Adam’s Tax Blog

You must check one of the following filing statuses when you file your tax return: Single, married filing jointly, married filing separately, head of household, or qualifying widow(er). Who qualifies to file a return as a head of household, which is more favorable...

As a business owner, you should be aware that you can save family income and payroll taxes by putting your child on the payroll. Here are some considerations. Shifting business earnings You can turn some of your high-taxed income into tax-free or low-taxed income by...

If you have a life insurance policy, you may want to ensure the benefits your family will receive after your death won’t be included in your estate. That way, the benefits won’t be subject to federal estate tax. Current exemption amounts For 2021, the federal estate...

Are you considering buying or replacing a vehicle to use in your business? If you choose a heavy sport utility vehicle (SUV), you may be able to benefit from lucrative tax rules for those vehicles. Bonus depreciation Under current law, 100% first-year bonus...

The new American Rescue Plan Act (ARPA) provides eligible families with an enhanced child and dependent care credit for 2021. This is the credit available for expenses a taxpayer pays for the care of qualifying children under the age of 13 so the taxpayer can be...

Are you thinking of launching a business with partners and wondering what type of entity would be best to form? An S corporation may be the most suitable for your new venture. Here’s an explanation of the reasons why. The biggest advantage of an S corporation over a...

The American Rescue Plan Act, signed into law on March 11, provides a variety of tax and financial relief to help mitigate the effects of the COVID-19 pandemic. Among the many initiatives are direct payments made to eligible individuals. Parents under certain income...

President Biden signed the $1.9 trillion American Rescue Plan Act (ARPA) on March 11. While the new law is best known for providing relief to individuals, it also contains several tax breaks and financial benefits for businesses. Here are some of the tax highlights of...

The U.S. Department of Labor (DOL) recently issued EBSA Disaster Relief Notice 2021-01, which is of interest to employers. It clarifies the duration of certain COVID-19-related deadline extensions that apply to health care benefits plans. Extensions to continue The...

April 15 isn’t just the deadline for filing your 2020 tax return. It’s also the deadline for the first quarterly estimated tax payment for 2021, if you’re required to make one. You may have to make estimated tax payments if you receive interest, dividends, alimony,...

Despite many businesses being forced to close due to the COVID-19 pandemic, some entrepreneurs have started new small businesses. Many start out operating as sole proprietors. Here are some tax rules and considerations involved in operating with that entity. The...

If you’re approaching retirement, you probably want to ensure money you’ve saved in retirement plans lasts as long as possible. If so, be aware that a law was recently enacted that makes significant changes to retirement accounts. The SECURE Act, which was signed into...