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.

Coronavirus (COVID-19): Tax Relief for Small Businesses

Coronavirus (COVID-19): Tax Relief for Small Businesses

Businesses across the country are being affected by the coronavirus (COVID-19). Fortunately, Congress recently passed a law providing at least some relief. In a separate development, the IRS has issued guidance allowing taxpayers to defer any amount of federal income...

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Why You Should Keep Life Insurance Out of Your Estate

Why You Should Keep Life Insurance Out of Your Estate

If you have a life insurance policy, you probably want to make sure the life insurance benefits your family receives after your death won’t be included in your estate. That way, the benefits won’t be subject to the federal estate tax. Under the estate tax rules, life...

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The 2019 Gift Tax Return Deadline Is Coming Up

The 2019 Gift Tax Return Deadline Is Coming Up

If you made large gifts to your children, grandchildren or other heirs last year, it’s important to determine if you’re required to file a 2019 gift tax return. In some cases it may be beneficial to file one even if it’s not required. Who must file? Generally, you...

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Home Is Where the Tax Breaks Might Be

Home Is Where the Tax Breaks Might Be

If you’re a homeowner, the interest you pay on your home mortgage may provide you with a tax break. However, many people believe that any interest paid on their home mortgage loans and home equity loans is deductible. Unfortunately, this isn’t true. First, keep in...

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Work Opportunity Tax Credit Extended Through 2020

Work Opportunity Tax Credit Extended Through 2020

If you own a business, be aware that a recent tax law extended a credit for hiring individuals from one or more targeted groups. Employers can qualify for a valuable tax credit known as the Work Opportunity Tax Credit (WOTC). The WOTC was set to expire on December 31,...

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