May Require an Appraisal

Valuable Gifts to Charity May Require an Appraisal

If you donate valuable items to charity, you may be required to get an appraisal. The IRS requires donors and charitable organizations to supply information proving their right to deduct charitable contributions. If you donate an item of property (or a group of...

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Thinking About Converting Your Home Into a Rental Property?

Thinking About Converting Your Home Into a Rental Property?

Sometimes homeowners decide to move to new residences, but still keep their present homes and rent them out. If you’re thinking of doing this, you’re probably aware of the financial risks and rewards. However, you also should know that renting out your home can carry...

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Once You File Your Tax Return, Consider These 3 Issues

Once You File Your Tax Return, Consider These 3 Issues

The tax filing deadline for 2021 tax returns is April 18, 2022. After your 2021 tax return has been successfully filed with the IRS, here are a few things for you to keep in mind. 1. You can throw some tax records away now You should hang onto tax records related to...

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Fully Deduct Business Meals This Year

Fully Deduct Business Meals This Year

The federal government is helping to pick up the tab for certain business meals. Under a provision that’s part of one of the COVID-19 relief laws, the usual deduction for 50% of the cost of business meals is doubled to 100% for food and beverages provided by...

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