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.

The 2021 “Social Security Wage Base” Is Increasing

The 2021 “Social Security Wage Base” Is Increasing

If your small business is planning for payroll next year, be aware the “Social Security wage base” is increasing next year. The Social Security Administration recently announced that the maximum earnings subject to Social Security tax will increase from $137,700 in...

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Understanding the Passive Activity Loss Rules

Understanding the Passive Activity Loss Rules

Are you wondering if the passive activity loss rules affect business ventures you’re engaged in — or might engage in? If the ventures are passive activities, the passive activity loss rules prevent you from deducting expenses generated by them in excess of their...

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What Tax Records Can You Throw Away?

What Tax Records Can You Throw Away?

October 15 is the deadline for individual taxpayers who extended their 2019 tax returns. (The original April 15 filing deadline was extended this year to July 15 due to the COVID-19 pandemic.) If you’re finally done filing last year’s return, you might be wondering:...

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