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.
One Reason to File Your 2020 Tax Return Early
The IRS announced it is opening the 2020 individual income tax return filing season on February 12. (This is later than in past years because of a new law that was enacted late in December.) Even if you typically file closer to the April 15 deadline (or you file for...
Educate Yourself About the Revised Tax Benefits for Higher Education
Attending college is one of the biggest investments parents and students ever make. If you or your child (or grandchild) attends (or plans to attend) an institution of higher learning, you may be eligible for tax breaks to help with the bill. The Consolidated...
Can Your Business Benefit From the Enhanced Employee Retention Tax Credit?
COVID-19 has shut down many businesses, causing widespread furloughs and layoffs. Fortunately, employers that keep workers on their payrolls are eligible for a refundable Employee Retention Tax Credit (ERTC), which was extended and enhanced in the latest law....
The COVID-19 Relief Law: What’s In It For You?
The new COVID-19 relief law was signed on December 27, 2020, and contains a multitude of provisions that may affect you. Here are some of the highlights of the Consolidated Appropriations Act, which also contains two other laws: the COVID-related Tax Relief Act...
New Law Doubles Business Meal Deductions and Makes Favorable PPP Loan Changes
The COVID-19 relief bill, signed into law on December 27, 2020, provides a further response from the federal government to the pandemic. It also contains numerous tax breaks for businesses. Here are some highlights of the Consolidated Appropriations Act of 2021 (CAA),...
Prevent and Detect Insider Cyberattacks
In one recent cybercrime scheme, a mortgage company employee accessed his employer’s records without authorization. He then used stolen customer lists to start his own mortgage business. The perpetrator hacked the protected records by sending an email containing...
The Right Entity Choice: Should You Convert From a C to an S corporation?
The best choice of entity can affect your business in multiple ways, including the amount of your tax bill. Although S corporations can provide substantial tax benefits over C corporations in some circumstances, there are potentially costly tax issues that you should...
Your Taxpayer Filing Status: You May Be Eligible to Use More Than One
When it comes to taxes, December 31 is more than just New Year’s Eve. That date will affect the filing status box that will be checked on your 2020 tax return. When filing a return, you do so with one of five tax filing statuses. In part, they depend on whether you’re...
The Next Estimated Tax Deadline is January 15 If You Have to Make a Payment
If you’re self-employed and don’t have paycheck withholding, you probably have to make estimated tax payments. These payments must be sent to the IRS on a quarterly basis. The fourth 2020 estimated tax payment deadline for individuals is Friday, January 15, 2021. Even...
2021 Q1 Tax Calendar: Key Deadlines for Businesses and Other Employers
Here are some of the key tax-related deadlines affecting businesses and other employers during the first quarter of 2021. This list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable...
Drive More Savings to Your Business with the Heavy SUV Tax Break
Are you considering replacing a car you’re using in your business? There are several tax implications you should keep in mind. A cap on deductions Cars are subject to more restrictive tax depreciation rules than those that apply to other depreciable assets. Under...
Can You Qualify for a Medical Expense Tax Deduction?
You may be able to deduct some of your medical expenses, including prescription drugs, on your federal tax return. While the rules make it hard for many people to qualify, with proper planning you may be able to time discretionary medical expenses to your advantage...